Financing Efficiency and Influencing Factors of China’s Low-altitude Economy Listed Companies

As a representative of new quality productive forces, the low-altitude economy is at a critical stage of industrial scale expansion. However, limited financing channels and high financing costs have become core bottlenecks constraining its high-quality development. Taking listed low-altitude economy companies from 2015 to 2024 as the sample, this paper employs a two-stage chain DEA model to decompose the financing process into two interrelated stages-fundraising and allocation, along with the Malmquist index method to capture dynamic changes. A Tobit regression model is then used to examine the effects of firm size, asset-liability ratio,profitability, operating cash flow, and other factors. The empirical results show that the financing efficiency of listed low-altitude economy companies is generally low, with fundraising efficiency significantly lower than allocation efficiency, revealing a structural mismatch characterized by “high allocation efficiency and low fundraising efficiency”. The asset-liability ratio has a significant negative impact on financing efficiency, while firm size and operating cash flow have significant positive impacts. Profitability, growth, and R&D intensity do not show significant correlations. The fundraising stage is the core bottleneck constraining financing efficiency improvement for low-altitude economy enterprises. Synergistic efforts should be made to optimize financing structure, innovate financial products, and improve policy support to enhance the financing efficiency of low-altitude economy enterprises.