Research On The Factors Affecting The Financial Efficiency Of Listed Companies In Commercial Services

Business services refers to some of the services that need to be purchased in order to ensure the healthy and stab.operation of enterprises,such as financial support,legal consulting services,the methods of business management,patent transfer and technical support,which includes both for individual consumer services and for business and government services.Business services enterprises have an important role in promoting the smooth flow of goods,it helps to ensure the basic living of consumers,improve the quality of life,promote the healthy and stab.development of the national economy,while ensuring the smooth flow of market information,it is conducive to the development of new products.With the continuous upgrading of China's industrial structure,the role of business services companies gradually increased,the development prospects of such enterprises is very broad.However,due to the slowdown in macroeconomic growth,the development of business services companies face many difficulties.Therefore,in this case,business services companies must make full use of their own and social resources,which will become bigger and stronger,give full play to their role in society.Efficiency is the most effective and direct index to measure the competitiveness of enterprises,and financial efficiency is an important indicator to measure whether an enterprise can operate effectively.Therefore,this paper focuses on the financial efficiency as the focus of the development of commercial service enterprises,and analyzes the influencing factors of financial efficiency on the basis of analyzing the financial efficiency of listed companies.In this paper,we use the combination of theoretical research and empirical research to demonstrate and explain the views of this article.In the theoreticalpart,by studying the research results of the past scholars,six factors,such as the scale of assets,the structure of assets,the quality of income,the solvency,profitability and the ownership structure,have an impact on the financial efficiency of commercial service enterprises.By analyzing the impact of the above six factors on financial efficiency,combined with the previous scholars' conclusions,we assume the specific indicators of the impact of factors: the total assets represent the size of the assets;the asset-liability ratio represents the asset structure;the ratio of total profit to operating income represents the quality of income;the cash ratio means the solvency;the profitability of the net assets represents the profitability;and the top ten shareholder's shareholding ratio represents the ownership structure.In the empirical research part,we collect data from the above indicators,through the Wind Database to select a total of 2011 to 2015,a total of 5 years of business services listed companies data.Then,the stochastic frontier model is used to analyze the financial efficiency of the listed companies,and the data efficiency of the listed companies is analyzed by using the STATA 12 software.It is concluded that the asset size,asset structure and profitability of the listed companies are negatively related to the financial efficiency of the listed companies.The quality of earnings and the level of debt service are positively related to the financial efficiency of the listed companies,and the ownership structure has no significant effect on the financial efficiency of listed companies.The scale of assets,earnings quality and profitability have a significant impact on the uncertainty of financial efficiency.Finally,based on the theoretical and empirical analysis,the following suggestions are put forward to improve the financial efficiency of listed companies:(1)pay attention to the earnings quality,enhance corporate value;(2)optimize the cash ratio and improve the solvency;(3)expand the scale of enterprises and enhance economic strength;(4)change the asset structure,stimulate financial vitality;(5)adjust the structure of property rights,improve financial efficiency;(6)strengthen profitability and promote enterprise development.At last,the paper summarizes the conclusions of the article and the existing problems,and provides the direction for future research.