The Empirical Study Of The Listed Companies' Financing Efficiency On The Small And Medium Enterprise Board In China

This paper, through the research on the financing efficiency of SMEs which play an important role in China's national economy, put forwards some countermeasures and suggestions on how to improve the SMEs'financing efficiency. I hope this paper can play a guiding role in GEM listed companies to improve their financing efficiencies, so that the GEM can quickly do a contribution to our multi-level capital market system.Based on the enterprise's capital structure theory, this paper analyses the financing efficiency of the different financing ways of enterprise.This paper, about 202 listed companies on the SME board at the end of 2007, analyses various factors that affect the efficiency of corporate finance by using DEA method. Through the comprehensive evaluation about the efficiency of equity financing of these listed companies, I get the conclusion that the efficiencies of SME listed companies'equity financing are relatively low.The innovation points of this paper are: First, it is the first time from a new perspective that the efficiencies of SEM listed companies are studied so as to improve them. Second, based on previous studies, this paper connects different time points of IPO time and project preparation period by using DEA model to analyse. Third, this paper for the first time conbines indput indicators and the relative efficiency during the results analysis.