Research On Equity Financing Efficiency Of Xinjiang Listed Companies Based On DEA

Since the establishment of the capital market,more than 3,000 enterprises in China have achieved listing and financing in A-shares,and the overall scale has also become one of the largest capital markets in the world.Xinjiang,as a bridgehead for the development of the western region of China,has been lagging behind in terms of economic development for a long period of time.It has a small scale and slow development.At the new historical starting point of the “Belt and Road” initiative,Xinjiang enterprises face major opportunities in financing and investment.Whether Xinjiang enterprises can improve the efficiency of equity financing to bring investment returns to investors is not only related to the survival and development of the company itself,but also related to its own development and development.The sustainable development of Xinjiang's economy and the long-term stability of Xinjiang society.Therefore,it is of great significance to analyze the equity financing efficiency of listed companies in Xinjiang.First of all,this paper sorts out the domestic and foreign research results of equity financing efficiency,first foreign research and then domestic research,and the domestic literature follows the overall research-industry research-geographical research-Xinjiang research context;the equity financing involved in this article The concept of efficiency is defined on the basis of previous research: Equity financing efficiency refers to the fact that,under different corporate governance institutions,companies raise capital at the lowest cost and minimum risk by issuing stocks in the capital market.Use the funds raised to create the greatest value for your company.Secondly,this article summarizes the status quo of equity financing of Xinjiang enterprises and finds that the number of listed companies and equity financing of Xinjiang enterprises have increased rapidly in recent years,but the inborn foundation is poor,and the overall proportion of listed companies in the country is still relatively small;Xinjiang Listed companies are unevenly distributed,mainly in the more economically developed areas of northern Xinjiang;in terms of industry distribution,Xinjiang enterprises mainly focus on traditional manufacturing.Compared with the five provinces in the northwest,Xinjiang's overall business conditions are relatively satisfactory,and its development capacity and profitability are at a relatively high level.Total equity financing is far ahead in the northwest.Then,this article takes the asset-liability ratio,operating cost and equity financing amount as input indicators,and uses the operating income growth rate,net assets return rate,and earnings per share as output indicators to establish an index evaluation model that meets the characteristics of listed companies in Xinjiang.According to the analysis of the results of DEAP2.1 software operation,the following conclusions are drawn: The listed companies in Xinjiang are in an overall low-efficiency state,and equity financing efficiency is negatively correlated with asset-liability ratio and net equity financing,while it is associated with an increase in total asset yield and operating income.The rate is positively correlated.Finally,on the basis of the above analysis and evaluation,the efficiency optimization ideas and suggestions for the equity financing of listed companies in Xinjiang are proposed.