The Research On The Financing Efficiency Of Highway Listed Companies Based On DEA

Since 1984, The development of China’s highway has made remarkable achievements, by the end of 2013 China’s highway has reached 104,400 kilometers, its mileage scale is the largest in the world. With the rapid development of highways, the gap of required funds is growing. The funds become the factor that limits the development of our highways. In order to achieve the development of highways, large-scale financing activities to meet the capital demand of highway, whether it can sustainable develop depends on the efficiency of highway financing.Referring to the extensive literature, under the background of present situation of the development and financing of highway, in the basis of finance theory, combined with descriptive analysis and empirical analysis, selecting 15 listed companies as samples, measure the financing efficiency of listed companies. According to the characteristics of the highway, choosing the cost of equity capital, debt financing costs, the ratio of debt and equity as input indicators, ROE and the growth of total revenue as output indicators, build the evaluation index system of financing efficiency of highway listed companies. Use DEA and Malmquist to analysis the financing efficiency of highway listed companies both in the static and dynamic aspects. The level of financing efficiency obtained from static analysis is low in China; Comparing the financing efficiency level of listed companies in the east of China with the level in the central region, the level in the east is generally higher. From results of dynamic analysis, the level of scale of listed expressway companies is in decline, the level of pure technical efficiency is in progress state. With the conclusions, from the own point of view of highway listed companies, make recommendations to improve financing efficiency of highway listed companies.IN four aspects, include the optimization of financing capital structure; selecting appropriate scale of development; improving the management level so that improve the corporate governance structure; encouraging technological innovation to enhance the development potential.