Research on Financing Efficiencies of Strategic Emerging Listed Companies by Six-Stage DEA Model

摘要

Accounting for the information of input slack variables, as well as the effects of external environment and stochastic factors, a six-stage DEA model was proposed based on four-stage DEA model. It was employed to assess the financing efficiencies of 689 strategic emerging listed companies in 2015. By isolating the environmental and stochastic factors, the final efficiencies can reflect the actual financing level of these companies. The empirical results show that most financing efficiencies are still at a low level relatively. The scales of these strategic emerging companies are the main constraint on their development. And the special technical level also has an impact on these efficiencies. In addition, the efficiency difference among provinces in China gives another support to environmental influence on the strategic emerging industry. Therefore, a strategic emerging company should pay attention to expanding its scale of production and heighten its special technical level and it should improve its financing efficiencies with the help of local government power.