Study On The Investment And Financing Efficiency Of Railway Enterprises In China Based On DEA Model

Railway construction is the foundation and guarantee of economic and social development,and China has to invest huge amounts of money for it every year.However,with the increasing scale and speed of railway construction,the funding gap is still very large,and it is difficult to cope with it by the government alone.In order to change this unfavorable situation as soon as possible,China has accelerated the process of railway investment and financing reform,trying to stimulate the enthusiasm of other types of investment and financing subjects,and then improve the efficiency of China’s railway investment and financing,so as to consolidate the material foundation of China’s railway construction.Under this circumstance,the discussion on the investment and financing efficiency of railway enterprises has also attracted wide attention from the academic circles,and has gradually become a hot topic.This paper has studied the research methods of literature research,case study and comparative study,and made a systematic and in-depth discussion on the investment and financing efficiency of railway enterprises in China.First of all,starting from the basic structure,influencing factors and main problems of investment and financing of railway enterprises in China,this paper systematically discusses the development of investment and financing of railway enterprises in China.Secondly,taking DEA model as the evaluation model,20 railway enterprises are selected as samples,which reflect the overall efficiency of investment and financing of railway enterprises in China from static and dynamic aspects respectively.It is found that:(1)The investment and financing efficiency of China’s railway enterprises is in a low state as a whole,and there is still huge room for improvement in the future.(2)Among the input indicators,there are always more enterprises whose total assets need to be adjusted,while the number of enterprises whose financing cost indicators need to be adjusted is relatively small.(3)Among the output indicators,there are more enterprises whose Tobin Q value needs to be adjusted,while the growth rate of main business income needs to be adjusted at least.(4)In the past five years,the investment and financing efficiency of China’s railway enterprises has shown an obvious downward trend as a whole,but the decline is being effectively alleviated,and there are great differences in investment and financing efficiency among different railway enterprises.Therefore,based on the advanced experience of the United States,Germany,Japan and other countries,this study proposes to continuously improve the investment and financing efficiency of China’s current railway enterprises by perfecting the market-oriented railway freight rate mechanism,attracting diversified railway investment subjects,paying attention to the prevention and control of investment and financing risks,and creating a good railway investment and financing environment.This study further deepens the theoretical discussion on China’s railway investment and financing,which is conducive to grasping the current development status of China’s railway investment and financing as a whole,and making an overall evaluation on the investment and financing efficiency of China’s railway enterprises,so as to clarify the feasible path to improve the investment and financing efficiency of China’s railway enterprises,thus providing certain reference and inspiration for practitioners,so it has certain theoretical and practical value.