Research On Equity Financing Efficiency And Influencing Factors Of Listed Companies In Water Transportation Industry

The water transportation industry is an important branch of the transportation industry,directly promoting the trade of goods between China and the countries of the world,and is a very important contribution to China's economic growth;the industry is a capital and technology-intensive industry,and the enterprises in the industry are allocating resources and accelerating technology.There is a huge demand for financing in upgrading and upgrading.Reasonable use of funds and improved use of funds(integration efficiency and allocation efficiency)determine the company's operational,profitability and development capabilities.The water transport industry,which is dominated by ports and shipping industry,has its own cyclical laws of industry.In recent years,with the recovery of the global economy,the industry has shown signs of prosperity and recovery.In order to make the industry better adapt to the changing trend of the international shipping cycle and have the ability to resist financial risks in the fierce international competition,this paper takes the listed company as the entry point,measures the financing efficiency of the industry in equity and discusses what factors will affect The change in efficiency value,and finally provide targeted method recommendations for the conclusions of this study.After reading and combing the literature,this paper estimates the financing efficiency of equity in China's water transport industry listed companies in 2009-2017 and focuses on the analysis of the “One Belt,One Road” major initiative,namely the efficiency of equity financing in 2013-2017 and the industry.The overall efficiency ranking;afterwards,try to qualitatively analyze the reasons that affect the efficiency of equity financing in the water transport industry from the macroeconomic,meso-industry and micro-enterprise perspectives,and use the path analysis method to do quantitative analysis.The main conclusions of this paper are as follows:(1)The overall equity financing efficiency of listed companies in the water transport industry is relatively low,which may be related to the port infrastructure construction and the long construction period of the shipping industry;it may also be related to the low management level of the enterprise itself.,resulting in insufficient use and configuration of resources.(2)The proportion of foreign trade and the development of financial industry have positive and negative indirect effects on the overall efficiency of equity financing in China's water transport industry,but the combineddecision-making has a positive impact.Based on the research conclusions and corresponding analysis,this paper proposes targeted policy recommendations.First,strengthen macroeconomic research and analysis,do a good job in economic cycle forecasting and industry strategic deployment,thereby improving the level of equity financing.Second,establish a flexible and comprehensive foreign trade system and mechanism to promote healthy and stable development of foreign trade.Finally,build China's water transport industry.Financing platform to improve the efficiency of equity financing in the industry.