MyJournals Home  

RSS FeedsSustainability, Vol. 11, Pages 4413: External Financing Efficiency of Rural Revitalization Listed Companies in China--Based on Two-Stage DEA and Grey Relational Analysis (Sustainability)

 
 

15 august 2019 11:02:47

 
Sustainability, Vol. 11, Pages 4413: External Financing Efficiency of Rural Revitalization Listed Companies in China--Based on Two-Stage DEA and Grey Relational Analysis (Sustainability)
 


Rural revitalization is an important strategy to promote sustainable development of rural areas in China. Rural revitalization listed companies play an important role in implementing the rural revitalization strategy and developing the agricultural industry. However, the financing problem has always been a bottleneck problem with Chinese listed companies. This study used a two-stage DEA (data envelopment analysis) method to evaluate the funds raising efficiency, funds using efficiency, and overall financing efficiency of 34 rural revitalization listed companies in 2018. The results show that the financing efficiencies of 34 sample companies were low, only six companies have overall efficient financing, and there was much room for improvement. Financing efficiency varied greatly depending on the nature of the company, the industry, and the listing board. The efficiency of funds using of state-owned enterprises was much lower than that of private companies. The average efficiency value of agricultural company funds raising was lower than that of manufacturing. The efficiency of small and middle-size enterprises (SMEs) was lower than that of main board companies, but the growth enterprise market (GEM) companies achieved higher efficiency in the funds using. Further, by using the grey relational analysis (GRA) method, we found that the key factors affecting the financing efficiency of sample companies included capital structure, debt-paying ability, governance structure, company age, and operating ability. To improve financing efficiency, the companies should not only optimize their capital structure and governance structure but also improve their management and innovation capabilities. At the same time, the state also needs to give different policies support according to the characteristics of the companies.


 
161 viewsCategory: Ecology
 
Sustainability, Vol. 11, Pages 4414: Factors Influencing Indirect Carbon Emission of Residential Consumption in China: A Case of Liaoning Province (Sustainability)
Sustainability, Vol. 11, Pages 4412: Variables Influencing Pre-Service Teacher Training in Education for Sustainable Development: A Case Study of Two Spanish Universities (Sustainability)
 
 
blog comments powered by Disqus


MyJournals.org
The latest issues of all your favorite science journals on one page

Username:
Password:

Register | Retrieve

Search:

Ecology


Copyright © 2008 - 2024 Indigonet Services B.V.. Contact: Tim Hulsen. Read here our privacy notice.
Other websites of Indigonet Services B.V.: Nieuws Vacatures News Tweets Nachrichten