Empirical Study On Marine Firms Financing DEA Efficiency And Government Action

At present,promoting the rapid development of marine economy,to construct a maritime power and shaping marine economy into a new growth point of national economy have become an important strategy for china's economy.Against this backdrop,the importance of companies engaged in sea firms becomes obvious and these companies gradually prove to be the key drive for marine economy.However,the weak foundation,large capital requirements,as well as small scale enterprises have severely impeded sustainability of marine economy progress.Inefficiency plays a crucial role in company financing volume.Inefficiency not only determines input-output efficiency of companies but also brings a capital bottleneck for marine economy.Reasons such as Government's fail on regulation,high risks of sea business companies,and long capital recovery period,result in more difficulties and inefficiency in financing which seriously hinder the development of sea business companies and marine economy.Based on the perspective of government action analyses problems existing among these companies,the level of financing efficiency and factors influencing financing efficiency to find measures to improve financing efficiency.All these analyses will be of great necessity and practical significance in solving financing strait of sea business companies and keep the sustainable development of marine economy.Based on the relative theories of domestic and overseas enterprise financing and government intervention,the thesis dissects financing problem in sea business companies,financing efficiency and factors influencing financing efficiency.First of all,the author calculates out comprehensive technology efficiency,pure technology efficiency and scale efficiency of fifty four companies financing processes from 2008 to 2013 with the application of DEA.Then the author takes comprehensive technology efficiency as the standard to measure sea borne companies financing efficiency to do further analysis.The results show that: The overall efficiency of sea borne companies financing is low.Financing efficiency varies according to company nature.State-owned enterprise's efficiency is lower than that of private company.Among three sectors of seaborne business,the primary industry enjoys the highest efficiency in financing followed by secondary and tertiary industry;to analyze factors influencing financing efficiency,the author then establishes empirical model based on indicators: financing efficiency,governmentintervention,debt maturity structure,total assets growth rate,ownership structure.It proves that: there is a negative correlation between government intervention intensity and financing efficiency;the greater proportion of long term loans is,the lower efficiency is in financing;the better growth potential of company is the higher efficiency in financing;concentration of ownership also influences the efficiency.Based on relevant research results of scholars,in order to solve problems mentioned above the thesis suggests we should give full play to the government guiding role,improve construction of relevant policy and regulation,advance reform in state-owned sea-borne companies,establish funds for marine industry;bring in private capital,and enhance the construction of maritime universities to nurture more maritime experts.We can strengthen the guide for companies.All these provide a new perspective for later research,and also give good suggestions on development of seaborne companies and the whole marine economy.