Research On Financing Efficiency Of China’s Transportation Listed Companies Based On DEA And Logit

Transportation industry is a basic industry and a key strategic industry in China’s national economic development.It plays an important role in promoting the circulation of commodities,accelerating the flow of people and stimulating economic growth.With the continuous development of China’s market economic system,China’s economy has entered a new stage of steady growth.Because of its irreplaceable important position in the national economy,transportation industry has gradually been paid more attention by more and more people.Taking transportation industry as the leading factor to develop economy has become an inevitable choice for realizing economic transformation and development.Transportation enterprises need a large amount of capital investment at all stages of the enterprise life cycle.Capital is the blood of the development of transportation enterprises.In order to give full play to the role of transportation industry in the national economy and realize the sound development of transportation industry,transportation enterprises must raise a large amount of funds from the public.However,at present,the financing cost of many transportation enterprises is higher and the utilization rate of funds is lower,so the problem of financing efficiency is becoming increasingly prominent.Therefore,how to objectively evaluate the financing efficiency of transportation enterprises and improve the financing status of transportation industry has become a common concern of academia and industry.In order to solve the financing problem of transportation industry and improve the financing efficiency of enterprises,this paper selects listed companies in transportation industry as samples to study their financing efficiency,and further explores the main factors affecting the financing efficiency.Firstly,this paper combs the research results of domestic and foreign scholars in capital structure theory,efficiency theory and financing efficiency evaluation methods,determines that this paper will measure and evaluate the efficiency of capital integration and use efficiency of enterprises through data envelopment analysis method;Then,this paper summarizes and analyses the current situation of transportation industry,points out the specific financing problems existing in China’s transportation industry,and constructs an evaluation system of financing efficiency based on the actual situation of China’s transportation industry.Finally,this paper uses DEA model to evaluate the overall effectiveness and efficiency.This paper objectively evaluates the financing efficiency of 45 transportation listed companies listed in Shanghai A-share market from the four perspectives of distribution interval,scale reward stage and efficiency change trend,and then uses Logit model to analyze the main factors affecting the financing efficiency of transportation listed companies based on DEA evaluation results.The results show that the financing efficiency of transportation listed companies in China is influenced by the Logit model.The overall financing efficiency of municipal companies is relatively low.In recent years,the financing efficiency of enterprises has not been significantly improved.Total assets are the main factors affecting the financing efficiency of Listed Companies in transportation industry.Finally,according to the results of empirical analysis,this paper puts forward corresponding countermeasures and suggestions on how to improve the financing efficiency of transportation industry in the new economic environment.