Keywords
Internet and related service industry, financing efficiency, dynamic network SBM, Tobit model
Abstract
Based on the financing data of 38 Internet listed companies from 2014 to 2018,this paper uses dynamic two-stage SBM model to measure the financing efficiency of listed companies in this industry,and analyzes from multiple dimensions such as the nature of enterprise ownership,and constructs the influencing factor model of financing efficiency through Tobit regression.The results show that:the overall financing efficiency of the listed companies in this industry is at a low level,and the efficiency of the capital allocation stage is the main reason for the low overall financing efficiency;from the perspective of the nature of enterprise ownership,there is a certain gap in the financing efficiency of enterprises with different ownership;the overall and each stage efficiency of private enterprises is the highest,followed by state-owned enterprises,and the lowest is foreign-funded enterprises;from the perspective of the influence factors of financing efficiency generally speaking,the operating level,profitability,scale and GDP are the main factors affecting the financing efficiency of listed companies in this industry.
DOI
10.16315/j.stm.2021.03.003
Recommended Citation
WANG, Shi-yu
(2021)
"Research on financing efficiency of Internet listed companies base on dynamic two-stage SBM Model,"
Journal of Science and Technology Management: Vol. 23:
Iss.
3, Article 11.
DOI: 10.16315/j.stm.2021.03.003
Available at:
https://jstm.researchcommons.org/journal/vol23/iss3/11
