Study On Financing Efficiency Of GeZhouBa Group

With the development of Chinese economy,listed companies have grown stronger since the reform and opening up.However,there are still some problems in the development of listed companies.Due to economic strength,risks,credit,external environment and other issues,financing has become a big problem.If the company needs to survive,then the company needs production,and production requires funds.However,the acquisition of the company's owns funds are very weak.Generally speaking,shareholders must issue additional shares or use past retained profits,thus companies should learn how to obtain funds from outside.Chinese listed companies have the characteristics of preference for common stock and bond financing,which is different from the optimal financing order theory.Therefore,Chinese scholars have explored the financing methods and financing efficiency of Chinese listed companies,and have reached different conclusions.This paper takes Gezhouba Group as the research object,and hopes to further explore,develop and solve the problems related to financing efficiency through this case.This dissertation first sort out the relevant literatures abroad,and expounds the related concepts and basic theories of financing efficiency,then gather the actual situation of Gezhouba itself,and contact the current social and economic development situation.In addition,it explores the problems and reasons of the company's current financing.Moreover,it conducts in-depth analysis and discussion on the financing efficiency of the company.It is found that there are some situations in the financing efficiency of the company: the bond-financing ratio is abnormally high,the equity financing and the internal financing are low.Finally,some measures for optimizing the financing efficiency are proposed for the appeal problem.It is recommended that the company should improve the current financing environment as much as possible.At the same time,the company should increase the ability to resist risks,improve and optimize the internal financing and external financing in the financing structure.Finally,it is also good choices to develop some other financial products,enhance corporate credit,and strengthen the cooperation between the government and enterprises.