CAJ | 학술논문

对煤炭上市公司融资效率进行评价和分析可以为煤炭企业改善融资效率进而有效突破当前困境提供借鉴。本文以数据包络分析（DEA ）为基础，对2007～2012年间我国煤炭上市公司的融资效率进行了研究，得到以下基本结论：我国煤炭上市公司的融资效率总体偏低；煤炭上市公司通过加强技术创新与开发、改进经营管理等途径提升自身融资效率的空间较大；多数煤炭上市公司需要在强化营业成本控制、优化资金配置和提高资产利用效率的基础上理性扩张自身规模，少数企业还要同时降低负债水平。
대매탄상시공사융자효솔진행평개화분석가이위매탄기업개선융자효솔진이유효돌파당전곤경제공차감。본문이수거포락분석（DEA ）위기출，대2007～2012년간아국매탄상시공사적융자효솔진행료연구，득도이하기본결론：아국매탄상시공사적융자효솔총체편저；매탄상시공사통과가강기술창신여개발、개진경영관리등도경제승자신융자효솔적공간교대；다수매탄상시공사수요재강화영업성본공제、우화자금배치화제고자산이용효솔적기출상이성확장자신규모，소수기업환요동시강저부채수평。
Evaluation and analysis of financing efficiency of coal listed companies can serve as a reference for coal companies to improve financing efficiency and to further break the current adverse situations .Based on Data Envelopment Analysis (DEA ) , this paper studies the financing efficiency of Chinese coal listed companies from 2007 to 2012 ,and arrives at the following conclusions .In general , Chinese coal listed companies have low financing efficiency .Chinese coal listed companies have large room to increase their financing efficiency by strengthening technological innovation and development ,improving management ,etc .Most of Chinese coal listed companies need to expand rationally on condition that that they will strengthen cost control ,optimize capital allocation ,and improve utilizing efficiency of assets ,and a few companies also need to reduce their liabilities simultaneously .