| The iron and steel industry is a basic industrial sector that boosts the country’s economic development,and it is also a traditional asset-heavy industry with high pollution,high carbon emissions and overcapacity.Under the background of the state’s vigorous promotion of high-quality development,the steel industry still has problems such as high dependence on bank borrowing and financing,prominent risk of term mismatch,and expensive financing,which has caused serious troubles to listed steel enterprises that urgently need a large amount of funds for low-carbon smelting and product transformation and upgrading.Affected by the continued high price of raw materials and weakening demand,the iron and steel industry is in the midst of another "cold winter" since 2015.Therefore,this paper takes Valin Steel,a leading listed enterprise in the automotive plate,as a case study to analyze its financing status and financing efficiency,and puts forward relevant countermeasures to improve its financing efficiency.Based on the preliminary research on the relevant theories and evaluation methods of financing efficiency and the financing status of Valin Steel,this paper constructs a three-stage super-efficiency SBM model and Malmquist index to statically and dynamically evaluate the financing efficiency of Valin Steel from 2015 to 2021,taking29 Shenwan(2014)listed steel enterprises as samples,and using SFA method and Tobit regression model to study the impact of external environmental factors,internal management and technical level on financing efficiency.The research results show that:from 2018 to 2021,Valin Steel accelerated scientific and technological innovation and R&D investment,successfully developed a variety of high value-added steel products,and the TPE quickly climbed to 9th place in the industry quickly,driving the comprehensive financing efficiency to rise rapidly;Valin Steel’s scale remuneration is increasing,and technological improvement has a tendency to catch up with cuttingedge technology,and it can still expand its business scale by integrating funds;the external financing environment mainly affected the financing efficiency of steel listed steel enterprises through technical efficiency,which would overestimate companies with high financing efficiency,underestimate enterprises with low financing efficiency and the differentiation of industry financing efficiency is weakened after removing environmental factors and random error interference;from the perspective of influencing factors,the financing efficiency values of the listed steel companies are affected by the company’s scale,capital structure,operating capacity and equity concentration.In view of Valin Steel’s financing efficiency problems such as excessive proportion of debt financing,high dependence on bank loans,and mismatch of debt term structure,this paper puts forward the countermeasures for Valin Steel’s financing efficiency improvement,and puts forward relevant suggestions for steel listed enterprises to solve the financing efficiency problem from the government and industry levels. |
