The Research On Listed Companies’Financing Efficiency In The Growth Enterprise Board In China

Since the growth enterprise market had been launched on October2009, as a new stock market, it provides financing platform for growth companies specially, and has made a great contribution for supporting the development of small and medium-sized enterprises. Because the listing standards of Growth Enterprise market is lower than the main board, so a large number of small and medium-sized enterprises list on the growth enterprise market, However, the financing behavior of listed companies is not optimistic, The obvious problem is that circle money, emphasizing financing and rarely using is very serious, The existing financing environment is not enough to providing strong financial support to all the small and medium-sized enterprises, the financing contribution rate for part of the small and medium-sized enterprises is relatively low, These problems have greatly affected to the enthusiasm of the investors.In this background, this paper through summarizing the research achievement of the Growth Enterprise Market and Financing Efficiency at home and abroad, Firstly, it describes the development of the Growth Enterprise market and financing efficiency theory, then summarizes the characteristics of the listed companies in the Growth Enterprise market in our country, and analyzes present financing situation from different region and industry, financing structure and the overall development of the listed companies in the Growth Enterprise market in our country. On this basis, this paper takes the281listed companies which listed in the Growth Enterprise market ahead of December31th2011as a sample, sets relevant indicator system, selects the financing data from listed company on2010and2011, estimates the listed companies’financing efficiency of the Growth Enterprise market in our country by using statistic analysis and DEA method, the result shows that the listed companies’financing efficiency of the Growth Enterprise board is relatively low, and analyzes the reason that it forms the result. Finally, this paper is based on the empirical result, put forwards suggestions and idea about increasing the listed companies’financing efficiency in the Growth Enterprise market in China.