Research On The Financing Efficiency Of Textile Listed Companies Based On SBM-Malmquist-Tobit Model

Textile industry is one of the most important economic pillar industries in China.It plays an very important role in the development of national economy and the stability and prosperity of the society.The financing activities will affect the production,supply and marketing of the listed companies and play a strategic guiding role for the sustainable management and long-term development of the enterprises.The textile industry "13th Five-Year" planning,"The Belt and Road" and "Made in China 2025 strategy" have higher requirements of textile listed companies,s sustainable operation and long-term development.Early detection of textile listed companies' s financing status and characteristics,finding out the problems of textile listed companies in the financing activities objectively,layouting the financing structure of the textile listed companies effectively,which is conducive to narrowing the regional gap and seeking countermeasures to improve textile listed companies' s financing efficiency.In this paper,choosing textile listed companies as the research object,selecting the2012-2016 year financial data,using the SBM-Malmquist-Tobit model to analysis the financing efficiency of textile listed companies,which are aimed at studying the factors that affect the financing efficiency of the listed companies in textile listed companies.The specific contents are as follows:Firstly,the research background is clearly studied and the related theories are analyzed.Through analyzing the background,in-depth analysis of the textile industry"13th Five-Year" planning,"The Belt and Road" and "Made in China 2025strategy”,finding out challenges and opportunities that textile listed companies faced,pointing out its importance and urgency to improve the efficiency of financing.On this basis,the research objectives,research contents,research methods and research ideas are clearly studied.It also points out the research direction of this paper through consulting and sorting out the related concepts and influencing factors of financing efficiency,and provides some theoretical basis for this article.Secondly,the present situation of financing of the textile listed companies is analyzedand studied.By collecting and collating relevant data,analyzing and comparing the financing structure of textile listed companies,and pointing out the problems in the financing process of textile listed companies,which provide a realistic basis for empirical analysis.Finally,an empirical study is carried out and suggestions are made for the results.Through the construction of SBM-Malmquist index model to calculate the financing efficiency from static and dynamic aspects,constructing index system,putting forward five hypotheses,constructing limited panel Tobit regression model to verify the influencing factors of financing efficiency.According to the results,drawing conclusions and putting forward targeted and feasible suggestions.There are three innovations in this paper:(1)The financing efficiency of SBM-Malmquist-Tobit model is applied to the textile listed companies,which can research on financing efficiency of China's textile listed companies from a deeper level;(2)The index system of financing efficiency evaluation of textile listed companies is constructed,and these indexes are explained and expounded from the qualitative point of view;(3)Combined with the characteristics of Listed Companies in the textile industry itself,through the construction of the capital structure(intangible assets accounted for the proportion of total assets)and growth rate index of intangible assets to research the situation of research and development of science and technology,the competitiveness of technology and the impact of the growth of enterprises on the efficiency of financing respectively.From a number of angles to explore the factors affecting the efficiency of the financing of the textile listed companies.