Research On Financing Efficiency Of Western Mining Co.,Limited.

In recent years,China’s non-ferrous metal industrial enterprises have experienced rising production costs,high financing costs,and heavy debt burdens.Western Mining Co.,Ltd.is a representative company in the non-ferrous metal industry in the western region.A case study of the financing efficiency of the western mining industry will help improve its overall value,and at the same time it can provide a reference for other similar companies to choose financing strategies.The thesis takes Western Mining Co.,Ltd.as the research object,sorts out relevant literature on financing efficiency evaluation at home and abroad,and clarifies related theories and concepts of financing efficiency.The dissertation analyzes the current financing situation of the western mining industry from the aspects of financing structure and financing risk,and finds that the financing structure of the western mining industry is unreasonable from 2014 to 2018.The proportion of external financing is higher than that of internal financing,and the proportion of debt financing increases year by year;Financing costs and financing risks have increased year by year.The paper uses the investment-oriented BCC model to perform a static analysis of financing efficiency of 34 listed companies in the western mining industry and its secondary industry,the industrial metal industry,from 2014 to 2018.Ineffective;scale efficiency is invalid,and the gap between the average level of the industry and the industry is the largest in 2018;scale returns are increasing from 2015 to 2018.The paper uses the DEA-Malmquist index to analyze the dynamic efficiency of 35 sample companies,and finds that the financing efficiency of the western mining industry as a whole has declined during the period of 2014-2018;through decomposition analysis,it is found that the change in financing efficiency is mainly related to the decline in management level and scale efficiency The decline is related to the overall decline in financing efficiency,which is mainly caused by the deviation of production scale from the optimal scale.According to the problems in the financing efficiency of the mining industry in the west,the thesis puts forward suggestions to optimize the financing structure,reduce financing costs and risks,improve management levels,and expand the scale of production of enterprises.