發(fā)布時間：2018-03-24 10:10

  本文選題：DEA法　切入點：農業(yè)上市公司　出處：《貴州財經大學》2015年碩士論文

【摘要】：近年來,我國糧食產量雖然連年增長,但由于人口數(shù)量不斷增加,對糧食的需求也相應增加,糧食自給率呈現(xiàn)下降趨勢,加之耕地面積逐年減少,由此帶來的糧食供求壓力不斷增大,所以政府對農業(yè)的重視程度與日俱增。從2004年到2014年的連續(xù)11年間,中央一號文件都在關注“三農”問題。但是單靠政府力量解決農業(yè)問題力量有限,為此政府開始大力發(fā)展農業(yè)產業(yè)化,并扶持重點龍頭企業(yè)上市融資,但資金作為一種特殊的稀缺資源,存在融資成本和機會成本。因此,如何以最低的成本和風險融入資金并合理使用資金以獲取最高收益,成為企業(yè)乃至政府迫切關注的問題,這也正是本文的選題背景及研究意義所在。介于DEA法,在處理多投入,特別是多產出問題上具有的絕對優(yōu)勢,本文將其引用到對農業(yè)上市公司融資效率的評價中,并選取上市已有兩年的69家農業(yè)上市公司為樣本,再選取合理的投入、產出指標,以其2009-2013的相關數(shù)據(jù)為原始數(shù)據(jù)構建融資效率評價指標體系進行實證分析。分析結果顯示,我國農業(yè)上市公司融資效率整體狀況不佳,69家公司中,僅有18.84%的公司融資效率是有效的,有20.29%的公司實現(xiàn)了純技術效率有效,23.19%實現(xiàn)了規(guī)模效率;地區(qū)分布中,融資效率值最高的是廣東省和山東省,而行業(yè)分布中,農業(yè)和農副食品加工業(yè)是融資效率值最高的行業(yè);趨勢分析結果顯示2009-2013年,融資效率水平有升有降,沒有明顯提高;規(guī)模報酬分析顯示,現(xiàn)階段我國有52.17%的公司處于規(guī)模報酬遞增階段;單因素分析發(fā)現(xiàn)資產總額、資產負債率、所有者權益、財務費用和融資效率之間存在一定的負相關關系,產出指標則與其存在一定的正相關關系。文章最后再結合實證研究結果,提出了56家非DEA有效企業(yè)相應指標數(shù)據(jù)實現(xiàn)有效的目標值。目前我國有關農業(yè)上市公司融資問題的研究文獻較少,且多集中于對融資結構或融資偏好的研究。本文在此基礎上,對研究對象做了更為細致的評價分析,并著重測度其融資效率水平,以期為農業(yè)上市公司評價自身融資效率水平提供參考。
[Abstract]:In recent years, although China's grain production has been increasing year after year, due to the continuous increase in population, the demand for grain has also increased accordingly, the self-sufficiency rate of grain has shown a downward trend, and the area of cultivated land has been decreasing year by year. The resulting pressure on food supply and demand is increasing, so the government is paying more and more attention to agriculture. For 11 consecutive years from 2004 to 2014, The No. 1 document of the Central Committee is all concerned about the issue of "agriculture, rural areas and farmers." however, the government has limited power to solve agricultural problems by relying solely on government power. Therefore, the government has begun to vigorously develop agricultural industrialization and support the listing and financing of key leading enterprises. However, as a special scarce resource, there are financing costs and opportunity costs. Therefore, how to integrate the funds with the lowest cost and risk and use the funds reasonably to obtain the highest income has become the urgent concern of the enterprises and even the government. This is the background of this paper and the significance of the research. In view of the absolute advantage of the DEA method in dealing with multi-input, especially multi-output problems, this paper applies it to the evaluation of the financing efficiency of agricultural listed companies. 69 agricultural listed companies which have been listed for two years are selected as samples, then reasonable input and output indexes are selected, and the relevant data of 2009-2013 are used as raw data to construct financing efficiency evaluation index system for empirical analysis. Out of 69 companies, only 18.84% are effective, 20.29% have achieved pure technical efficiency and 23.19% have achieved scale efficiency. The highest value of financing efficiency is in Guangdong Province and Shandong Province, and agriculture and agro-food processing industry are the most efficient industries in the industry distribution, the trend analysis results show that the level of financing efficiency has increased and decreased, but has not obviously improved in 2009-2013. The scale return analysis shows that 52.17% of the companies in our country are in the increasing stage of scale return, and the single factor analysis shows that there is a negative correlation between the total assets, the ratio of assets and liabilities, the owner's equity, the financial expenses and the financing efficiency. There is a positive correlation between output index and output index. In this paper, 56 non-#en0# efficient enterprises are put forward to achieve effective target value. At present, there are few researches on the financing problems of agricultural listed companies in China, and most of them focus on the research on financing structure or financing preference. This paper makes a more detailed evaluation and analysis of the research object and measures its financing efficiency level in order to provide a reference for agricultural listed companies to evaluate their own financing efficiency level.
【學位授予單位】：貴州財經大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F302.6

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本文編號：1657831