The Research On Debt Financing Efficiency Evaluation Of Automobile Manufacturing Listed Companies Based On DEA Model

Since1953, the first automobile factory officially started, China automobile industry was born in61years. China is the first automobile industry producing country and the largest emerging market. At the same time, the automobile manufacturing industry is one of China’s pillar industries, which has a very important effect on the economic development of China’s manufacturing industry.Based on analysis of existing theories, collect financial data of22automobile manufacturing listing companies, and through the comparative method analysis debt financing status of automobile manufacturing listing companies from2008to2012from three aspects of debt financing amount, term structure, financing channels. Obtain that automobile manufacturing listing companies have high rate of assets and liabilities, prefer short-term debt, and be more dependent on commercial credit debt financing than bank loans.Based on the status analysis, construct a special evaluation index system which is matching debt financing characteristics of automobile manufacturing listing Companies. Debt financing efficiency is divided into the financing efficiency and utilization efficiency. By the method of factor analysis, extract9common factors from the20variables respectively as the two stage data envelopment model, intermediate input, output index. Finish an empirical study on the2012panel data of automobile manufacturing listing companies through the two stage data envelopment analysis.The research conclusion:19listing corporation financing efficiency is invalid. The efficiency in automobile manufacturing industry listing companies needs to be improved. The utilization efficiency on automobile manufacturing listing companies is low. Fund dose not play the maximum utility effective and loss the enterprise value which financial capital has could create. The utilization efficiency of fund is too low, which cause that the difference between financing efficiency and utilization efficiency is large. The debt financing efficiency of automobile manufacturing industry listing companies is not good. More attention should be paid to problems on the intermediate links in debt financing.