Journal of Risk Analysis and Crisis Response

Volume 10, Issue 3, October 2020, Pages 101 - 112

Equity Financing Efficiency Measurement of Listed Companies in Strategic Emerging Industries based on DEA

Authors
Si-si Li1, 2, Mu Zhang1, *
1School of Big Data Application and Economics, Guizhou University of Finance and Economics, Guiyang 550025, China
2Guizhou Institution for Technology Innovation & Entrepreneurship Investment, Guizhou University of Finance and Economics, Guiyang 550025, China
*Corresponding author. Email: rim_007@163.com
Corresponding Author
Mu Zhang
Received 20 August 2020, Accepted 12 October 2020, Available Online 6 November 2020.
DOI
https://doi.org/10.2991/jracr.k.201027.001How to use a DOI?
Keywords
Strategic emerging industries; listed companies; equity financing; equity financing efficiency; DEA methods
Abstract

Equity financing is an important part of corporate capital structure decision-making. The level of financing efficiency is of great significance to the survival and development of Listed Companies in strategic emerging industries. In order to measure the equity financing efficiency of Listed Companies in strategic emerging industries, this paper uses data envelopment analysis (DEA) model to measure and study, taking 208 listed companies of strategic emerging industries as samples, through three input indicators. The paper calculates the DEA evaluation value of each decision-making unit from 2014 to 2018, and analyzes the efficiency of equity financing in different years and the comparative analysis among seven industries. The conclusion of this paper is: according to DEA–BCC model, the equity financing efficiency of Listed Companies in strategic emerging industries is generally low, mainly distributed in the lower efficiency range, pure technical efficiency and scale efficiency are mostly distributed in the higher efficiency range every year, most of the returns to scale are decreasing, and the equity financing efficiency exists unbalanced development among industries. According to DEA Malmquist model, the total factor productivity of seven strategic emerging industries tends to decline, the highest is new energy vehicles, which is 0.985, and the lowest is energy conservation and environmental protection, which is 0.951. The impact of technological change will be greater, followed by the change of scale efficiency. We should constantly improve the internal management level of the company, carry out technological innovation, select the correct financing channels, and coordinate the use of funds to create the maximum value.

Copyright
© 2020 The Authors. Published by Atlantis Press B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).

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Journal
Journal of Risk Analysis and Crisis Response
Volume-Issue
10 - 3
Pages
101 - 112
Publication Date
2020/11/06
ISSN (Online)
2210-8505
ISSN (Print)
2210-8491
DOI
https://doi.org/10.2991/jracr.k.201027.001How to use a DOI?
Copyright
© 2020 The Authors. Published by Atlantis Press B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - JOUR
AU  - Si-si Li
AU  - Mu Zhang
PY  - 2020
DA  - 2020/11/06
TI  - Equity Financing Efficiency Measurement of Listed Companies in Strategic Emerging Industries based on DEA
JO  - Journal of Risk Analysis and Crisis Response
SP  - 101
EP  - 112
VL  - 10
IS  - 3
SN  - 2210-8505
UR  - https://doi.org/10.2991/jracr.k.201027.001
DO  - https://doi.org/10.2991/jracr.k.201027.001
ID  - Li2020
ER  -