發(fā)布時(shí)間：2018-03-24 10:10

  本文選題：DEA法　切入點(diǎn)：農(nóng)業(yè)上市公司　出處：《貴州財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：近年來,我國(guó)糧食產(chǎn)量雖然連年增長(zhǎng),但由于人口數(shù)量不斷增加,對(duì)糧食的需求也相應(yīng)增加,糧食自給率呈現(xiàn)下降趨勢(shì),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(duì)農(nóng)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(hào)文件都在關(guān)注“三農(nóng)”問題。但是單靠政府力量解決農(nóng)業(yè)問題力量有限,為此政府開始大力發(fā)展農(nóng)業(yè)產(chǎn)業(yè)化,并扶持重點(diǎn)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(jī)會(huì)成本。因此,如何以最低的成本和風(fēng)險(xiǎn)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(guān)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(chǎn)出問題上具有的絕對(duì)優(yōu)勢(shì),本文將其引用到對(duì)農(nóng)業(yè)上市公司融資效率的評(píng)價(jià)中,并選取上市已有兩年的69家農(nóng)業(yè)上市公司為樣本,再選取合理的投入、產(chǎn)出指標(biāo),以其2009-2013的相關(guān)數(shù)據(jù)為原始數(shù)據(jù)構(gòu)建融資效率評(píng)價(jià)指標(biāo)體系進(jìn)行實(shí)證分析。分析結(jié)果顯示,我國(guó)農(nóng)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(shí)現(xiàn)了純技術(shù)效率有效,23.19%實(shí)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(nóng)業(yè)和農(nóng)副食品加工業(yè)是融資效率值最高的行業(yè);趨勢(shì)分析結(jié)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(bào)酬分析顯示,現(xiàn)階段我國(guó)有52.17%的公司處于規(guī)模報(bào)酬遞增階段;單因素分析發(fā)現(xiàn)資產(chǎn)總額、資產(chǎn)負(fù)債率、所有者權(quán)益、財(cái)務(wù)費(fèi)用和融資效率之間存在一定的負(fù)相關(guān)關(guān)系,產(chǎn)出指標(biāo)則與其存在一定的正相關(guān)關(guān)系。文章最后再結(jié)合實(shí)證研究結(jié)果,提出了56家非DEA有效企業(yè)相應(yīng)指標(biāo)數(shù)據(jù)實(shí)現(xiàn)有效的目標(biāo)值。目前我國(guó)有關(guān)農(nóng)業(yè)上市公司融資問題的研究文獻(xiàn)較少,且多集中于對(duì)融資結(jié)構(gòu)或融資偏好的研究。本文在此基礎(chǔ)上,對(duì)研究對(duì)象做了更為細(xì)致的評(píng)價(jià)分析,并著重測(cè)度其融資效率水平,以期為農(nóng)業(yè)上市公司評(píng)價(jià)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(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F302.6

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本文編號(hào)：1657831