DEA Method-based Research On The Equity Efficiency Of The Listed Companies Of Henan Province

Since the establishment of China’s securities market, China’s capital market has gone through twenty years of history, more and more companies enter the capital market to raise funds, the most common way is through publicly traded equity financing. Equity financing with debt financing does not have a lot of advantages, especially for those in the high-speed growth, need a lot of development finance companies, equity financing in the capital markets to meet the needs of rapid development of enterprises. However, these listed companies in the creation myth of wealth, but also exposed many problems. For example, the capital structure is irrational, idle or misuse of funds and other funds. These problems have resulted in corporate equity financing could not be used effectively, greatly influenced the development of enterprises, and even some business after equity financing, operating efficiency decreased profitability weakened, face the risk of delisting, to investors and enterprise has caused tremendous losses. Therefore, the efficiency of the equity of listed companies financing research, has very important significance.In this paper, a listed company in Henan Province for the study, to evaluate the relative efficiency of the use of data envelopment analysis (DEA), construction of input-output model, evaluation of Henan equity financing efficiency of listed companies, and to provide a reference for the listed companies to improve the efficiency of equity financing. First, the study on domestic and international financing efficiency were reviewed for efficiency and equity financing related to the theory of the sort to determine the theoretical foundation and research topics of this paper. Secondly, the status of equity financing of listed companies, Henan Province, were analyzed from different aspects, find Henan capital markets have become increasingly active in recent years, equity financing is also showing a new situation. However, there are many problems, and the factors listed equity financing in Henan Province were analyzed. On this basis, a representative of the selected input and output indicators constructed to evaluate the efficiency of Henan Stock Financing DEA model. Select the appropriate sample of listed companies in Henan Province equity financing efficiency evaluation and measurement, the empirical results obtained. Through the analysis of the results found that the overall efficiency of listed companies in Henan equity financing is inefficient, most companies did not achieve the best returns to scale, more than half of the companies in the stage of increasing returns to scale, indicating that the majority of listed companies in Henan Province financing capacity is weak, in a rapid growth phase, the need to inject more funds. In addition, the industry analysis shows that the efficiency of the high-tech corporate finance and equity instruments for class biopharmaceutical classes generally higher and lower traditional resource and energy efficiency financing options listed companies.Finally, draw a conclusion, the overall size of the equity financing of listed companies in Henan Province and the largest economy in the province of Henan is still standing does not match, the ability to use the capital market is weak. On the other hand, the lower the efficiency of listed companies, Henan Province, equity financing, there is insufficient investment in redundant or output. To solve these problems, the paper from the government, market and enterprise levels listed companies proposed to optimize the efficiency of equity financing proposals, Henan Province, Henan Province, thereby enhancing the competitiveness of listed companies, help the Central Plains Economic Zone.