基于DEA方法的我国中小企业融资效率评价

王秀贞, 丁慧平, 胡毅

系统工程理论与实践 ›› 2017, Vol. 37 ›› Issue (4) : 865-874.

PDF(908 KB)
中国科学院数学与系统科学研究院期刊网
PDF(908 KB)
系统工程理论与实践 ›› 2017, Vol. 37 ›› Issue (4) : 865-874. DOI: 10.12011/1000-6788(2017)04-0865-10
论文

基于DEA方法的我国中小企业融资效率评价

    王秀贞1, 丁慧平1, 胡毅2,3,4
作者信息 +

The evaluation of financing efficiency for China's small and medium-sized enterprises based on DEA model

    WANG Xiuzhen1, DING Huiping1, HU Yi2,3,4
Author information +
文章历史 +

摘要

利用中国工业企业数据库中的中小企业样本，构建了我国中小企业融资效率的评价指标体系，包括反映中小企业融资效率的投入指标和产出指标，采用数据包络分析方法，对我国中小企业的融资效率进行测算和评价，并分省份、行业、所有制对计算出的效率值进行分析. 研究结果表明：样本期内，我国中小企业的整体融资效率不高，仅为0.445；有一半的企业融资效率在0.429以下，低于平均值0.445；95%的企业的融资效率低于0.643；融资效率前1%的企业中，个人控股企业数目最多，国有和外商企业数目最少.

Abstract

Based on the sample of small and medium-sized enterprises (SMEs) in the database of Chinese industrial enterprises database, this paper constructs the evaluation index system of financing efficiency of SMEs in China, including the input index and output index which reflects the financing efficiency of SMEs. Then, we use the data envelopment analysis method to calculate the financing efficiency of SMEs in China, and analyse the results by province, industry and ownership. The results show that the overall financing efficiency of SMEs in China is not high, only 0.445, half of financing efficiency of the enterprises below 0.429, which below the average 0.445. 95% of the financing efficiency of enterprises below 0.643. Among the top 1% of the financing efficiency, the number of individual holding enterprises is the largest, and the number of state-owned and foreign-funded enterprises is the least.

关键词

中小企业 / 融资效率 / 数据包络分析 / 中国工业企业数据库

Key words

small and medium-sized enterprises (SMEs) / financing efficiency / data envelopment analysis / Chinese industrial enterprises database

引用本文

EndNote

Ris (Procite)

Bibtex

导出引用
王秀贞 , 丁慧平 , 胡毅. 基于DEA方法的我国中小企业融资效率评价. 系统工程理论与实践, 2017, 37(4): 865-874 https://doi.org/10.12011/1000-6788(2017)04-0865-10
WANG Xiuzhen , DING Huiping , HU Yi. The evaluation of financing efficiency for China's small and medium-sized enterprises based on DEA model. Systems Engineering - Theory & Practice, 2017, 37(4): 865-874 https://doi.org/10.12011/1000-6788(2017)04-0865-10
中图分类号： F270   

