The Evaluation On Debt Financing Efficiency Of Coal Listed Companies Based On SE-DEA Model

With the development of the national12th five-year plan, the development andgrowth of coal industry ushered in the merger and reorganization, in the new period.Coal enterprises want to realize the transformation and upgrading, technologicalinnovation, is bound to need a lot of money, and debt financing as the main financingway of coal enterprises, the importance is self-evident. Based on this, this paper studyof coal listed companies’ debt financing efficiency.Based on the analysis of the influence factors of coal listed company debtfinancing efficiency, on the basis of constructing evaluation index system of coallisted companies’ debt financing efficiency, and use the factor analysis method toclassify the index system that debt financing risk cost, profit ability, operation ability,debt financing and corporate governance structure of the five main factors. To fivemain factors as input and output index of the super efficiency DEA model, build thesuper efficiency DEA model, to36coal listed companies on January1,2007toDecember31,2011of debt financing efficiency evaluation, and carries on theempirical results scale analysis, the comprehensive efficiency and balance variableanalysis.Through the analysis of the empirical results, the following conclusions:China’s coal listed companies are widespread in the case the size is too large andcause our country coal industry scale efficiency relatively ineffective, enterprisesshould take measures, appropriate to reduce the input size, compact structure. Inaddition, the comprehensive efficiency of coal listed company debt financing, theaverage pure technical efficiency are low, is in an invalid state. Industry debtfinancing efficiency obvious gap, polarization is more serious, enterprises shouldintensify their efforts to research and improvement of enterprise of coal equipment,improve the overall technology level, thus increasing the service efficiency ofenterprise’s investment, to maximize the company’s earnings per share. In addition,enterprises should also pay close attention to internal financing, make full use ofinternal equity capital; Encourage financial innovation, the use of diversifiedfinancing tools; Optimizing the equity structure, perfecting corporate governancemechanism; Advance of merger, acquisition and reorganization, enhances the overallstrength of the enterprise; Promote the refinancing of listed companies, realizeenterprise sustainable development. This article innovative uses the factor analysis method and the super efficiencyDEA method to study the debt financing efficiency of the coal industry, build the debtfinancing efficiency evaluation index system, coal industry debt financing efficiencyon the low side of the conclusion and puts forward related Suggestions according tothe empirical results, the debt financing efficiency of the research of our country,hope to the coal industry in our country to enhance the efficiency of debt financingprovide relevant theory support.