Research on Financing Efficiency of Intelligent Manufacturing Enterprises in China --Empirical analysis based on DEA-Malmquist modeling

Abstract

Smart manufacturing is leading the way in the development of manufacturing quality in China. Based on the DEA-Malmquist model, this paper analyses the financing efficiency of 88 listed smart manufacturing enterprises in China from 2017 to 2021.The results of DEA static analysis show that: in terms of industry types, the comprehensive technical efficiency of the light textile industry is the highest, the resource processing industry has serious internal polarisation, and the machinery and electronic manufacturing industries are mainly affected by pure technical efficiency. Malmquist dynamic analysis shows that: the average total factor productivity index of listed enterprises in intelligent manufacturing is 0.9835, of which, the change value of pure technical efficiency leads to the annual average financing efficiency. The value of efficiency change leads to an average annual decline of 1.65% in financing efficiency. Therefore, the financing efficiency of Chinese intelligent manufacturing enterprises can be improved from the dimensions of improving the bond financing support system and constructing advanced manufacturing innovation system.