基于DEA模型的汽车制造企业负债融资效率研究

Research on Debt Financing Efficiency of Automobile Manufacturing Enterprises Based on DEA Model

摘要: 本文旨在探究2020~2024年间中国传统与新能源汽车制造企业的负债融资效率差异及其成因。基于DEA数据包络分析法，选取14家汽车制造上市公司为样本，构建以有息负债、平均债务融资成本率为投入指标，以息税前利润、主营业务收入和经营活动现金流为产出指标的评估体系，分别测算综合效率、纯技术效率与规模效率，并借助Malmquist指数和Tobit回归进行动态与因素分析。研究显示，行业债融资效率均值为0.7274，整体偏低，呈“U型”波动，规模无效是主要制约；新能源汽车企业纯技术效率接近有效，但规模效率显著偏低且波动较大。结果表明，企业应兼顾技术优化与规模管理，行业需分类施策，政策层面应强化融资支持与效率披露机制，以提升资金配置效能、助推产业转型。

Abstract: This paper aims to explore the difference in debt financing efficiency between traditional and new energy vehicle manufacturing enterprises in China from 2020 to 2024 and its causes. Based on DEA data envelopment analysis method, 14 listed automobile manufacturing companies were selected as samples, and an evaluation system was constructed with interest-bearing liabilities and average debt financing cost rate as input indicators, and eTAX, main business income and operating cash flow as output indicators to measure comprehensive efficiency, pure technical efficiency and scale efficiency respectively. The dynamic and factor analysis is carried out with the help of Malmquist index and Tobit regression. The research shows that the average value of the financing efficiency of industrial bonds is 0.7274, which is negative and U-shaped, and the ineffective scale is the main constraint. The pure technical efficiency of new energy automobile enterprises is close to effective, but the scale efficiency is significantly low and fluctuates greatly. The results show that enterprises should take both technology optimization and scale management into account, and different industries should take categorized policies, so as to enhance the efficiency of capital allocation and boost industrial transformation.