The Study Of Financial Efficiency For Long Debt Of Northeastern Chinese Listed Company

Raising money is the base and premise of modern companies' operation. Considering of pursuance of money, the financial proceeding is the resource arrangement proceeding that shows money supply and demand essentially. Because of the pursuance of money, it always goes to high profit ratio companies. So, for promising high development of companies, it must harmonize the debt finance structure to realize the best finance ability (the highest efficiency) of e companies. Financial efficiency is one key factor.The Northeast China is named "two high" district. One is bad assets of state owned companies too much. Two is bad debt of bank too much. The reason is the intervention of government. In the condition of this, every business bank named Northeast China as high risk district. The bank loan scale and debt period are restricted. So, the Northeast China exists problems in debt finance.This article begins to discuss the meaning of companies'financial efficiency, and put forward the target of this article, that is, long assets suitable ratio, long debt sales ratio, long debt profit ratio and fixed assets turnover ratio. This article uses grey clustering method and educes several conclusions as follows:from 2001 to 2005, the long debt financing efficiency is from bad to good gradually; in the middle of industries of this article, the long debt financing efficiency of estate and IT are good, others are middle of bad;the long debt financing efficiency of Liaoning province and Jilin province are good, Heilongjiang is bad.This article analyzes relative reasons and brings some advice basing the conclusions above.