港口行业作为关系国民经济发展的基础性和关键性产业，在带动关联产业发展、为 经济发展提供物流基础设施等方面具有不可或缺的保障作用，是开放型经济发展水平的 重要标志，特别是在“一带一路”建设不断深化的时代背景下，以港口码头为主要依托 的港口行业，其重要性日益突出，但港口建设和运营具有资金需求量大、运营周期长、 投资回收慢等特点，融资问题仍然是制约港口行业发展的关键因素，港口行业的融资效 率现状如何、如何改善融资效率以实现高效融资，已成为一项富有重要研究意义的课题。 本文选择港口行业中的主力军即上市港口企业作为研究对象，运用三阶段 DEA 模型定 量分析其融资效率，并依据其融资效率现状提出了措施建议，对港口行业的融资及其持 续发展具有一定的指导意义。 本文综合国内外学者的研究成果，明确界定了融资效率的内涵，即融资是一种具有 投入-产出关系的资源配置行为，衡量其效率应当包括融资成本、融到的资金量以及运用 融到的资金所产生的经济效益三个方面。 本文将传统 DEA 模型的分析过程拓展为三个阶段，排除了环境因素和随机误差对 效率值的影响，得出更能反映企业自身经营管理水平的融资效率值。首先，构建衡量融 资效率的投入产出指标体系，运用 DEA 模型对指标的原始数据进行运算，得到初步的 融资效率值；然后，引入环境因素，并将环境因素指标化，运用随机前沿分析法分析环 境因素对融资效率值的影响，并对投入产出指标的原始数据进行调整，将所有企业置于 相同的环境因素和随机误差影响之下；最后，运用 DEA 模型对调整后的投入产出指标 数据进行运算，得出滤除了环境因素和随机误差影响的最终融资效率值，并对最终效率 值与初步效率值之间的差异进行比较分析。 本文通过实证分析，得出以下研究结论，第一，上市港口企业融资效率整体水平较 低；第二，上市港口企业融资的规模效应不强；第三，上市港口企业融资效率受环境因 素影响显著；第四，上市港口企业融资效率的区域差异明显。 针对上述研究结论，本文从提高融资效率值、消除环境因素的不利影响两大角度， 提出了提高资金运营能力、调整融资规模、加快混合所有制改革、积极融入“一带一路” 建设、推进港口区域一体化发展等改善融资效率的具体措施建议。 关键词，融资效率，上市港口企业，三阶段 DEA山东建筑大学硕士学位论文 II ABSTRACT Port industry, as a fundamental and key industry related to the development of national economy. It is an important support for promoting the healthy development of related industries and providing logistics infrastructure for economic development , a significant symbol of the development level of the open economy as well. Especially in the Belt and Road context, its importance is becoming increasingly prominent, but port construction and operation possess the characteristics of large capital demand, long operation cycle and slow investment recovery. Financing is still the key factor restricting the development of port industry. Thus, the ways of financing efficentlly, utilizing financing effectively and improving financing efficiency has become a vital research topic. This paper takes Chinese A-share listed port enterprises as the research object, uses three-stage DEA model to analyze their financing efficiency quantitatively, and puts forward measures and suggestions for the overall low financing efficiency, which has certain guiding significance for the financing of port industry and its sustainable development. Based on the researching results of domestic and foreign scholars, this paper clearly defines the connotation of financing efficiency, that is, financing is a resource allocation behavior with input-output relationship, and its efficiency should be measured in three aspects: financing cost, the amount of funds and the economic benefits generated by using the funds. This paper extends the traditional DEA model, uses three-stage DEA model, filters out the influence of environmental factors and random errors on the efficiency value, and obtains the financing efficiency value which can reflect the management level of enterprises themselves preferably. Firstly, the input-output index system to measure the financing efficiency is constructed, and the original data of the index is substituted into the DEA model to get the initial value of financing efficiency. Then, the index system of environmental factors is constructed, and the influence of environmental factors on the value of financing efficiency is analyzed by using stochastic frontier analysis method, and the original data of input-output index is imported. Finally, the adjusted input-output data are re-introduced into the DEA model to get the final financing efficiency value which filters out the influence of environmental factors and random errors, and the difference between the final efficiency value山东建筑大学硕士学位论文 III and the initial efficiency value is analyzed. Through empirical analysis, this paper draws the following conclusions: firstly, the overall level of financing efficiency of listed port enterprises is low;secondly, the financing scale efficiency of listed port enterprises is weak; thirdly, the listed port enterprises’ financing efficiency is vitally influenced by environmental factors; last but by no mean the least, it is obviously to find the regional discrepancies of port enterprises. In view of the above conclusions, this paper based on two aspects of improving the value of financing efficiency and eliminating the adverse effects of environment factors, proposes the measures and suggestions of adjusting financing scale, speeding up the reform of mixed ownership, actively integrating into the one belt road construction, and promoting the development of port area,etc. Key words: Financing efficiency,Listed port enterprises,Three-stage DEA山东建筑大学硕士学位论文 IV 目 录 摘要......................................................................................................................................................................Ⅰ ABSTRACT.....................................................................................................................................................Ⅱ 第一章 绪 论..................................................................................................................................................1 1.1 研究背景及意义...............................................................................................................1 1.1.1 研究背景...................................................................................................................1 1.1.2 研究意义...................................................................................................................2 1.2 研究方法与论文框架.......................................................................................................2 1.2.1 研究方法...................................................................................................................2 1.2.2 论文框架...................................................................................................................3 1.3 研究思路与创新...............................................................................................................4 1.3.1 研究思路...................................................................................................................4 1.3.2 研究技术路线...........................................................................................................4 1.3.3 研究创新点...............................................................................................................5 第二章 概念界定与理论综述..............................................................................................................6 2.1 重要概念界定...................................................................................................................6 2.1.1 融资效率...................................................................................................................6 2.1.2 上市港口企业...........................................................................................................7 2.2 三阶段 DEA 模型............................................................................................................ 8 2.2.1 三阶段 DEA 模型的第一阶段过程....................................................................... 9 2.2.2 三阶段 DEA 模型