青海大学硕士学位论文
摘要
摘 要
随着社会科学技术的进步，世界已经步入了科技创新的新时代，逐渐开始进
行经济结构的快速调整。青海省科技型上市公司有三家，分别为青青稞酒、西部
矿业和正平股份。提高科技型上市公司的融资效率对于推动青海省上市公司的高
质量发展具有重要意义。提高青海省科技型上市公司融资效率的首要问题就是要
优化其融资结构，提高管理能力和盈利能力。对青海省科技型上市公司融资效率
的研究，有助于我们了解西部地区部分科技型上市公司的融资情况，提升其整体
价值，同时可以为西部地区其他类似企业的融资策略选择提供参考。
论文首先通过对融资效率评价方面文献进行研究梳理，明确青海省科技型上
市公司融资效率的相关概念和理论；其次选取能够正常经营的3家青海省科技型
上市公司以及全国 32 家科技型上市公司为样本对象，从融资结构、融资风险等
方面对青海省科技型上市公司融资现况进行分析；然后运用投入导向的BCC模型
对2015-2019年3家青海省科技型上市公司和国内科技型的32家上市公司进行
了静态效率对比分析，同时运用DEA-Malmquist指数对35家样本企业进行动态
分析；最后分析青海省科技型上市公司融资过程中存在企业规模偏小，地区经济
发展程度偏低等问题，并提出优化青海省科技型上市公司融资结构、提高管理能
力等建议。
关键词：融资效率，DEA模型，Malmquist指数
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青海大学硕士学位论文
Abstract
Abstract
As social technology advances, the world has stepped into a new era of scientific
and technological innovation, and gradually began to adjust the economic structure
rapidly. In China's economic development, technology-based listed companies have a
key and important role in promoting and promoting. There are three science and
technology listed companies in Qinghai Province, which are Western Mining,
Highland Barley wine, and Zhengping shares. The enterprises mainly rely on bank
credit to solve the capital problems, and a small number of enterprises rely on issuing
corporate bonds. The development risk of enterprises is basically borne by themselves.
Scientific and technological enterprises play a very important role in the economic
development of Qinghai Province, but there are many financing problems for a long
time. These problems are obstacles to the development of science and technology
enterprises. Therefore, solving the financing difficulties has become an important
problem faced by science and technology listed companies. Therefore, in order to
improve the financing efficiency of science and technology listed companies in
Qinghai Province, the first thing is to optimize the financing structure, improve the
management ability and profitability. The scientific and technological listed
companies in Qinghai Province are the representative enterprises in the western region.
Therefore, the case study on the financing efficiency of the listed companies in
Qinghai Province is helpful to enhance its overall value and provide a reference for
other similar enterprises in the western region to choose financing strategies.
This paper takes three science and technology listed companies in Qinghai
Province and 32 science and technology listed companies in China as the research
objects, combs the relevant literature on financing efficiency evaluation at home and
abroad, clarifies the relevant theories and concepts of financing efficiency, analyzes
the financing status of science and technology-based listed companies in Qinghai
Province from the aspects of financing structure and financing risk, and applies the
BCC model of investment orientation to 2015-2019 In this paper, the static efficiency
of three science and technology listed companies in Qinghai Province and 32
domestic science and technology listed companies were compared and analyzed. The
dynamic efficiency of 35 sample enterprises was analyzed by using DEA Malmquist
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