China's Listed Military Enterprises' Efficiency Of Equity Financing

China Listed Companies Existence the financing problem, mainly due to China's Capital Market is not perfect, due to reverse order financing. Whether the Reverse Financing cost is reasonable and how to evaluate the Financing Efficiency have become the key problem. The efficiency of domestic and international financing, most studies on individual financial indicators to evaluate Financing Efficiency is not good. Listed Military Enterprises, equity financing has become an inevitable choice, this paper aims to explore the efficiency evaluation method of financing, specifically for military enterprises listed on the choice of financing and give a reference of the Financing Efficiency.In this paper, the level of corporate governance of listed military enterprises to evaluate the financing efficiency.We used PSVM evaluation method, the study sample selected 53 enterprises of listed Military Company, the sample data from the 2009 annual report disclosed. Evaluation of financial indicators and corporate governance evaluation of the combination of Non-financial indicators, established the financing efficiency evaluation index system of corporate governance, PSVM evaluation results illumated that Stakeholder evaluation of management financing efficiency is better than the maximize shareholder value.The result shows the system in the context of the listed military industrial enterprises' efficiency of corporate governance and finance is positive correlation, followed by that model can be applied to corporate finance PSVM efficiency evaluation, and stakeholder governance is better than shareholders governance and can be more accurately reflected corporate governance, proposals that corporate governance Military Governance should concern to be Stakeholders Epuity. Finally, we give a treatment of the listed Military Enterprises governance survey. We consider that the equity capital is centralization, but its advantages and disadvantages is a open question; The independence of independent directors is not strong, need to strengthen the role of independent directors; Supervision is too lax, internal and external supervision just so; Managers irrational structure, personnel within the company or within the system is too much, it will hinder the long-term development; The concept of Stakeholder Governance is weak, be strengthened; Preference of Equity Financing, Equity Financing that the reasons for bias mainly the confidentiality of Military Enterprises and maximize the benefits of control.