基于三阶段 DEA-Tobit模型的林业上市企业融资效率测度及影响因素分析OACHSSCD

⑴ Background——The sound development of listed forestry companies is conducive to the sustainable and high-quality development of forestry.However,at present,most listed forestry companies generally face a series of problems such as financing difficulties,low financing efficiency and poor financing channels.Existing studies mainly explore various methods for measuring the financing efficiency of forestry enterprises and the relationship between financing efficiency and their internal factors,while there are relatively few studies on the external fac-tors affecting the financing efficiency of forestry enterprises. ⑵ Methods——This paper selected 61 A-share listed forestry companies in Shanghai and Shenzhen stock exchanges as the research objects,with the research period from 2019 to 2023.First,the three-stage DEA model was applied to statically measure the financing efficiency of the listed forestry companies.Then,the Malmquist index method was used to dynamically analyze their adjusted financing efficiency.Finally,the Tobit model was employed to analyze the adjusted financing efficiency and its internal factors,so as to identify the key factors in-fluencing financing efficiency.The research data were mainly sourced from the WIND Database,the annual re-ports of the listed forestry companies,the China Statistical Yearbooks,and the statistical yearbooks of various provinces(municipalities and autonomous regions). ⑶ Results——First,the financing efficiency of forestry listed enterprises is generally low,primarily due to relatively weak pure technical efficiency.Additionally,external environmental factors such as GDP growth rate,CPI index,money supply,and government subsidies significantly negatively impact the three input slack varia-bles.Second,after eliminating external environmental factors,the contribution of scale efficiency to the compre-hensive financing efficiency of forestry listed enterprises has declined.Further dynamic analysis results indicate an overall downward trend in financing efficiency during the study period.The decline in efficiency in areas such as resource allocation and management operations is the primary cause of the decrease in financing efficiency.Third,the shareholding ratio of the top ten shareholders positively influences the financing efficiency of forestry listed companies,while firm size has a significant negative impact.The effects of the debt-to-asset ratio and the proportion of total R&D investment are not significant. ⑷ Conclusions and Discussions——First,focus on improving the external financing environment for en-terprises.Strengthen the precise alignment of monetary policy tools with forestry needs,while simultaneously en-hancing the verification and supervision of subsidy recipients in the forestry sector.Second,enhance the resource allocation efficiency and operational management capabilities of enterprises.On the one hand,forestry listed com-panies should anchor strategic needs and formulate financing plans accordingly.On the other hand,they should achieve public network coverage in key areas and improve the level of refined management.Third,moderately in-crease the concentration of equity and maintain a reasonable scale of enterprise development.On the one hand,forestry listed companies should maintain a moderate concentration of core shareholder controlling rights to ensure decision-making efficiency.On the other hand,we should not blindly expand the scale of enterprises,but focus on cultivating and developing core competitiveness to improve the efficiency of enterprise financing.