| The securities market is one of the important financing ways for companies or enterprises.The securities market can not only provide financing for companies in the open market,but also optimize the allocation of market resources,and ultimately improve the efficiency of the use of funds in the market.However,according to the conclusions of domestic and foreign scholars’ analysis on the financing preferences and financing efficiency of listed companies,the financing efficiency of listed companies in Chinese A-share market is not high.Since the establishment of Chinese stock exchanges,Chinese stock market has been continuously improved in practice.It can be seen that after recent years of equity split reform and various measures to improve the stock market,the issue of equity financing preferences of Chinese listed companies and Financing efficiency has improved,and the problem of large agios in the primary and secondary markets has improved significantly.However,although China’s securities market continues to improve,compared with other developed countries,there is still a more serious tendency to speculation,copying foreign securities market development experience may not be applicable to Chinese national conditions.So Chinese securities market system still needs to be continuously improved.Based on this macro economic background,the article clearly defines the financing efficiency of the explained variables based on financing related theories and the research results of domestic scholars,analyzes the status quo of financing efficiency of listed companies in Chinese A-share market,and analyzes a comparative analysis of the financing efficiency of listed companies.Then,it analyzes the influencing factors and influencing mechanisms that affect the financing efficiency of Chinese listed companies,and proposes research hypotheses accordingly.The article selected 677 listed companies as research samples,calculated the financing efficiency based on the collected financial data of listed companies,used multiple linear regression methods to verify the research hypotheses proposed above,and conducted a robustness test to finally obtain the research in conclusion.The results show that the debt ratio and company size are inversely related to financing efficiency.The higher the debt ratio,the greater the financial risk and the lower the financing efficiency.The company’s growth stage,economic growth level and return on net assets are positively correlated to financing efficiency.The concentration of ownership has little effect on financing efficiency.The robustness test results show that the empirical results are robust.Finally,based on the conclusions of the study,the article puts forward some policy suggestions on how to improve the financing efficiency of the listed companies and provides decision-making basis for improving the investment environment andfinancing efficiency of listed companies in China. |
