| China has proposed to establish the high-tech sector in the stock market in 1998.In October 30,2009 the first batch of 28 listed companies traded in the GEM represent the official operation of the venture capital market. The establishment of the venture capital market is conducive to optimizing the structure of a multi-layer capital market, the formation of the Main Board, the SME board market and the GEM market structure and market system. Enterprises’ financing efficiency are not only related to the development of enterprises, but also related to the efficient allocation of capital markets and the healthy development and social resources.The paper base on the financing theory and efficiency theory, Financing efficiency standards include two aspects of consideration, one hand is space efficiency that enterprises to use their own financial resources and cooperation of financial institutions, based on their financing strategies and alternative financing methods, at the lowest possible cost of financing the required funds into the enterprise, to increase the liquidity of companies, companies will be integrated into financial investment funds and business operations for maximum efficiency of financial intermediation activities of financing, which is where funds into the investment to where the problem is. the other is the time efficiency, that melt into the capital and having the time value of money should consider whether the use of the efficiency of enterprises by year steadily. Enterprise will use the funds into the financial investment and business operations for maximum efficiency of financial intermediation activity financing, On the other hand, the time efficiency, which is the integration of capital and financial time value, should consider whether the efficiency of the use of funds in accordance with the steady increase in the year. Follow the DEA analysis method, selecting the first batch of 28 enterprises in the GEM as decision making unit, select three input indicators:total assets, asset-liability ratio, the raised funds of IPO, the five output indicators:return on net assets, intangible assets, basic earnings per share, operating revenue year-onyear growth rate, investment activity generated cash inflows. Selecting the year of 2009-2014 financial data to start the empirical analysis, the result shows that, Technical efficiency and scale efficiency of the companies listed will sustained downward trend; In the technical efficiency research found that enterprise of pure technical efficiency level is high, but the technical efficiency is low. The reason is the size of the noneffective, some enterprises in the course of business appeared decreasing returns to scale phenomena, limiting the effectiveness of enterprise financing. Found in the study of scale efficiency, excessive financing and insufficient financing are both existence, as the growth of the year, financing scale enterprises continue to increase, diminishing returns to reach 57% of the total number of enterprises; Found in the industry analysis, the scale of the information technology enterprise diminishing returns the optimal effect of limit the enterprises’ financing efficiency; Finally, according to study the development of capital markets and the GEM business operations as well as this article on the GEM market corporate finance efficiency factors, listed companies should optimize the capital structure, adjust the direction of investment, adjust their size and other aspects of focus, while the GEM market Enterprise should be effective supervision by the internal control, external market supervision, in order to improve financing efficiency. |
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