Study Of The Financing Efficiency Of China's Listed Companies

Capital is blood and vitality of the enterprises. Its finance is an everlasting issue. The listed companies in our country obtain a large sum of capital through stock finance, which have greatly contributed to the vitality of companies and the construction of market-oriented economy. However, financial function of stock market has always been abused evilly and listed companies haven t come to full use stock capital in recent years,.both showing the craze of IPO, Rationing Shares and Seasoned Equity Offering, and the signs of surplus and idle capital, changing the original use of capital at will, largely appointing finance, violating guarantee to a huge sum and capital possessed by holding shareholder and related companies. Since the efficiency of stock finance directly affect many facets, including the development of our national economy, the reform of economical system, the improvement of capital market and the reality of resource allocation function of security market, we should give more concern on it while increasing it.This paper primarily focuses on two points, trade and using efficiency, on the basis of theory of company finance. According to related reference, the research on the latter mainly concentrates in 1999 or several years before, and the effect of it will show one year later. As a result, this paper, taken the listed companies with stock A in security markets in shanghai and Shenzhen as research objects, analyzes it including IPO, RS and SEO from 1999 to 2002. Each part is both dependent and related and supported, reflecting the true level of stock finance from different angles with a view to explaining the low-efficiency reasons and putting forward improving measures.