The Study of Financing Efficiency of Chinas.docx

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TheStudyofFinancingEfficiencyofChinas

TheStudyofFinancingEfficiencyofChina’sInformationIndustryListedCompaniesbasedonDEA

ShiAiping1,XuMin2,HuangDechun3

（1BusinessSchool,HohaiUniversity,Nanjing211100）

（2BusinessSchool,HohaiUniversity,Nanjing211100）

（3BusinessSchool,HohaiUniversity,Nanjing211100）

Abstract：

Inrecentyears,domesticinformationindustrydevelopedrapidlyandhasbecomeapillarindustry.Withtherapiddevelopmentofinformationindustry,andtherapidexpansionofenterprises,thefinancingefficiencygraduallybecomestheveryconcernedproblemsofinformationindustrycompanies.Itisofgreatsignificancetotheenterprisesandtherelatedindustries.Basedontherelateddataofthelistedcompanies,thistextusesthedataenvelopmentanalysis（DEA）toevaluatethefinancingefficiencyoftheinformationindustrylistedcompany.Andthen,accordingtotheresultofinformationindustry,theauthorproposessomemeasuresandsuggestionsforthefuturedevelopmentofinformationindustry.

Keywords:

DEA,financingefficiency,informationindustrylistedcompanies

1INTRODUCTION

Inthe21stcentury,China'sinformationindustryisrapidlyevolvingandhasbecomethebasis,pillarindustriesforthenationaleconomy.Thedevelopmentofinformationindustryplaysaveryimportantroleforpromotingsocialemployment,stimulatingeconomicgrowth,adjustingtheindustrialstructure,changingthemodeofdevelopmentandmaintenancethenationalsecurity.Althoughthedevelopmentofinformationindustrycompanieshasmadesomeachievements,butwiththedevelopmentofthecompany,thereisstillsomedegreeoffinancingproblem.Therefore,thestudyoffinancingefficiencyofChina’sinformationindustrylistedcompanieshasanimportantsignificanceinpromotingthedevelopmentoftheenterprisesthemselvesandinformationindustry.

Basedontherelatedsampledataofthelistedcompanies,thistextusesthedataenvelopmentanalysis（DEA）toevaluatethefinancingefficiencyoftheinformationindustrylistedcompanyfromthepointofviewofration.Thuswecanhaveageneralunderstandingoftheoverallinformationindustryenterprises’financingsituation.

2REVIEWOFLITERATURE

InWesternliterature,thereisnotsuchaconceptofcorporatefinancingefficiency,whichmayhaveagreatrelationshipwiththepropertyorganizationalsystemortheexistingsystemofpropertyrightsinthecurrentWestern.Thedecentralization,community,market-orientedofWesterncountries’propertyorganization,theprivatecharacteristicsofpropertyrightssystemandamorecompletecapitalmarketnaturallymakestheinnermeaningofthecorporatefinancingefficiency.

InChina,ZengKanglinhadearlierusingthe"financingefficiency"concept,andanalyzedsevenfactorsaffectingthefinanceefficiencyandcost.ButProfessorZengKanglindidnotgiveacleardefinitionoftheconcept“financingefficiency”.SongWenbing（1997）[1]earlyhadasubstantialresearchontheconceptof"financingefficiency".Hecomparedandanalyzestheefficiencyof"equityfinancing”and“bankloanfinancing",andpointedout:

theconceptofefficiencyineconomicisrelationshipofthecostsandbenefits.WuZhuang（2006）[2]usedmultiplelinearregressionanalysis,fuzzycomprehensiveevaluationmethodandgraycorrelationanalysismethodtocompareandanalyzethefinancingefficiencyofSMEsandlargeenterprises.Throughanalysis,hedrawtheconclusionsthatpaid-incapitalhadthegreatestimpactonSMEs,followedbyshort-termdebtfinancing,theleastonlong-termdebtfinancing.Onthebasisofrelevanttheoriesaboutfinancialefficiency,LiDongmei（2007）[3]mainlyanalyzedandstudyonthefinancingefficiencyoflistedcompaniesinHeilongjiangProvince.Becauseofmacroeconomicfactors,capitalstructure,capitalcostfactors,financingwayandthefactorsinsidethecompany,factorsotheraspects,theevaluationindexsystemoffinancingefficiencywassetup.Atlast,theauthorusedinformationentropyobjectiveweightingmethodtohaveanempiricalanalysisonthefinancingefficiencyoflistedcompaniesinHeilongjiangProvince.

TheresearchesinChinaonthefinancingefficiencyaredetailedtoSMEs,privateenterprisesandvariousindustries,buttheresearchesaboutthefinancingefficiencyoftheinformationindustryarenotalot.Becausetherelevantresearchdataisdifficulttoobtain,moststudiesusedthefuzzycomprehensiveevaluationmethod,andgotthesubjectivearguments.Intheobjectiveresearchonthefinancingefficiencyofinformationindustry,thesamplehaslimitationsandveryfewpeopleanalyzedthefinancingefficiencyoftheentireinformationindustry.WangXinhong（2007）[4]studiedonhigh-techenterprises,andusedthemethodsofempiricalanalysisandnormativeanalysis,qualitativeanalysisandquantitativeanalysis,verticalandhorizontalcomparisontoanalyzethefinancingefficiencyofhigh-techenterprisesinourcountry,onthebasisoftheefficiencyconceptofinput-outputandthetheoriesaboutfinancing,asymmetricinformation,efficiency.ZhangYanling（2008）[5]studiedonthefinancingefficiencyofhigh-techSMEsinBeijingbyusingdataenvelopmentanalysis（DEA）.SheobtainedtheconclusionthatBeijinghigh-techSMEsgenerallyhadlowfinancingefficiency,andlowerthanlarge-scalehigh-techenterprises.

