Research On Financing Efficiency Of Listed Companies In Hubei Province

The growing along with our country capital market, the listed company from all walks of life has become backbone in the development of economy, public finance in the capital operation of listed companies plays a large role, and sustainable management mode of the future of the enterprise long-term development has a guiding role. In order to further expand the scale of China’s listed companies financing, Chinese listed companies financing barriers to entry is registered by the examination and approval system to system. In this background, this article selects 2012 and 2013 financial statements, the financing efficiency of the 78 listed companies in hubei province of vertical and horizontal research, and the financing situation of listed companies in the province are analyzed based on the conclusion, trying to illustrate the listed financing is the enterprise to expand financing, accelerate the development of a feasible way in the future.Full text in addition to the introduction, the main contents are the following several parts:The first part namely chapter two, this is relevant theoretical basis. Including the definition of core concept, the theory of capital structure and market efficiency theory review and general theoretical analysis of the influential factors of listed companies’ financing efficiency. The second part is in the third chapter to the fourth chapter is the empirical analysis of the financing efficiency of listed companies in hubei province. Among them:the third chapter, first of all, the financing situation of listed companies in hubei province were summarized. Then build the evaluation index of the listed companies financing efficiency, and 78 listed companies in hubei province in 2012 and 2013, two years of financial data as the research object, using the factor analysis method to extract the important common factor to represent all the financial data is analyzed, and then use DEA (data envelopment model) of 78 in hubei province empirically the financing efficiency of listed companies, the results showed that the financing efficiency of listed companies in hubei province as a whole while still in the condition of not high, but the financing efficiency of the province in 2013, is a lot higher than that of 2012, and almost all companies are in the stage of increasing scale, can choose to expand reproduction, to maximize scale reward. The reason:the enterprise did not find its own capital structure, input redundancy and output deficiency. The fourth chapter on the basis of summarizing the empirical conclusion, puts forward the need to constantly optimize the environment of financing of listed companies in hubei province and through innovative products for the enterprise dynamic basic ideas and countermeasures. The third part of this article is the fifth chapter, is the full text summary and prospect for further research. The innovation of this paper is to study:(1) to select a region, namely selected listed companies the largest number of hubei province in central China to analyze the efficiency of the financing of listed companies; (2) after comparing various feasibility method to choose the method of combining the factor analysis and data envelopment model empirical research; (3) this paper analyzes theoretically the related factors affecting the financing efficiency of listed companies, listed companies on how to improve the financing efficiency has strong reference significance.