民营化方式、政治关联与股权融资效率——来自民营上市公司经验数据的DEA-Malmquist分析

【摘要】 本文采用DEA方法和malmquist指数法对207家民营上市公司2005-2014年间的股权融资效率分析,研究发现:股权融资效率整体较低,但这10年间股权融资效率的全要素生产率大于1,表明民营企业的股权融资效率得到了改善,主要是源于股权融资规模效率的上升;直接民营化公司的股权融资效率高于间接民营化公司的股权融资效率,政治关联对直接民营化企业的股权融资效率影响高于间接民营化的企业,其中,直接民营化公司的企业家具有政治背景的工作经历对股权融资效率的影响更大。最后,从政府政策支持、资本市场改革和民营企业技术创新提出了提升股权融资效率的建议。更多还原

【Abstract】 This article is based on the sample data of 207 private listed companies from 2005 to 2014, using DEA method and Malmquist index to calculate the efficiency of equity financing and the change of the total factor productivity. The result shows that the private enterprises’ efficiency of equity financing is relatively low as a whole, but the total factor productivity of the financing efficiency is more than 1 in this decade. It shows that the private companies’ efficiency of equity financing is improved, mainly stemming from the rising scale of the equity financing efficiency. The efficiency of equity financing of direct-privatization enterprises is higher than that of indirect-privatization companies, and the political connection affects the efficiency of equity financing in the directly-privatization enterprises higher than in the indirectly-privatization companies. The entrepreneurs which have political background and also worked in the directly-privatization companies have greater influences on the efficiency of equity financing. Finally, the author gives suggestions to improve the efficiency of equity financing from the perspectives of government supportive policies, the reformation of capital markets and the technical innovation of private companies.更多还原