3Theevaluationmethodoffinancingefficiency

Theevaluationofthefinancingefficiencyneedsevaluationvaluetomeasure.Theacquisitionofthevaluerequiresspecificevaluationmethodstosupport.Thepositioningoftheevaluationobjectivesisdifferent,andtheevaluationmethodsusedarenotthesame.Inthispaper,wechoosedataenvelopmentanalysis（DEA）toevaluatethefinancingefficiencyChina’sinformationindustrylistedcompanies.

Dataenvelopmentanalysis（DEA）isnon-parametricmethodtomeasuretheefficiency.Itisaobjectivedecisionmakingmethodbasedontheconceptofrelativeefficiency.ThewaytomeasureefficientbyDEAisbasedontheefficiencyconceptofParetooptimality.Paretooptimalityisthatnomatterhowresourcetobere-configuredoruse,thereisnowaytomakesomeindividualsgethigherinterest,whiletheinterestsofotherindividualsarenotdamaged.

DEAiscreatedbyoperationalresearchexpertA.Charnes,W.W.CooperandE.Rhodesin1978.Initially,theefficiencyevaluationmodelofCCRmodelwasproposedwithmultipleinputsandoutputsinthecaseofconstantreturnstoscale（CRS）.Thismodelisusedtostudywhethertheproductiondepartmentwithmultipleinputs,especiallywithmultipleoutputsiseffectiveinscaleaswellasintechnology.TheproductionfrontierofCCRisconstitutedbythemostefficientdecisionmakingunitwhichisdefinedas1.Butthedecisionmakingunitswithintheboundariesoftheforefrontareregardedasrelativelyineffectiveandtheefficiencyvaluearedefinedbetween0and1.In1984,Banker,ChamesandCooperproposedimprovementschemeofCRSmodel（VRSorBCCmodel）,inthecaseofvariablereturnstoscale（VRS）.

InordertomeasureofwhetherDMUj0isDEAefficient,firstahypotheticalDMUshouldbeconstructedbyn-modulesDMUs.EachDMUhastheinputvectorX=（x1，x2，…，xm）T,theoutputvectorY=（y1，y2，…，ys）T.ForanyDMUbasedontheaxiomaticassumptionofconvexity,coneresistance,invalidity,thereistheproductionpossibilityset:

（1）

IftheoutputsofthehypotheticalDMUarenotlessthantheoutputsofDMUj0,whiletheinputsofthehypotheticalDMUarelowerthantheoutputsofDMUj0,thefollowingDEAmodel（VRSorBCC）canbeobtained:

s.t.

（2）

Inthemodel,mandsdenotethenumberofinputandoutputindicatorsrespectively;

and

denotei-iteminputandr-itemoutputinDMUj0,whichcanbedenotedasx0,y0;

and

areslackvariables;εisnonArchimedeaninfinitesimals,whichistakenpositiveinthecalculation,suchasε=10-6.

Hereθisascalar,λistheN×1dimensionalconstantvector.AccordingtoFarrell’s（1957）definition,θisthei-itemefficiencyvalueofDMU,and0≤θ≤1.Whenθ=1,itindicatestheDMUisthepointintheefficientfrontier,soitisintechnicalefficientstate.NistheN×1dimensionalvector,andN=（1,1...1）1×N'.TherebyitcanbeprovedthattheconstraintofN'×λ=1satisfytheassumptionofvariablereturnstoscale.

Theassumptionofconstantreturnstoscale（CCR）impliesthatsmallprojectscanexpandproductionscalebyproportionallyincreasinginvestment,inotherwords,thescaleoftheprojectdoesnotaffecttheefficiencyvalue.Thisassumptionistoostricttosatisfyinmanycases.Themarketconditions,policyconstraintsandotherfactorsmayleadprojectdifficulttoruninanidealsize.Therefore,ifaddingaconstraintinCCRmodel,youcangetVRSmodelonthecaseofvariablereturnstoscale.CCRmodelisusedtoevaluatewhetherDMUisscaleefficiencyandtechnicalefficiency,whileVRSmodelisonlyusedtoevaluatewhethertechnicalefficiencyisthebest.WecancombinethetwomodelsforacomprehensiveanalysisontechnicalefficiencyandreturnstoscaleofDMUs.

Scalableassumptionscanremovetheimpactofscaleefficiencywhencalculatingthetechnicalefficiency,sotheresultantefficiencyisthepuretechnicalefficiency（PTE）.Throughthemodel,wecangetpuretechnicalefficiency（PTE）andscaleefficiency（SE）.Whenreturnstoscaleisvariable,puretechnicalefficiency（PTE）reflectthecapacityoftheprojecttoobtainmaximumoutputwithagiveninput（fromtheperspectiveofoutput）;orthecapacityoftheprojecttoobtainminimuminputwithagivenoutput（fromtheperspectiveofinput）.Accordingtothepuretechnicalefficiencyandscaleefficiency,thefinancingeffic