A Study On Financing Efficiency And Influencing Factors Of Growth Enterprise Market Enterprises

In the knowledge economy times, the development of science and technology has attracted unprecedented attention from all over the world. Because small businesses financing difficulties led to tension funds, so that they were unable to gain advantage in competition. America Nasdaq market which was set up in the twentieth Century70’s solved the financing difficulties of small businesses, so that a large number of small and medium-sized high-tech enterprises developed, and made USA own powerful and advanced science and technology. Then other countries also set up the GEM which was mainly based on small and medium-sized high-tech enterprises following the example of America. In our country, the GEM was operated on October30,2009.The GEM provided a good platform to financing for small and medium-sized enterprises, however, with the increasing number of the GEM, the phenomenon of high price earnings ratio and superb raise rate always existed. Therefore, it’s a noteworthy issue of whether the GEM could use the huge amount of financing to raise funds valid or not in the present and future. This issue is not only closely related to the development of the enterprises, but also the healthy development of securities market and the rational allocation and use of the social capital.This paper uses the methods of theoretical and empirical, qualitative and quantitative, and make the153GEM companies which were listed on the SSE before January1,2011as the research object, and make use of the DEA model to calculate the relative efficiency of sample enterprises, then take advantage of Tobit model to regression analysis the factors of influencing the financing efficiency of sample enterprises.The conclusions of this paper include:(1) the financing efficiency of Chinese GEM is still at a low level;(2) changing the sample will make the financing efficiency of enterprises changing;(3) changing the sample will not affect the returns of scale of enterprises;(4) the GEM enterprises are facing more serious financing redundancy phenomenon;(5) the capital structure, growth efficiency and enterprise use, profitability, capital ownership concentration are important factors affecting the financing efficiency of the GEM.The contributions of this thesis are as follows:(1) this paper use the DEA model to evaluate the financing efficiency of the GEM;(2) this paper using the DEA model make contrast research through the two consecutive years financing efficiency of the GEM;(3) this paper use the Tobit model to research the influencing factors of the financing efficiency of the GEM.The lack of this study lies in:(1) because of the establishment of the GEM for a short time, only are a small number of enterprises selected;(2) because the research ability of the author is limited, the indexes selection may have certain limitations, and may not reflect the financing efficiency for the entire GEM objectively and comprehensively.