Comparison And Empirical Study On Financing Efficiency Of Listed Companies In Our Country

Along with the vigorous development of financial engineering, the innovative financial products for enterprise to choose had emerged, which made financing channels and means widening day by day. As a core content of the modern enterprise system, standardized financing activities of corporate that are in line with the law of the market will play a positive role in improving the efficiency of the allocation of social resources and increasing the effectiveness of micro-economies, and promoting macroeconomic development.This dissertation mainly analyses the issue of financing efficiency and capital structure of listed companies in our country between 2001 and 2006 based on the related data and compared in different industries and regions. The results indicates that between 2001 and 2006, the equity ratio of listed companies declined year by year, preference of equity financing was improved; and the debt financing efficiency was in frequently fluctuations around a central axis which is in a reasonable extent. But the equity financing efficiency unfolded a rising trend. These show the situation of equity financing is in a stage of readjustment.Also the results of the dissertation show capital structure of enterprises has influence on financing efficiency. The total assets ratio is a negative linear correlation relation with the debt financing efficiency and the equity ratio is a negative linear correlation relation with the equity financing efficiency. Therefore finding a reasonable proportion between debt financing and equity financing is the important means to improve the financing efficiency of enterprises. The proportion is not fixed and the optimization of capital structure is a process of dynamic adjustment. There are many factors that affect the capital structure and enterprises can take a constantly self-adjustment when they face financing problems. The supervision and management of market are needed.Only when the proportion between debt financing and equity financing of listed companies fluctuates in an optimal context, the financing structure is the most favorable to the optimizing of resources allocation, and is able to produce the greatest efficiency. Therefore, optimizing the capital structure is the fundamental way to improve the financing efficiency of enterprises financing.