Analysis Of Stock Market Financing Efficiency Based On Three Stage DEA Mode

The stock market as the main financing channels of the listing Corporation, now the impact on the economic development of countries has reached a pivotal position, but the stock market financing efficiency, has been the main research direction in the development of stock market. China establishment of stock market in economic system reform under the background of the financial stock market mechanism has strong "China characteristics", so we need to make the financing efficiency of other countries to observe Chinese stock market efficiency. To carry out systematic research on multi country stock market efficiency of financing difficulty is not small, most of the domestic research focused on the domestic market, and on the comparison of multinational financing efficiency research.In this paper, based on the existing research literature at home and abroad, selection of the input and output index from a macro perspective, in six countries in 2005-2012 stock market related data for decision-making units, through the model of data envelopment analysis (DEA) method based on three phase separation effects of environmental factors on the financing efficiency of six countries and regions to objectively evaluate the stock market the. The traditional DEA model does not consider the influence of environmental factors and random variables on the efficiency evaluation of DMUs, the three phase DEA method used in this paper can solve this problem by using the SFA model in the second phase of the environmental factors and random effects of isolated, so that each decision unit has the same environment. The results show that the financing efficiency of China's stock market in the developed market and there is a gap, and influenced by the environment, by comparing the observed defects in many aspects of the financial system of China's stock market.