Evaluation On Financing Efficiency Of Chinese Listed Companies

Based on the previous studies of financing efficiency for the listed companies, this thesis presents a rather comprehensive theoretical exploration on the financing efficiency of the listed companies and thus provided a rather definite standard for defining the financing efficiency for the listed companies in securities business. The financing efficiency is analyzed and evaluated for the companies coming into the Chinese market based on the large quantities of gathered data, including the payoff statistical table, the annual company performance statistical table, the comparative table of management efficiency between listed companies and unlisted state-owned enterprises in recent ten years. A conclusion that there is an overall low financing efficiency for the companies coming into Chinese market has been drawn. By applying statistical theory and methods to the important sample data from recent financial report by the companies coming into the Chinese market, and also with an attempt of using Tobin's Q as the representative variable for the disposition efficiency, the linear relevance between the disposition efficiency of listed companies and the yield of net assets value, the performance cash flow per share, the financial lever, as well as the size of the listed company, has been studied and analyzed with the unitary regression analysis and the multiple regression analysis. As a result, the effective way to improve the financing efficiency for the listed companies has been suggested in order to provide references for the listed companies in financing decision-making, in reasonable equipment of capital structure, in adjustment of stockholder's rights structure, as well as in promotion of management level.