中文摘要：

文章以12家具有典型物流金融业务内容的上市物流公司为样本，运用DEA方法测算其2007-2012年间的静态效率，通过TOPSIS法区分DEA有效的样本效率差异，最后测算了各公司跨期动态效率变化的Malmquist生产率指数。实证分析结果表明：物流金融业务已经成为物流公司发展的“新引擎”，规模效率是影响技术效率的主要动因；各公司物流金融效率差异显著，其中中储股份、中海海盛与深赤湾A达到物流金融效率前沿，五矿发展和中集集团物流金融效率较低；2007-2012年间物流金融效率呈现“先抑后扬”的发展趋势，其受宏观经济周期波动影响较大；物流金融业务TFP主要得益于技术进步的“增长效应”，技术效率的“水平效应”相对不足。通过进一步的比较分析，从智慧物流金融变革、物流动态联盟构建等方面提出了改善物流金融的可行性措施。

英文摘要：

The paper chooses 12 typical and listed logistics financial companies as samples, using DEA model to measure the static efficiency of 2007-2012, through the TOPSIS model to distinguish the DEA and get the efficiency differences among valid samples. It estimates finally the inter-temporal dynamic Malmquist productive index of efficiency change among 12 companies. The results from the empirieal analysis show that the logistics financial business has become a ＇new en- gine＇ for the development of the logistics companies, the scale efficiency is the main cause which influences technical effi- ciency. The efficiencies of logistics finance among different companies differ signifieantly, of which the CMST Development Co., China Shipping Haisheng and Shcnzhen Chiwan Wharf Holdings Limited Co. achieved top logistics finance efficiencies, but the logistics finance effieieneies of Minmetals Development Co., and CIMC Group were low. The logistics finance effi-eiency between 2007 and 2012 presented the development trend of ＇initially declining and then ascending＇ , which was grcatly influenced by macro economic cycle fluctuation; Logistics finance business TFP was mainly due to ＇growth effect＇ of technological progress, while the ＇level effect＇ of technical efficiency is relatively insufficient. The paper puts torward, thruugh further comparative analysis, feasible measures to improve the efficiency of the logistics finance from wisdom logis- tics finance changes, building logistics dynamic alliance and other aspects.