Research On Financing Efficiency Of Multi-layer Stock Market From The Perspective Of IPO

Multi-layer stock market is the core of the multi-layer capital market, the purpose of multi-layer stock market is to meet the diverse financing needs of enterprises, as the listed companies` first financing step in the stock market, the financing efficiency of initial public offering(IPO) is an important index to reflect the satisfaction of diverse financing needs of enterprises and construction effect of multi-layer stock market, moreover, it could also reflect construction status of our country`s multi-layer capital market effect. Based on this, the paper focuses on the study of IPO financing efficiency and its influencing factors in the multi-layer stock market.In the theoretical research. Firstly, this paper redefined the category and concept of multi-layer stock market and financing efficiency; Further more, this paper analyzed the connotation and measurement methods of the financing efficiency and its influencing factors. In empirical research, this paper selects listed companies on Mainboard Market SME Board Market(SME) and Growth Enterprise Market(GEM) as samples. Based on Data Envelopment Analysis model(DEA) and limited dependent variable regression model(Tobit),this paper evaluated the IPO financing efficiency and analyzed the influencing factors which influence IPO financing efficiency. Conclusion including:(1) The IPO Financing Efficiency of multi-layer stock market`s overall level is low, but the motherboard market is relatively higher than the SME and the GEM, and the difference is quite big; the multi-layer stock market can`t meet the needs of enterprises up to a point(2) In the perspective of enterprise comprehensive growth, the IPO Financing efficiency would decline in the short term, but would rise in the long term.the IPO financing tend to play a role in one and a half years.(3)The influencing factors of IPO financing efficiency tend to work in more than three years on main board market and SME, while less than three years on GEM.(4) The IPO Financing Efficiency main board market are more sensitive to the change of enterprise charge ratio and industry status while the GEM is more sensitive to fluctuation ratio. In three level of stock market, the market with higher investosrs expect to has a negtive effect on IPO Financing Efficiency in the short term but is positive in long term.