| Financing efficiency has always been a topic of concern in various industries.Although China’s capital markets have developed rapidly in recent years,the degree of opening up has deepened day by day,but compared with the developed capital markets in the West,there still exist high financing costs and low financing efficiency problems caused by imperfect systems,speculative transactions,asymmetric information,and so on.Since 2013 our leaders put forward "Belt and Road"strategy,our country pays more and more attention to the ocean trade.However,under the limitation of shipping industry periodicity,industry barriers and financing difficulties,Chinese shipping enterprises are facing more and more difficult problems.Among these problems,the most concerned and most important problem is the low financing efficiency.This paper takes the listed shipping enterprises of China as a sample and analyzes the factors that affect the financing efficiency from the macro and micro level by using theoretical analysis and empirical analysis.Firstly,the paper expounds the current financing situation of shipping enterprises,mainly including the current situation of shipping market development,the financing mode,the characteristics of financing,and the financing problems.Secondly,the paper analyzes the factors affecting the financing efficiency from the macro and micro level theoretically.Thirdly,from the perspective of empirical analysis,the paper uses the DEA model to build a financing efficiency measurement system,and the multiple regression analysis model to build the impact factors analysis system.Finally,according to the above analysis,the paper draws a conclusion and puts forward some countermeasures and suggestions.The result shows that:(1)On the macro level:the supply and demand of shipping market is unbalanced;the shipping structure dominated by small and medium-sized shipping enterprises is difficult to form an effective scale;the lack of shipping financial services and shipping financing legal system lead to the problems of high financing cost and low financial efficiency.(2)On the micro level:The relationship between capital structure and financing efficiency is "inverted U",and the relationship between regional economic development level,profitability and financing efficiency is positive.There is no significant relationship between ship assets growth rate,asset turnover rate and financing efficiency.This paper suggests that:(1)Govemment institutions should improve the construction of shipping financing legal system,increase financial support and tax preferential policies.(2)Financial institutions should increase the investment of shipping loans and improve the construction of shipping financial service system.(3)Shipping enterprises themselves should determine the appropriate proportion of the amount of financing,enhance the operating capacity and profitability in order to further improve the efficiency of financing. |
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