Research On Financing Efficiency Of Construction Enterprises In China

As one of the pillar industries in China,the construction industry has made great contributions to the employment of domestic labor force while promoting the national economic construction and economic structure optimization.With the acceleration of China ’s urban infrastructure construction and new rural construction,the majority of construction enterprises play an important role in this historical process.With the implementation of the concept of high-quality development,the construction industry is facing the challenge of transformation and upgrading.The introduction of intelligent construction sites,intelligent construction,new materials and new technologies requires construction enterprises to continuously expand capital investment.The continuous increase in the number of domestic construction enterprises and the limited funds in the capital market have brought fierce competition to construction enterprises.Under this market condition,the operating conditions of construction enterprises,the actual situation of financing efficiency,financing problems and how to further improve financing efficiency are worthy of our study.At present,there are relatively few studies on the financing efficiency of the construction industry.Therefore,the research and analysis of the financing efficiency of China ’s construction enterprises has certain theoretical and practical significance for the development of China ’s construction enterprises.This thesis selects some A-share listed construction enterprises as research samples,and uses entropy weight method,data envelopment analysis(DEA)method and Malmquist index to measure and analyze the financing efficiency of China ’s construction enterprises from 2016 to 2020 from both static and dynamic aspects.From the perspective of static relative efficiency measurement,CRS model and VRS model are mainly used to measure the technical efficiency(TE),pure technical efficiency(PTE)and scale efficiency(SE)of construction enterprises,and to analyze the static financing efficiency,financing efficiency trend and non-increasing returns to scale of construction enterprises.From the perspective of dynamic relative efficiency measurement,the overall trend of financing efficiency of construction enterprises during the study period is analyzed by measuring the Malmquist index and its decomposition index.Finally,the results of static analysis and dynamic analysis are consistent,that is,the financing efficiency of construction enterprises in China is generally not high,and the financing efficiency shows a downward trend during the study period.On this basis,the article puts forward some countermeasures and suggestions for the current situation of financing efficiency of construction enterprises in China.On the one hand,it is necessary to strengthen the management of the enterprise itself and improve the utilization rate of funds;improve the profitability of construction enterprises and control financing costs;identify the strategic positioning of enterprises,conform to the development of the times;correctly interpret the essence of high-quality development and strengthen the enterprise ’s recognition of digital transformation;on the other hand,financial institutions broaden the scope of services and regulate financing behavior;the government should improve the relevant legal system and strengthen supervision.Finally,it is expected that the analysis of this thesis can provide an analytical reference for the financing of construction enterprises in China.Figure [8] table [15] reference [52]...