摘要
基于数据包络分析方法(DEA),选取2015年成功进行定向增发的60家东北地区新三板企业作为样本,对样本企业定向增发前后的融资效率进行测算和评价。评价结果显示,2014—2016年达到融资有效状态的企业分别占样本企业总数的8.62%、15.52%、17.24%,这说明大部分样本企业在定向增发之后,总体融资效率虽然得到了改善,但是真正融资有效的企业尚不足样本企业的两成,多数企业依然处于融资无效的状态。在此基础上,通过实证方法对测算融资效率选用的投入产出指标与融资效率之间的相关性进行验证,提出提高融资效率的相关建议。
In this paper,based on data envelopment analysis（ DEA）,selected in 2015 for the purchase of 60 new three board enterprise in northeast China as a sample,the sample companies before and after the purchase of the financing efficiency is calculated and evaluated,Evaluation results show that： from 2014 to 2016,to achieve effective state financing enterprises respectively 8. 62%,15. 52%,17. 24% of the total number of sample companies,this shows that most of the sample companies after the purchase,although overall financing efficiency is improved,but the real financing effective enterprise sample is less than twenty percent,most enterprises is still in a state of financing is invalid. On the basis of this,this paper also verified the correlation between the input and output indicators used to calculate the financing efficiency and the financing efficiency by empirical methods. Finally,some Suggestions are put forward to improve the financing efficiency.
作者
李兆华
于丁垚
LI Zhao - hua, YU Ding - yao(Harbin University of Commerce, Accounting School, Harbin 150028, China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2018年第4期80-89,共10页
Journal of Harbin University of Commerce:Social Science Edition
基金
黑龙江省教育厅人文社科项目"风险管控视角下企业内部控制审计模式研究"(12522057)
关键词
数据包络分析
定向增发
融资效率评价
投入产出
data envelopment analysis
private Placement
the evaluation of the financing efficiency
input -output
