Research On Financing Efficiency Evaluation And Promotion Strategy Of Listed Companies In China's Equipment Manufacturing Industry

As the basis of China's manufacturing industry,equipment manufacturing industry is the strategic industry related to national economic development and national defense security.Our equipment manufacturing industry can reflects the level of China's manufacturing development and national comprehensive strength.At this stage,China's equipment manufacturing industry is in a critical stage of transformation and upgrading,the state and the government give high attention and support to it.However,China's equipment manufacturing industry is not strong,lacks core competitiveness.By the impact of the international financial crisis and the European subprime mortgage crisis,China's equipment manufacturing enterprises are facing the problem of financing difficulties,financing burden,high financing cost.The funds in the enterprises can be difficult to meet the long-term development needs,and the financing efficiency is difficult to improve.This paper is based on the improvement of traditional cross-efficiency evaluation method,constructs a cross-efficiency model based on the ideal and anti-ideal points,and uses this model to measure the financing efficiency of the listed companies in the equipment manufacturing industry.This paper also uses the panel data of 545 listed companies in China's equipment manufacturing industry from 2011 to 2015 to analyze the influencing factors.In this paper,we construct the virtual ideal points and anti-ideal points,combine the ideal points with the aggressive cross-efficiency model,combine the anti-ideal points with the benevolent cross-efficiency model,and use the efficiency and fairness method to aggregate the efficiency values of the two models,which can get more scientific and effective values,and can promote the benign development of the decision-making units of the cross-efficiency model.We use the newly constructed cross-efficiency model to estimate and analyze the financing efficiency of the listed companies in China's equipment manufacturing industry and the financing efficiency of the sub-sectors.On the basis of this,the Malmquist index is used to obtain the pure technical efficiency,the financing efficiency values influenced by the pure technical efficiency are calculated based on the financing efficiency in 2011.Then,the panel data regression is used to analyze the impact of enterprise size,finance mode,debt structure,governance structure,competitive tension,GDP growth rate to the financing efficiency of equipment manufacturing industry.Finally,this paper gives a strategy to improve the financing efficiency of the listed companies in the equipment manufacturing industry from two aspects of enhancing the enterprise's own strength and optimizing the macro environment.The cross-efficiency model based on the ideal and anti-ideal points is more conducive to fully mobilize the enthusiasm of the decision-making units,can overcome the problem of assembling the average values of the traditional cross-efficiency method,can take the overall efficiency and fairness into account.At the same time,this paper estimates and evaluates the financing efficiency of the listed companies in the equipment manufacturing industry,and analyzes the specific influencing factors,which has theoretical reference value and practical significance for China's equipment manufacturing industry companies to understand and improve their financing efficiencies.