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Study On Financing Efficiency Of Expressway Enterprise

Posted on:2015-01-05Degree:DoctorType:Dissertation
Country:ChinaCandidate:X Y LiuFull Text:PDF
GTID:1109330452958555Subject:Road economics and management
Abstract/Summary:PDF Full Text Request
As a modern transportation infrastructure, expressway has made great contribution tothe development of the national economy, but there are some unfavorable factors seriouslyaffected the sustainable development of the industry, such as the present situation of theconstruction of high input, high cost, the environment of financing difficult due to highdebt and the public opinion of high profit, high charge. According to the "NationalExpressway Network Planning"(2013~2030), the total mileage of expressway will bedoubled, large-scale construction will continue until2030. Economic development putsforward higher demand for the construction of highway, but industry financingenvironment is not optimistic, how to solve this dilemma is the reason of this study. Thecharacteristics of expressway determine that it must be operated through the mode ofenterprise. Different from the existing research focused on the financing system, modeand risk, taking the expressway enterprise as the research object, the thesis tries to find thereal influencing factors of efficiency through analyzing financing efficiency combiningmicro individual input-output efficiency and macro environmental factors, and give someadvises to alleviate the financing difficulties of the industry.On the theories such as financing theory and efficiency theory, using the knowledgeof econometric and adopting the method of standard analysis and the empirical analysis,the dissertation does some innovative study on financing efficiency of expresswayenterprise. Based on the analysis of the characteristics of expresswayenterprise and financing behavior, it is pointed out that the ignorance for efficiency is themain causes of the financing status. Through analyzing the existing views, it defines themeaning of financing efficiency in this paper, and combining with the theoretical analysisof influence factors, the efficiency evaluation model has been build which includes7economic indicators and5environment factors. In the part of empirical analysis, selected21enterprises as the samples, uses the three stage DEA model to measure and evaluate thefinancing efficiency during the period from2009to2013.The result shows that thefinancing efficiency of expressway enterprises are less efficient. Business road asset scale, capital structure, fund allocation and operation are the micro influence factors and theregional economic basis, the degree of marketization, the proportion of governmentinvestment are the main macro factors, which verifies the analysis of influence factors ofthe theoretical part of the financing efficiency. According to the theoretical research andempirical analysis results, the paper puts forward the suggestion to improve the financingefficiency. The moderate scale of quantitative standard is put forward and given advice ofscale operation and scale operation over the land scale. From the perspectiveof internal efficiency, mixed ownership reform is a tendency and the internalgovernance structure and the internal management efficiency need to be optimization.Finally, these must be improved from the industry regulation views, such as the legalsystem, the establishment of industry regulatory mechanism and competitive mechanism.
Keywords/Search Tags:Expressway, Expressway Enterprises, Financing Efficiency
PDF Full Text Request
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