Research On The Efficiency Of Equity Refinancing Of A-share Listed Companies In China

Because of the continuous development and progress of China's economy,the entire financing scale of China's securities market has also increased year by year,and the growth rate has been strong.Refinancing,as an important financing method for listed companies,also provides a lot of funds for the continuous development of the securities market.Equity refinancing is an important method of refinancing,and the scale of development is huge,even exceeding the scale of China's A-share initial financing.It can be clearly seen that for listed companies,the use of equity refinancing has become a very important financing channel.Therefore,the effective and healthy development of equity refinancing is extremely important to our economy.Because the equity refinancing volume is huge,the issue of whether the listed companies that have equity refinancing in China can effectively use the raised funds will be the focus of this empirical research.In order to analyze and research China's A-share listed companies more objectively,after selecting and evaluating several evaluation methods for financing efficiency,this paper decided to use DEA(Data Envelopment Analysis)method to use the data of equity refinancing to use its efficiency.Empirical Research.The DEA empirical study of this paper first selects relevant input and output indicators to establish a suitable research evaluation index system.Then,in 2014,China's A-share listed companies(excluding traditional listed companies in the financial industry)that issued additional shares and rights issues were used as samples to evaluate the efficiency of equity refinancing.Based on the previous research and the empirical results of this paper,we can see that: in 2014,equity refinancing of equity refinancing companies is basically in an inefficient state;The internal and external factors are used to analyze the reasons for the inefficiency of equity refinancing,and corresponding proposals for this issue are proposed.It is hoped that this analysis and exploration of the efficiency of equity refinancing of A-share listed companies can enrich domestic related research at the theoretical level and provide some reference and assistance for the financing efficiency of enterprises at the physical level.