Abstract: The port is a kind of logistics infrastructure, which plays the functions of loading and unloading, transshipment, distribution and storage of goods at home and abroad.In the context of China's continuous expansion of the level of opening up to the outside world to adapt to the trend of globalization, ports, as the transport hub of goods around the world, play a key role in connecting domestic and foreign markets and promoting the open economy. The port enterprises are economic organizations with independent legal person status, which operate and account independently and assume sole responsibility for their profits and losses. In order to achieve the business objectives of the enterprise, port enterprises engage in port production, circulation or service economic activities. Port enterprises have played a series of functions such as cargo handling and transportation, industry, commerce and information, which have accelerated the modernization of the port itself and also made great contributions to the development of China's international trade.
But at the same time, due to the characteristics of large investment, long construction period and slow economic cost recovery of port enterprises, financing has become a problem that must be solved in the development of port enterprises. In recent years, with the global economic situation facing downward pressure, the development of the port industry has been hindered to some extent. In addition, China's port listed enterprises are facing problems such as high asset-liability ratio, irrational financing structure, and lack of financing tools, which lead to low overall financing efficiency of port listed enterprises. In this context, whether listed port enterprises in China can achieve reasonable allocation of enterprise funds, improve their own financing capacity, and achieve efficient financing has become a key link in the smooth and healthy development of China 's port industry. It is of great significance to evaluate and analyze the financing efficiency of port enterprises accurately and effectively for solving the financing problems of port enterprises and promoting the development of port industry.
The possible contributions of this paper are as follows: At present, there are few studies on the evaluation of financing efficiency of port enterprises, and dynamic efficiency analysis is not involved. The financing of port enterprises is a long-term and dynamic process. Therefore, the research on the dynamic efficiency of port listed enterprises is more in line with the actual situation. In addition, the relevant research on the factors affecting the financing efficiency of port enterprises and the ways to improve the efficiency also needs to be supplemented.This paper constructs the panel data of port listed enterprises, carries out comparative analysis from multiple angles of time and space, points out the problems of port listed enterprises' financing through empirical research, and puts forward path suggestions for port listed enterprises to improve their financing efficiency.
This paper selects the relevant data of 17 Chinese listed port companies from 2015 to 2019, using DEA and Malmquist index to measure the financing efficiency of them from two dimensions, static and dynamic, and constructing a Tobit regression model to study the influencing factors and degree of their financing efficiency. The empirical research results show that: (1)The financing efficiency of listed port companies is not high, and most companies fail to achieve DEA effectiveness while only 29.41% of them do so. The reason for the low technical efficiency is mainly due to the low pure technical efficiency, which indicates that the port listed enterprises have deficiencies in capital utilization and management, enterprise operation and decision-making. (2)During the study period, the Malmquist index of listed port enterprises has fluctuated up and down, with an overall downward trend. The reason is that the company's scale is too large, resulting in a series of problems such as company and capital management inefficiency, resulting in scale inefficiency. (3)There is a significant correlation among the capital structure of the companies, degree of equity concentration, and macroeconomic development status of enterprises and the financing efficiency of port listed enterprises. Finally, relevant suggestions are given from three aspects: Adjusting production scale, optimizing corporate financing structure, and increasing policy support.

Key words: listed port companies, financing efficiency, DEA, Malmquist index, Tobit mode

摘要： 选取2015~2019年我国17家港口上市企业相关数据,采用DEA和Malmquist指数从静态和动态两个维度测度我国港口上市企业融资效率,构建Tobit回归模型研究其融资效率的影响因素及影响程度。实证研究结果表明:港口上市企业融资效率不高,多数企业未能达到DEA有效,技术效率较低的原因主要在于纯技术效率较低;港口上市企业全要素生产率呈现不稳定的上下波动状态,整体呈下降趋势;企业资金结构、股权集中程度和宏观经济发展状况与港口上市企业融资效率具有显著相关性。最后,从调整生产规模、优化融资结构和加大政策支持力度三个方面提出相关建议。

关键词: 港口上市企业, 融资效率, DEA, Malmquist指数, Tobit模型