Correlation Analysis Of Financing Efficiency And Operating Performance

The relationship between the company’s financing efficiency and operating performance is a hot issue that scholars at home and abroad are concerned about.Cash flow is the blood of the company’s normal operation,and financing is the company’s hematopoietic machine which provides financial support.The construction of expressway network has positive significance:Expressway construction consumes steel and other raw materials,promotes the development of upstream and downstream industrial chains,and provides a large number of employment opportunities for the society;Developed transportation is conducive to cities to attract foreign investment and promote GDP growth;The integrated transportation mode formed by the combination of railways and expressway shortens the travel time of citizens and promotes the prosperity of tourism;it shortens the sense of distance between cities,and accelerates the urbanization process;The expressway network,with its advantages of wide accessibility,strong maneuverability,and fast speed,provides rapid rescue channels after emergencies such as natural disasters,and is always ready to provide support for possible wartime transportation to protect the safety of the country and social stability.In order to speed up the construction and improve the expressway network while reducing the govenment ’s financial pressure,the government grants expressway companies a franchise right,allowing companies to first borrow roads and then collect tolls to make profits.However,the investment return period of the expressway is long,and it is extremely difficult to make up for the shortfall of funds in a short period of time with road tolls alone.The reduction in the amount of government-specific financial subsidies and the introduction of the free passage policy on highways have led to a reduction in income,a large funding gap and an excessively high asset-liability ratio.Therefore,these are necessary guarantees for expressway listed companies to improve their operating performance such as rational allocation of financing structure,reduction of financing risks and improvement of financing income.Based on reading a large number of domestic and foreign literatures,this thesis starts from the two perspectives of input-output and financing structure,and takes 18 listed companies on the expressway from 2004 to 2018 as the research object,using the combination of principal component factor analysis and multiple regression analysis.It studies the correlation between financing efficiency and operating performance of listed highway companies,and draw the following conclusions by building a regression model of financing efficiency and operating performance,From the input-output perspective,there is a significant positive correlation between financing income and operating performance,the relationship between financing cost and operating performance is not significant,financing risk and operating performance have a significant positive correlation,and financing income has the greatest impact on operating performance The second is the impact of financing risk,and the least is the impact of financing cost;From the perspective of the source of financing composition:Endogenous financing plays a positive role in promoting business performance,while equity financing,debt financing,bank loan financing and commercial credit financing have a negative correlation with operating performance.In terms of the degree of impact on operating performance,debt financing is greater than equity financing and endogenous financing.Compared with traditional industries in developed countries in Europe and America,listed companies on expressways have failed to give full play to the effectiveness of endogenous financing.The behavior of debt financing increases the cost of financing risk,and it is limited by the changes in the background of state-owned enterprises and government policies.The rational management of the company by shareholders is hindered to a certain extent.Various reasons have led to the reduction in the level of financing efficiency of expressway companies and an adverse impact on company performance.Finally,according to the research conclusions,suggestions are made to promote the healthy and stable development of production and business activities by optimizing the configuration of financing structure and reducing financing risks.