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Research on the financing efficiency of the growth enterprise market of listing Corporation

Author: RuanXiaoZuo
Tutor: ZhaoZiYi
Course: Finance
Keywords: the financing efficiency the gem listed companies financing priorities fuzzy math evaluation factor analysis
Type: Master's thesis
Year: 2013
Downloads: 82
Quote: 0
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The growth enterprise market board soon open at present in China, financial laws and regulations imperfect and each gem listed company financing problem is found in varying degrees, the gem listed companies financing efficiency is relatively low. Financing efficiency is a measure of enterprise whether rapid development financing efficiency is high, the enterprise can quickly into the capital, expand the scale of operation. Equipment manufacturing companies as an important part of the gem listed company research equipment manufacturing class gem listed companies financing efficiency can reflect one aspect of the gem listed companies’ financing efficiency.Many scholars on the financing efficiency of listed companies a lot of research on this subject and has obtained certain results. Is the concept of financing efficiency, scholars have different opinions for the efficiency of financing. On the influence factors of the financing efficiency, scholars from different angles, different empirical methods in the application, choose different financing efficiency evaluation system. For empirical research on listed companies’ financing efficiency, the gem scholars by using regression analysis method, ratio analysis, DEA model, and study on financing efficiency of the neural network model.This paper analysis the different gem listed companies financing present situation and describes the characteristics of the various financing way, main show is preference equity financing, ignore the internal financing, despise bond financing, to bank loan financing. In empirical aspect, with20equipment manufacturing gem listed company as research object directly, separately from the different financing preference order and company financial statements, in equipment manufacturing gem listed companies financing efficiency analysis, and put forward the corresponding countermeasures to improve the financing efficiency. In the priority order of financing mode, using fuzzy mathematical evaluation method, get the gem listed companies to internal financing, bank loan financing, bond financing and equity financing of the financing order. In selecting the gem listed companies financing efficiency influence on indicators, choosing indicators that influence efficiency of gem listed company financing. Through reliability analysis, in the gem in the financial statements of listed companies, select suitable indicators for precise analysis, clustering analysis can manufacturing equipment of20classes classified gem listed company’s financing efficiency,20equipment manufacturing class gem listed company’s financing efficiency can be divided into5different levels., through the analysis of the factors can influence equipment manufacturing type of gem listed companies from the index extracted four ingredients, gets the main factors influencing the gem listed companies financing efficiency for the cash flow ability, enterprise profit ability, debt paying ability and development ability. And by calculating the factor score to construct the principal component comprehensive model, get a different gem listed companies financing efficiency ranking.Based on the above analysis and understanding, this paper argues that the gem listed companies financing efficiency from the following several aspects.1. On the choice of the financing way, should with internal financing, bank loan financing, bond financing and equity financing order for financing.2. On the cash liquidity, good control the costs of financial expenditure, reduce the enterprise’s liabilities, current liabilities, in particular, reduce the cost of the products.3. In the company’s profit efficiency, open source throttling, innovation, streamline links, use tax means to improve the efficiency of profit, and improve the financing efficiency of the gem listed companies.4. In the enterprise the service efficiency of funds, the funds management to internal departments, reasonable planning, make capital use produce the best effect, strengthen the management of inventory and accounts receivable, improve the velocity of money.5. On the growth ability of the enterprise, one is the need to constantly innovation, second is to improve enterprise’s main business revenue growth rate, net profit growth rate, accumulation fund and undistributed profit per share and per share to earnings per share growth rate.Efficiency in this paper, the gem listed companies financing, to study the assessment of the possible innovation lies in the following three aspects:one is based on combing summing up the gem listed companies financing present situation, combining with the results of other researchers, build the gem listed companies financing efficiency evaluation index system. Second, in the gem on the empirical analysis of listed companies’ financing efficiency, adopt fuzzy math evaluation and factor analysis method, the gem listed companies financing selection sequence and financial data analysis, more precise empirical results. Three is based on the evaluation conclusion and targeted put forward the countermeasures to improve efficiency in the gem listed companies financing measures.Due to the gem listed company statistics collection, pertinent research results are rare, and its own subjective and objective constraints such as academic research ability, this paper studies still need further efforts in some aspects. By data availability constraints, for example, can direct response the gem listed companies financing efficiency indicators for failed to collect data and had to use indirect alternative indicators. And the author to grasp the understanding of the connotation of financing efficiency is limited, making the evaluation index system design and evaluation conclusion analysis remains to be further improved.

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