参考文献

[1] Vermoesen V, Deloof M, Laveren E. Long-term debt maturity and financing constraints of SMEs during the Global Financial Crisis[J]. Small Business Economics, 2013, 41(2): 433-448.
[2] Madrid-Guijarro A, García-Pérez-de-Lema D, Van Auken H. Financing constraints and SME innovation during economic crises[J]. Academia Revista Latinoamericana de Administración, 2016, 29(1): 84-106.
[3] 陈庭强,丁韶华,何建敏,等. 风险企业融资中控制权转移与激励机制研究[J]. 系统工程理论与实践, 2014, 34(5): 1145-1152. Chen T Q, Ding S H, He J M, et al. Research on control right transfer and incentive mechanism in risk enterprise financing[J]. Systems Engineering——Theory & Practice, 2014, 34(5): 1145-1152.
[4] 邓超,唐莹,胡梅梅. 信任与小微企业信贷:引入互利和利他动机的博弈与实证研究[J]. 系统工程理论与实践, 2015, 35(9): 2209-2220. Deng C, Tang Y, Hu M M. Trust and small and micro-enterprise lending: A game approach based on reciprocity and altruism and empirical analysis[J]. Systems Engineering——Theory & Practice, 2015, 35(9): 2209-2220.
[5] 肖劲,马亚军. 企业融资效率及理论分析框架[J]. 财经科学, 2004(S1): 337-340.Xiao J, Ma Y J. Corporate financing efficiency and theoretical analysis framework[J]. Finance & Economics, 2004(S1): 337-340.
[6] 魏开文. 中小企业融资效率模糊分析[J]. 金融研究, 2001(6): 67-74.Wei K W. Fuzzy analysis on financing efficiency of small and medium-sized enterprises[J]. Journal of Financial Research, 2001(6): 67-74.
[7] 曾江洪,陈迪宇. 基于DEA的中小企业债务融资效率研究[J]. 经济理论与经济管理, 2008(1): 50-53.Zeng J H, Chen D Y. Research on debt financing efficiency of small and medium-sized enterprises based on DEA[J]. Economic Theory and Business Management, 2008(1): 50-53.
[8] 王小宁,都灵,王起彤. 基于三阶段DEA模型的中小企业融资效率分析[J]. 统计与决策, 2016(5): 179-182.Wang X N, Du L, Wang Q T. Analysis on financing efficiency of small and medium-sized enterprises based on three-stage DEA model[J]. Statistics & Decision, 2016(5): 179-182.
[9] Charoenrat T, Harvie C. The efficiency of SMEs in Thai manufacturing: A stochastic frontier analysis[J]. Economic Modelling, 2014, 43: 372-393.
[10] Hosseinzadeh A, Smyth R, Valadkhani A, et al. Analyzing the efficiency performance of major Australian mining companies using bootstrap data envelopment analysis[J]. Economic Modelling, 2016, 57: 26-35.
[11] 邓维斌,许昌林,樊自甫. 基于Vague集相似度量的多准则模糊决策方法[J]. 系统工程理论与实践, 2014, 34(4): 981-990.Deng W B, Xu C L, Fan Z F. Multi-criteria fuzzy decision making method based on similarity measures between vague sets[J]. Systems Engineering——Theory & Practice, 2014, 34(4): 981-990.
[12] 朱克毓,董庆兴,梁昌勇,等. 一类三角模糊层次分析法的无效性分析[J]. 系统工程理论与实践, 2015, 35(8): 2104-2112.Zhu K Y, Dong Q X, Liang C Y, et al. The analysis of the invalidity of one kind triangular fuzzy AHP[J]. Systems Engineering——Theory & Practice, 2015, 35(8): 2104-2112.
[13] 陈晓红. 中小企业融资创新与信用担保[M]. 北京:经济科学出版社, 2003.Chen X H. Financing innovation and credit guarantee of small and medium-sized enterprises[M]. Beijing: Economic Science Press, 2003.
[14] 宋献中,刘振. 高新技术企业技术创新融资效率研究[J]. 财会月刊, 2008(8): 10-12.Song X Z, Liu Z. Research on financing efficiency of technological innovation in high-tech enterprises[J]. Finance and Accounting Monthly, 2008(8): 10-12.
[15] 邵永同,陈淑珍. 基于DEA方法的我国上市生物医药企业融资效率实证研究[J]. 科技管理研究, 2013(2): 174-178.Shao Y T, Chen S Z. Empirical study on financing efficiency of Chinese listed biomedical companies: Based on DEA method[J]. Science and Technology Management Research, 2013(2): 174-178.
