Research On Financing Efficiency Of Cement Enterprises Under The Background Of Supply Side Reform

As an indispensable basic raw material industry for national economic development and production construction,cement industry plays an important role in the development of national economy.However,in recent years,the development environment of cement industry is getting worse and worse,and the downward pressure of the industry is gradually increasing,which has a negative impact on the national economy.The development of enterprises cannot do without the support of funds,but the financing situation of the cement industry is not optimistic due to the depression of the industry,and the bad financing situation makes the development of enterprises more difficult,forming a vicious circle.At the end of 2015,the central government proposed the supply side structural reform and launched the policy of "three removal,one reduction and one subsidy",which pointed out the direction for the development of the industry.Under the background of supply side reform,is the financing situation and efficiency of cement enterprises improved? Therefore,it is necessary to study the financing efficiency of cement enterprises under the background of supply side reform.Taking conch cement as a case,this paper uses data envelopment analysis,literature analysis and case analysis to study the financing efficiency of conch cement under the background of supply side reform.First of all,after combing the domestic and foreign financing efficiency related literature,the development status,financing status and main measures of supply side reform of China’s cement industry under the background of supply side reform are sorted out.Secondly,in the case part,it analyzes the internal and external financing environment of conch cement under the background of supply side reform,and finds that although the overall financing environment of the external industry has become worse,the financing environment of conch cement has been relatively improved.At the same time,it analyzes the financing structure and financing characteristics of conch cement.Finally,the data envelopment analysis method is used to analyze the static and dynamic financing efficiency of conch cement from 2012 to 2019.The results show that: after the supply side reform(2016-2019),the static and dynamic financing efficiency of conch cement has improved compared with that before the supply side reform(2012-2015),the average technical efficiency has increased from 0.798 before the supply side reform to 0.997 after the reform,and the average total factor productivity index has increased from 1.04 before the supply side reform to 1.40 after the reform.Further analysis found that the technical efficiency of conch cement increased from the scale efficiency,and the total factor productivity index increased mainly from the technical progress index.Based on the research of financing efficiency under the background of conch cement supply side reform,this paper thinks that improving the financing efficiency of cement industry needs to start from optimizing financing structure,expanding financing channels,optimizing resource allocation and other aspects.