The Research Of The Equity Financing Efficiency Of The Cultural Listed Companies Based On The DEA Method

With the national economy developing and living standards improving, the cultural industry as a sunrise industry is developing in an ascendant way and earns more and more attentions. Listed companies are the most advantageous group in our country’s economy and the cornerstone of the development of capital markets. Recently the scale of listed companies continues to grow and develop, and the operation is more standardized, so this group has become the backbone to help push the reform of China’s enterprises and guide the industry to grow. However, because of the restriction of the factors such as the structure, mechanism, and environment and so on, a considerable number of listed companies are weak at profiting and the investors didn’t get high returns which seriously affected the investors’ confidence and limited the healthy and stable development of capital markets.With the constant refining of the socialist market economic system and the prosperous growing of cultural industries, improving the financing efficiency of the cultural listed companies has become an important task to promote the healthy development of capital markets in the current and future. Based on the theoretical discussion and empirical research, this passage studies the current financing situation of cultural listed companies comprehensively and accurately, then explores the characteristics and internal mechanism of the financing model and structure. After that, the passage reveals the flaws and confronting difficulties in the model, then focuses on handling with the problems facing in the process of financing. It tries to propose the corresponding measures to solve the problems according to the empirical analysis of the financing efficiency of the cultural listed companies.In recent years, many domestic scholars tend to evaluate and analyze the financing efficiency of listed companies through using different empirical methods. Among them, the data envelopment analysis(DEA) method has been accepted by many experts because it can satisfy the principle of equal footing, and this method doesn’t require assuming a specific functional form and the weights in model are generated by a mathematical. In this paper, it uses data envelopment analysis(DEA) method and constant returns to scale model(CCR model) for analysis. In order to better reflect the overall situation of the cultural industry financing efficiency of listed companies with the analysis results, this passage selected 44 listed companies in the cultural industry as a reference set, including 30 from the Shenzhen A-share stock market, 14 for A shares from the Shanghai Securities market. These 44 samples of reference set are got among 60 samples after removing the incomplete entries, and considering the distribution of the Year and the area, the belonging industry, running in a good condition and other conditions. Due to the delay of statistics, it is still hard to acquire the annual report date of 2014. Therefore, this paper selected the annual report date from mid-2012 to mid-2014 as a sample window, a total of five phases, namely the annual report of mid-2012, the 2012, mid-2013, the 2013, mid-2014.The selection of the evaluation indicators has large impact on the analysis of the financing efficiency. In previous studies, the indicators that scholars selected varied from each other. In this paper, after analyzing a large amount of evaluation indicators and given the purpose of the paper, there are four indicators to be thought as input indicators including the total assets, net assets first raised equity financing costs, operating costs, and three indicators to be thought as output indicators including EPS, ROE, the operating margin.After rigorous empirical research, this paper draws the overall efficiency of 40 cultural industries financing of listed companies in the table as displayed below, crste comprehensive technical efficiency, vrste pure technical efficiency, scale for scale efficiency.It shows that in the 40 samples, the enterprises that their three indicators including earnings per share, return on equity, operating margin reached the DEA efficiency account for a minority, the enterprises that the Comprehensive technical efficiency reached DEA efficiency only accounted for 10%, while the average efficiency value is merely 0.403. Vrste and crste are both at Comprehensive technical efficiencya low level.