[16] 刘瑞波,李鑫. 环渤海经济带民营中小企业融资效率问题研究[J]. 财政研究, 2014(5): 54-58.Liu R B, Li X. Study on the financing efficiency of private small and medium-sized enterprises in Bohai rim economic zone[J]. Public Finance Research, 2014(5): 54-58.
[17] 吴敏,高蓉蓉. 商业银行中小企业融资效率及存在问题分析——基于江苏省58家商业银行的数据[J]. 经济体制改革, 2015(3): 165-169.Wu M, Gao R R. Analysis on financing efficiency and existing problems of small and medium-sized enterprises in commercial banks——Based on the data of 58 commercial banks in Jiangsu province[J]. Reform of Economic System, 2015(3): 165-169.
[18] 方先明,吴越洋. 中小企业在新三板市场融资效率研究[J]. 经济管理, 2015(10): 42-51.Fang X M, Wu Y Y. A research on financing efficiency of SMEs in NEEQ market[J]. Economic Management Journal, 2015(10): 42-51.
[19] 何丽娜. 我国科技创新型中小企业融资效率研究——基于创业板上市公司的DEA分析[J]. 金融理论与实践, 2016(3): 61-65.He L N. Research on financing efficiency of small and medium-sized enterprises in China's science and technology innovation——DEA analysis based on listed companies on growth enterprise[J]. Financial Theory & Practice, 2016(3): 61-65.
[20] 申宇,赵静梅. 吃喝费用的''得"与''失"——基于上市公司投融资效率的研究[J]. 金融研究, 2016(3): 140-156.Shen Y, Zhao J M. The “Gains” and “Losses” of eating and drinking corruption: Evidence from investment and financing efficiency of Chinese listed companies[J]. Journal of Financial Research, 2016(3): 140-156.
[21] Wang Q, Hang Y, Sun L, et al. Two-stage innovation efficiency of new energy enterprises in China: A non-radial DEA approach[J]. Technological Forecasting and Social Change, 2016, 112: 254-261.
[22] 刘伟,王汝芳. 中国资本市场效率实证分析——直接融资与间接融资效率比较[J]. 金融研究, 2006(1): 64-73.Liu W, Wang R F. An empirical analysis of China's capital market efficiency: Comparison between direct financing and indirect financing efficiency[J]. Journal of Financial Research, 2006(1): 64-73.
[23] 文宏. 融资偏好与融资效率——对我国上市公司的实证研究[J]. 当代经济科学, 1999(6): 38-43.Wen H. Financing preference and financing efficiency——An empirical study on China's listed companies[J]. Modern Economic Science, 1999(6): 38-43.
[24] 宋小保. 最终控制人、负债融资与利益侵占:来自中国民营上市公司的经验证据[J]. 系统工程理论与实践, 2014, 34(7): 1633-1647.Song X B. Ultimate controller, debt financing, and expropriation: Evidence from China private listed companies[J]. Systems Engineering——Theory & Practice, 2014, 34(7): 1633-1647.
[25] 王琼,耿成轩. 江苏省战略性新兴产业上市公司融资效率研究——基于2009-2014年面板数据[J]. 华东经济管理, 2016(7): 14-20.Wang Q, Geng C X. Research on financing efficiency of strategic emerging industries listed companies in Jiangsu province——Based on panel data from 2009 to 2014[J]. East China Economic Management, 2016(7): 14-20.
[26] 刘晖,刘轶芳,乔晗,等. 我国战略性新兴产业技术创新效率研究[J]. 系统工程理论与实践, 2015, 35(9): 2296-2303.Liu H, Liu Y F, Qiao H, et al. Research on technological innovation efficiency of strategic emerging industries in China[J]. Systems Engineering——Theory & Practice, 2015, 35(9): 2296-2303.
[27] 范建平,岳未祯,吴美琴. 基于误差传递和熵的区间DEA方法[J]. 系统工程理论与实践, 2015, 35(5): 1293-1303.Fan J P, Yue W Z, Wu M Q. Dealing with interval DEA based on error propagation and entropy[J]. Systems Engineering——Theory & Practice, 2015, 35(5): 1293-1303.
[28] 聂辉华,江艇,杨汝岱. 中国工业企业数据库的使用现状和潜在问题[J]. 世界经济, 2012(5): 142-158.Nie H H, Jiang T, Yang R D. The using status and potential problems of China's Industrial Enterprises Database[J]. The Journal of World Economy, 2012(5): 142-158.
PDF(908 KB)

Accesses

Citation

Detail
段落导航
相关文章

/

〈 〉