我国钢铁行业上市公司融资效率研究

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1、摘要II目录ABSTRACTSteelindustry,asoneofthepillarsofthenationaleconomy,isasignificantsignofstateeconomicconditionandcomprehensivenationalpower,andthebasisofinternationallivelihood．ThedevelopmentoftheSteelindustrygeneratesadirectinfluenceontherelatedindustriessuchasnationaldefen

2、se，construction，machinery,automobile，householdappliancesandSOon．Thebreakoutofinternationalfinancialcrisis．however,broughtgrandimpacttoChinasteelindustry．Thedemandfelldomesticallyandinternationally,theexportpressureroserapidly,theprofitabilityofthewholeindustrydecreased．Mea

3、nwhile，banksup-regulatedthethresholdofloaningandreinforcedtheloaningsupervision，leavingthesteelenterprisesinasituationofincreasingfinancingcost．Moreover,asacapitalinfensiveindustry,sincetheunsatisfactoryperformanceinrecentyears，steelscompanies’ownfundsisingreatshortageandd

4、ebt-·tO--assetsisincreasingyearafteryear．Howtoimprovethefinancingefficiencyofsteelindustryisbecomingatopicofgreaturgencyandimportance．UtilizingDEAmethod，thispaperchose29steelcompanies，listedafterDecember31th2006，asresearchobjectsandcalculatedtheirfinancingefficiencies．Base

5、dontheresults，webroughtsomeconstructiveadvicesonthecurrentsituationofthedifficultyandlowefficiencyinfinancing，whichwethoughtwouldbeinstructiveforthefinancingandlong-termdevelopmentofChinesesteelindustry．AssessingthefinancingefficienciesofChineselistedsteelcompaniesisthecor

6、epartofthisthesis，andaccordingtoit，thethesiscallbedividedasfollows．First，fromtheperspectivesofbackground，practicalsignificanceandthecurrentstateofdomesticandinternationalresearch，adetailedintroductionispresented．Then，afewkeyconceptssuchasfinance，financingapproach，modemcapi

7、talstructurearebrieflyrecalled，andthedataenvelopmentanalysismethodthisthesisadoptedisintroduced．Next，wethoroughlyexplainedfinancingefficiencyanditsaffectingelements，basedonwhichtheindexsystemisconstructed．ⅥaCCRmodel．thefinancingefficienciesofChinesesteellistedcompaniesarec

8、omputed．Alsotheindependenceofinputandoutputparametersisassessedthroughfactoranalysis．Some