The Analysis Of The State-Owned Enterprises’ Financing Effciency

State-controlled enterprises play a decisive role in the national economy, they not only ensure the normal operation of the national economy, but also control the national’s security. The state-controlled enterprises control the life-blood of the national economy and play a leading role in economic development. They are also the key driving for national progress and prosperity as well as socialist market. Making state-controlled enterprises strong can do good for the construction of a harmonious socialist society. In one word, state-controlled enterprises bear social responsibility. But nowadays, state-controlled enterprises are lack of internal source and have a high dependence of outside loans. The high ratio of liabilities to assets and low solvency leave state-controlled enterprises can’t use fund reasonably or supply enough money for daily operation. So, the research on financing efficiency of state-controlled enterprises has a great significance.Based on a deep understanding of theoretical knowledge, the method of data envelopment analysis (DEA) is used to conduct an empirical study on the financing efficiency of the state-controlled enterprises. This part can be divided into five parts: the overall analysis of the financing efficiency of state-controlled enterprises; the analysis of the financing scale benefit; the analysis of state-controlled enterprises’ every year financing efficiency; the trend of state-controlled enterprises’financing efficiency and a comparison between small enterprises and state-controlled enterprises’financing efficiency. The final result is that the state-controlled enterprises have a low financing efficiency, even lower than small enterprises. When we have a research on the financing efficiency factors, the panel data regression model is used, according to the regression results, GDP growth rate, quality of financing, financing structure have a significant effect on the financing efficiency. At last, we can finance high quality assets,improve the financing structure, perfect the capital market to improve the financing efficiency of the state-controlled enterprises.Finally, a serious of suggestions are made to improve the financing efficiency of the state-controlled enterprises. Improving the financing structure, establishing the incentive and restraint mechanisms for the managers of the state-controlled enterprises and perfecting the capital market can play a positive role. There are also many means to improve state-controlled enterprises’financing efficiency, such as increasing the proportion of internal financing, widen the financing channels, re-establish a healthy relationship between banks and the enterprises.