关键词: 海洋强国战略, 涉海企业, 融资效率

Abstract: In the context of the maritime power strategy, although China’s marine economic development has made remarkable progress, there are still many shortcomings. As marine economic activities are characterized by high risk, high investment, long recovery cycle and strong professionalism, the problems of financing difficulties and low financing efficiency of marine-related enterprises still exist, and the production and operation still lack funds, making it difficult to achieve expansion and development. Based on the analysis of the development status of marine-related enterprises, this paper takes the data of 43 listed marine-related enterprises in China from 2016 to 2019 as the research sample, uses the DEA model to analyze the financing efficiency of marine-related enterprises from static and dynamic perspectives, and employs the Tobit model to empirically analyze the influencing factors of the financing efficiency of marine-related enterprises.
The empirical results show that: (1)From the perspective of static financing efficiency: First, a large number of marine-related enterprises have the problem of high input and low output, and the input-output efficiency of each enterprise is low. Most of the marine-related enterprises do not effectively use the funds after listing, which makes the overall financing efficiency of China’s marine-related enterprises low. Second, excessive investment of enterprises is the main reason for low financing efficiency. Third, due to the particularities of marine-related enterprises, access to some factors of production is limited, and with the gradual expansion of production scale, some factors of production may not be satisfied. (2)From the perspective of dynamic financing efficiency: First, technological regress and insufficiency are the main reasons for the decline of financing efficiency of marine-related enterprises. Second, technological progress and scale efficiency are the main factors that affect and determine the financing efficiency of marine-related enterprises, but compared with technological progress, the resources allocation capability of marine-related enterprises has a greater impact on the financing efficiency. Third, at present, the management and technology level of China’s marine-related enterprises is low, the input-output structure of enterprises is still not perfect, and the current production scale of enterprises has not reached the optimal production scale.
The empirical results of the influencing factors of financing efficiency for China’s marine-related enterprises show that: (1)GDP is positively correlated with the financing efficiency of marine-related enterprises. This favorable macroeconomic environment provides marine-related enterprises with more profit opportunities, increasing their demand for funds and improving their return on investment. Consequently, this enhances capital utilization rates and financing efficiency. (2)The financing amount obtained by marine-related enterprises is positively correlated with their financing efficiency. A sound capital market environment facilitates easier access to financing for marine-related enterprises, thereby improving their financing efficiency. (3)The asset-liability ratio shows a significant negative correlation with both the technological efficiency and pure technological efficiency of marine-related enterprises. This occurs because most marine-related enterprises are currently experiencing decreasing returns to scale. Reducing debt financing and down-scaling operations, and leveraging positive scale effects could further enhance financing efficiency. (4)The operating income growth rate is positively correlated with the technological efficiency but negatively correlated with the pure technological efficiency of marine-related enterprises. This indicates that enterprises with strong growth potential find it easier to secure financing and reduce financing costs, ultimately improving financing efficiency. (5)Return on net assets (RONA) is positively correlated with pure technological efficiency of marine-related enterprises. RONA is a key indicator of enterprise operation and management performance. A higher RONA signifies stronger profitability and reflects a higher level of operational and managerial competence, leading to higher financing efficiency. (6)Company size is negatively correlated with the financing efficiency of marine-related enterprises, resulting in low financing efficiency due to decreasing returns to scale and inefficient management. Clearly, this negative correlation hinders the implementation of China’s maritime power strategy. (7) Ownership concentration is positively correlated with the financing efficiency of marine-related enterprises. Concentrated ownership reduces agency costs by aligning management objectives with shareholder interests. Higher ownership concentration leads to a more stable equity structure, which enhances financing efficiency.
Based on the implementation background of the maritime power strategy, we recommend that: governments should not only implement accommodative monetary policy or expansionary fiscal policy to foster a favorable macroeconomic environment, but also strengthen capital market mechanisms to facilitate listings of marine-related enterprises, diversify their financing channels, and reduce financing constraints. Meanwhile, marine-relatedenterprises themselves should optimize capital structures, strategically utilize diverse financial instruments, broaden financing channels, reduce debt reliance, lower per-unit funding costs, and enhance financing efficiency.

Key words: maritime power strategy, sea-related enterprises, financing efficiency