生物质能产业上市公司融资效率评价研究

随着生物质能发电业第一股*ST凯迪(000939)深陷融资危机及债务丑闻的曝光,国家大力扶持的生物质能产业融资是否得到有效运用,引发学术界广泛关注。本文运用DEA-Malmquist指数方法,依托37家生物质能产业相关上市公司2011～2017年公布的财务数据,对其融资效率按产业整体和内部进行静态及动态评价。研究发现:2017年我国生物质能产业的融资效率普遍降低,纯技术效率低下是其决定性因素,同时多数企业未能达到DEA有效;2011～2017年间生物质能产业融资效率水平整体呈波幅不等的不稳定态势,;从产业内部来看,生物质相关服务产业融资效率降幅显著且处于规模效益递减,生物质原料供应产业的DEA有效占比显著提高,生物质燃料加工产业发挥出了规模效益优势。

A Study on the Financing Efficiency of Listed Companies in Biomass Energy Industry

With the exposure of the debt scandal and the financing crisis of the *ST Kaidi (000939) , the first share of biomass power industry, whether the financing of biomass energy industry could be effectively used has been paid much attention by academic circles. Thus, this study adopted DEA-malmquist index method and chose the financial data of 37listed companies in biomass energy industry between 2011 and 2017 to statically and dynamically evaluate the financing efficiency from two perspectives of the whole industry and the interior. The empirical findings suggested that the financing efficiency of China''s biomass energy industry had generally declined in 2017 and the determining factor was the low efficiency of pure technology. Meanwhile, most companies did not achieve DEA efficiency. From 2011 to 2017, the level of financing efficiency of biomass energy industry had shown an unstable status with unequal amplitude. From the perspective of the industry, the financing efficiency of the biomass- related service industry has declined significantly and the scale efficiency has decreased as well. Besides, the effective proportion of DEA in the biomass raw material supply industry has increased significantly, and the biomass fuel processing industry has exerted advantages on economies of scale.