Research On The Impact Of The Capital Structure Of The Listed Expressway Companies On The Financing Efficiency

As we all know,the highway construction needs a lot of funds,so financing plays a decisive role in the development of the expressway,and the level of financing efficiency has become the key to the healthy development of the listed expressway companies.It is pointed out that the capital structure can have an important impact on the efficiency of financing.Theoretically,capital structure can affect financing efficiency through financing channels and financing costs.In fact,there may be differences in the capital structure of enterprises in different industries.The capital structure of the listed expressway companies is characterized by serious polarization and high concentration of equity,and how the capital structure can affect the efficiency of financing.So this article chooses to study the impact of financing efficiency from the perspective of capital structure.,which is of great significance to improve the financing efficiency of the listed companies of the expressway from the angle of capital structure.In this paper,the financial data of 18 listed expressway companies in 2011-2016 years are taken as samples,first,we define the financing efficiency as the unification of the efficiency of raising funds and the efficiency of capital use,and comb out the theory of financing efficiency and capital structure,and then select appropriate input-output index to measure and analyze the financing efficiency of the listed expressway companies by using Data Envelopment Analysis method.Finally,a regression model is established to empirically study the impact of capital structure of the listed expressway companies on financing efficiency.The empirical results show that:(1)The financing efficiency of the listed expressway companies on the expressway has not reached the best state,and there is still a large space for promotion.(2)The capital structure of the listed expressway company has significant impact on the efficiency of financing,the debt financing scale has a negative correlation with the financing efficiency,that is,the higher the debt financing scale,the lower the financing efficiency of the listed expressway companies.There is a negative correlation between the ownership concentration and the financing efficiency,that is,the higher the equity concentration of the listed expressway companies,the lower the financing efficiency.There is a negative correlation between the balance of equity and the efficiency of financing,that is,the higher the equity balance of the listed expressway companies,the lower the financing efficiency.According to the results of the empirical test,puts forward the policy suggestions to improve the financing efficiency of the expressway listed companies from adjusting the scale of the enterprise properly,carrying out reasonable debt management,reduce the debt proportions properly,improving the ownership structure,giving full play to the balance of equity and establishing an effective supervision mechanism and so on.