An Empirical Research On The Influential Factors Of Equity Financing Efficiency Of Listed Companies In Liaoning Province

The Listed Companies in Liaoning Province occupy an important position in all the Listed Companies of our country,at the same time they are also the most active forces in the economic development of Liaoning Province.They have contributed tremendously to the economic development of Liaoning Province.While making great contribution to the regional economy,these batch of Listed Companies are still facing the problem "financing difficulty" that the problem of universal financing in the domestic enterprise,which restricts the development of Listed Companies in Liaoning Province.Therefore,raising the equity financing efficiency of Listed Companies in Liaoning Province is even more important.Based on the research on the correlation theory about financing efficiency and equity financing of the Listed Companies,this paper summarizes the previous research results for equity financing efficiency.Through the analysis of the quantity of Listed Companies and the distribution condition of the industry in Liaoning Province,the problems existing in the equity financing of the Listed Companies in Liaoning Province are sorted out.By constructing the principal component analysis model,taking the equity financing's total net,total assets,asset-liability ratio and operating cost as input indicators,the growth rate of total revenue in operation,the growth rate of net assets,return on net assets and earnings per share as output indicators.To analyze the influencing factors of equity financing efficiency of Listed Companies in Liaoning Province.We conclude that by selecting the input indicators of the net amount of equity financing,the asset-liability ratio,the operating costs and also selecting the output indicators of net assets yield,earnings per share,and growth rate of net assets as the final evaluation indicator,to build the Data envelopment analysis(DEA)model.Using the related data of 48 Listed Companies in Liaoning Province in 2015 to analyze the equity financing efficiency of Listed Companies in Liaoning Province,and obtain the relevant empirical results.In this paper,the study found that the main factors that affect the equity financing efficiency of Listed Companies in Liaoning Province are the total equity financing net assets,asset-liability ratio,operating costs,net assets return,earnings per share and the growth rate of net assets.In combination with the influencing factors,according to the evaluation results of equity financing efficiency of Listed Companies in Liaoning Province,and finally based on the theoretical and empirical analysis,from the perspective of government level,enterprise level and market level,to puts forward the policy suggestions that Listed Companies in Liaoning Province should improve the efficiency of equity financing.