Analysis And Evaluation Based On DEA-malmquist Index Of Listed Companies In The Automotive Industry Financing Efficiency

Automobile industry as a typical capital and technology-intensive industries, canbring greater employment and generate higher social economic value added, with thecontinuous development of the automotive industry, which has become a pillarindustry in China, with an impact of national economic operation important force.With the full liberalization of China’s automotive industry, foreign auto giants haveentered the Chinese market, and strive to have a place, compared with the domesticauto industry, they have a significant capital and technological advantages of the localautomotive industry has a real threat. As the blind expansion and catching stage ofChina’s automobile industry overcapacity, technological bottlenecks hard to break, hasa huge demand for funds, but due to the constraints of industrial policy, theintroduction of foreign investment restrictions, plus a single channel of financing,financing difficulties have become an indisputable fact that the automotive industry,in this context, the automotive industry through financing efficiency analysis of listedcompanies, help businesses find the problem and solve the problem in terms ofefficiency, so as to enhance business efficiency and future financing provide a broaderidea.This paper through a series of related theory summary and background research,combined with the status of listed companies financing the automotive industryanalysis, based on the construction of input-output evaluation system based on theuse of DEA method for listed companies in the automotive industry financingefficiency empirical research. First use2012cross-sectional data on the state of theautomotive industry financing efficiency were estimated efficiency values wereestimated financing under the CCR and BCC two states of the automotive industry,and the efficiency of the different sub-sectors of the value of comparative analysis,using this two basic reasons for financing efficiency measurement model that canscale to measure the efficiency of enterprises, help to determine the effective statecorporate finance has not reached the scale of the motivation is to blame for efficiencyor pure technical efficiency. But these two basic models for financing efficiencyvalue is only static measure, does not reflect the dynamic process of development andtrends in corporate finance efficiency, can not effectively provide a reference forcorporate finance efficiency improvements. By applying malmquist index issue can solve the prolem, to be followed by a dynamic analysis and evaluation of listedcompanies in the automotive industry financing efficiency2007-2012, in-depthunderstanding of the technical and management level, such as the automotiveindustry, financing for enterprises to improve efficiency offer suggestions.Through empirical research main conclusions drawn are: the automotiveindustry overall financing efficiency valuesover0.9, close to the active state, it isspecific to the various sub-sectors with varying degrees of difference;2007-2012period of time in a growth financing to improve the overall efficiency situation, but in2009and2011there have been temporary financing efficiency decreased, mainly dueto the exit were related to the financial crisis and the stimulus resulting in relativelytechnical efficiency and scale efficiency decreases, thereby making the overallfinancing efficiency decreases. Finally, on the basis of empirical research, to enhancethe efficiency of corporate finance-related policies and recommendations are given.