Research On The Equity Financing Efficiency Of Chinese Listed Port And Shipping Companies Based On DEA Model

Since2008, behalf of the domestic port and shipping port industry, ChineseListed Port and Shipping Companies have faced widespread, long-term deficit. Theissues such as disproportion of the internal governance structure, blind optimism andexcessive financing, inefficiency of capital allocation are gradually deeper exposed.All the facts can fully shows that, if Chinese port and shipping companies want toconforming to the shipping cycle trends and enhancing the resilience of financial risksin an open competition environment, we need to set listed companies as a startingpoint, do some research on the equity financing efficiency which is an importantissues of capital operation in those companies.Firstly, this thesis reviews the related literature at home and abroad, based onwhich the related concepts of the equity financing efficiency and the modernenterprise financing theories are interpreted. Then the basic principle of the DEA andits application of the equity financing efficiency analysis are introduced. After that,the thesis uses the DEA to analyze26port and shipping companies’ equity financingefficiency, which are listed on Chinese A stock market, based on the data from2009to2013. Meanwhile, from overall perspective of the whole industry, we can do someclassification of individual companies and rank their efficiency. After Comparison, thetrend of data distribution fits well with the reality, which reflects different efficiencylevel and equity financing efficiency level in respective companies. In the finalchapter, combining the data with the facts of Chinese port and shipping companies,the thesis analyses the problems and primary reasons of these companies’ equityfinancing efficiency. Then the countermeasures and suggestions are also given in thischapter.