The Research On Listed Companies’Equity Financing Efficiency And Influencing Factors In The Growth Enterprise Market

In recent years, the rapid development of China’s economy, the small and medium-sized enterprises made great contributions. The number of small and medium-sized enterprises in China more than ninety-nine percent of the total enterprises, to solve the employment problem of most people. However, small and medium-sized enterprises are faced with many problems.High cost of production and a shortage of funds and low financing efficiency always restrict the development of small and medium-sized enterprises. Since the establishment of the GEM in 2009, broke the financing difficulties of small and medium-sized enterprises, stimulated the market dynamics. Opened up a new financing way for small and medium-sized enterprises, improve the condition of the small and medium-sized enterprises financing difficulties. The GEM listed companies get lot of money as the stock issue, but serious phenomenon of super raise and excessive preference of equity financing problem has emerged. The equity financing efficiency of listed company is generally low. This makes the usage of raise funds has become the focus of attention, and the equity financing efficiency of the GEM listed company become the research focus. Scholars mainly focus on the efficiency evaluation about the equity financing efficiency research,but that didn’t fundamentally find out the cause of the low efficiency of equity financing. So this article mainly analyzes the equity financing efficiency factors, in order to find out the cause of the low efficiency of equity financing. Enrich the study of equity financing efficiency.In this paper, 154 companies listed on the GEM as the research object by the end of 2010, to build equity financing efficiency evaluation system. Using DEA to evaluate the efficiency of equity financing, using factor analysis and multiple regression analysis, to analyze the influence factors of equity financing efficiency.The results showed that profitability and operating capacity has a significant positive effect on the efficiency of equity financing, the cost and the efficiency of equity financing has significantly negative effect, and the cost is the biggest influence on the efficiency of equity financing. Ownership concentration on the equity financing efficiency is no significant influence. In view of the main factors influencing the efficiency of equity financing to put forward the corresponding solution countermeasures. To solve the problem of small and medium-sized enterprise financing difficulties has a certain guiding significance to the reality.