Research On Efficiency Of Fund-raising Of The Listed Company In Growth Enterprise Market

GEM was established in October30,2009. It continuously attracted a lot ofattention since its founding. The purpose of GEM is designed for small and mediumenterprises, especially those with high-growth or innovative ability, but they can not beset up in the main board listed companies. The launch of the GEM is a very goodplatform for development of small and medium enterprises. However, there are superbraised funds during its developing process due to GEM established short little in China.The actual raised funds are more than practical plans in the first batch of listingcorporation, the funds raised a total of7,713,771,800.0Yuan, over-raised rate reached108.05%. The main funds was used for committed investment projects, surplus fundsmainly used for acquisition, create a new projects, and added circulating fund etc. Thefunds of a few listed Corporations are also used to repay bank loans, such as HanweiElectronics Co.,Ltd, CTI and SIASUN. Hanwei Electronics Co.,Ltd and SIASUN usedultra raised funds for the purchase of land. Aier used ultra raised funds for housing. Forthe use of raised funds, the majority of listing Corporation is not up to the schedule orthe expected revenue which reflected from the annual report. There is feasibility tochange the situation with ANKE BIO, Aier, Beilu Pharma and GEEYA. In addition,some listing Corporation also adjusted the program of locations and embodiment of theimplementation. There were10of listing Corporation have used idle funds temporarilyadd to liquidity,7of listing Corporation revealed with problems or other cases existingin the use of funds. Therefore it is more important to research the financing efficiencyof listing corporation in the growth enterprise market.This thesis uses data envelopment analysis method to study the usage of thefund-raising of listing corporation in the growth enterprise market. In this thesis,28companies listed on the gem of the first Shenzhen stock exchange as a sampleexcluding3missing data companies, and25listing Corporation ultimately as theresearch object, the data source based on the annual report published in2009,2010, 2011and2012, and collecting relevant data as required. But data subjected toregression analysis is not significant in2012, because of the investment has thecharacteristic of lag, so design in this article is observation of utilization efficiency bydata raised after the2010and after a year of2012to analyze listing Corporation on theGEM. Generally, the China Corporation listed on GEM to raise money has poorefficiency of capital using through the empirical research results of this thesis. Thispaper analyzes the influence factor of the raised the efficiency of funds. Finally, putforward several aspects of proposals on the improvement of raised the efficiency offunds of listing Corporation in the growth enterprise market. This paper is organized asfollows:The first part is the theoretical part. This part mainly outlines the background andsignificance of this dissertation. Reading the literatures home and abroad, thensummarizing them, etc. Expounding the relevant theory, it includes the theory to waysof financing, modern financing theory, and the definition of productive used in GEMand influence factors.The second part is empirical study. It introduces the definition of DEA model andmodeling and basic concepts. This paper mainly use BCC model. It introduces thesource of data and sample selection. It designs the empirical study. The study design islargely DEA index selection and regression model analysis. Then it explains the results.Results analysis includes descriptive analysis, DEA efficiency analysis and Tobitregression analysis.The thirdly part is how to perfect its efficiency. This part mainly puts forwardsome suggestions on the theme. For example put forward to further improveproductively used in GEM，intensify supervision on entrepreneurial market financing,etc.The contributions of this paper involve two parts. One is based on the study ofrelevant papers and the conclusion of the research on existing literature. This thesismainly use of the evaluation method of DEA model to study the efficient issue. Theone is based on the study of original index and add a new index to study this thesis. The selection of variables includes: the ipo net, asset-liability ratio, return on net assets,earnings per share, revenue growth of core operating income, r&d spending.