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The Analysis of the Listed Companies’ Financing Efficiency, Which Based on the Eruity Financing Perspective

Author: ZhangHuan
Tutor: ZhangHongShan；GaoBin
School: Henan University of Science and Technology
Course: Technology Economics and Management
Keywords: Listed companies Efficiency of finance DEA model Equity financing
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 196
Quote: 0
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Abstract


The number of the listed companies in Henan Province,which listed on the Shanghai and Shenzhen stock market in 2008 has been reached 38,and the value of the stock market has reached more than 3400 billion yuan,which plays a huge role in rapidly promoting the economic growth and stability of the Henan province.However, due to the effect of the structure、mechanism、environment and other factors,the profitability of a considerable number of Henan listed companies is not strong, has a single equity financing and financing efficiency is not high, and even be forced to be re-bought for several times,which has seriously restricted their healthy and stable development.Therefore, studing the efficiency of financing of the listed companies in Henan Province from a perspective of stock market,and analysis the factors of the financing efficiency、the structure of the financial listed companies,financing methods and financing cost is in great value,which enable the relevant departments to take a relevant tactics.and make the listed companies in Henan Province to enhance their financing efficiency and financing capabilities,also increasing their capital of developing and necessary working,and ultimately improving the development potential of the listed company in Henan Province, promoting the economic revitalization and prosperity development of Henan Province and also the whole central region.This paper studyed in micro-perspective,which firstly summing up the theoretical and research literature at home and abroad,analysing the variety of research perspectives based on the efficiency of financing,establishing the meaning of the efficiency financing of listed companies.Reviewing the characteristics of equity financing、debt financing and the source of financing within their own after combine the finance theory and the efficiency theory,summing up the financing characteristics of listed companies.Then studyed the financing situation of the listed companies in Henan Province,conducting the factors of financing efficiency,which based on the above theories.And then based on the current environment of the listed company in Henan Province,selecting the sample of the listed companies from Shanghai index, establishing the DEA model by using the data envelopment analysis,and establishing the indicators、empirical the analysis, and finally draw a conclusions and propose some measures and some views of improvement.The paper has two innovation points: 1.this paper take the efficiency of corporate finance as the center, on the basis of relevant theories,combined with the related efficiency of corporate finance factors: external factors,internal factors, financing costs, to build a relatively complete study of the financing efficiency.2.building a evaluation index system study of the efficiency of the listed companies equity financing in Henan,defined some of the indicators from a qualitative point of view,explained and elaborated the indicators.using DEA method to analysis the equity financing efficiency of listed companies in Henan Province,with the results of the analysis,put forward out of suggestions and comments.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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