CAJ | 학술논문

为发展壮大涉海产业类企业并带动海洋产业发展以实现海洋强国战略,有必要对涉海产业类企业融资效率状况进行准确定位并采取相应策略。以企业融资效率理论为基础,运用DEA模型评价涉海产业类企业融资效率及并运用随机效应面板数据模型检验其影响因素。检验结果发现,2008-2013年间涉海产业类企业融资效率整体上处于低效水平,其主要影响因素有宏观经济形势、行业竞争程度、企业规模大小和公司治理机制。企业融资效率与宏观经济形势、行业竞争程度和公司治理机制显著正相关,与企业规模大小显著负相关。这说明涉海产业类企业还有大幅度提高融资效率的空间,政策建议是引导资本市场支持海洋资源开发利用,保持稳定增长的整体经济环境,促进垄断竞争性涉海产业类企业理性投融资,缓解中小型涉海产业类企业融资难困境和深化国有控股涉海产业类企业改革。
위발전장대섭해산업류기업병대동해양산업발전이실현해양강국전략,유필요대섭해산업류기업융자효솔상황진행준학정위병채취상응책략。이기업융자효솔이론위기출,운용DEA모형평개섭해산업류기업융자효솔급병운용수궤효응면판수거모형검험기영향인소。검험결과발현,2008-2013년간섭해산업류기업융자효솔정체상처우저효수평,기주요영향인소유굉관경제형세、행업경쟁정도、기업규모대소화공사치리궤제。기업융자효솔여굉관경제형세、행업경쟁정도화공사치리궤제현저정상관,여기업규모대소현저부상관。저설명섭해산업류기업환유대폭도제고융자효솔적공간,정책건의시인도자본시장지지해양자원개발이용,보지은정증장적정체경제배경,촉진롱단경쟁성섭해산업류기업이성투융자,완해중소형섭해산업류기업융자난곤경화심화국유공고섭해산업류기업개혁。
It＇s necessary for our country to examine financing efficiency situation of marine-related industry enterprises and employ appropriate strategy in order to expand them,develop them and realize China＇s strategy of becoming a maritime power.Based on financing efficiency theory,the article uses DEA models for evaluating financing efficiency of marine-related industry enterprises and panel data of random effects models for testing its influencing factors.The results show that the financing efficiency was generally in a low condition from 2008 to 2013,whose main influencing factors were macroeconomic situation,fierce industry competition,enterprise scale and corporate governance mechanism.The financing efficiency has significantly positive correlation with macroeconomic situation,industry competition and corporate governance mechanism,but negative correlation with enterprise scale.This indicates that marine industry enterprises have room to increase financing efficiency.Policy suggestions are guiding capital market to support exploitation and utilization of ocean resources,maintaining steady economical growth,promoting rational investment and financing of monopoly competitive marine-related industry enterprises,easing the plight of small and medium enterprises＇ financing difficulty,and furthering reform of state-owned holding marine-related industry enterprises.