A Financing Efficiency Research Of The Public Companies In Shandong Based Upon Data Envelopment Analysis

In the increasingly fierce competition,the high level of financing efficiency is the key to the success of enterprise;at the same time,it is also the most enduring source of social and economic development.With the modernization of China's capital market,companies in China have started to explore and experience more diversified financing platforms,more convenient financing processes,and more transparent and marketized financing costs represented by Shanghai and Shenzhen stock exchange markets.Shandong Province is major province with stronger economic power.But the overall level of the listed companies in it has not matched with its economic scale.Quite a few of the listed companies in Shandong Province have faced the challenges of high financing costs and low capital operation capabilities.How to solve the problems of the listed companies in Shandong Province in the development and financing has not only become the concern of the commercial and financial circles in Shandong Province,but also triggered the academic researches and discussion.In this paper,through summarizing and sorting the relevant researches of the domestic and foreign academic circles on the enterprise financing efficiency theories,the DEA(Data Envelopment Analysis)-based financing efficiency measurement model for the listed companies in Shandong Province was proposed based on the financing theories of modern enterprise and the relevant financing efficiency measurement theories.The DEA-Tobit combination model was used to analyze the financing efficiency of the listed companies in Shandong Province and the relevant influential factors.Selecting the asset-liability ratio,quick ratio,net assets and financing cost as the input indicator and the return on equity,earnings per share,total asset turnover rate and net profits as the output indicator,the DEA indicator system was constructed.Through DEA,the financing efficiency of the listed companies in Shandong Province was measured.After that,taking the comprehensive financing efficiency of the listed companies output by DEA as the dependent variable,the Tobit model was constructed to conduct the empirical test on the factors influencing the financing efficiency of the listed companies in Shandong Province.Based on the above research results,some countermeasures and suggestions on improving the financing efficiency of the listed companies in Shandong province were put forward.This paper showed that the overall level of financing efficiency of the listed companies in Shandong Province was relatively low;but for the majority of enterprises,there was still much room for improvement in efficiency.Moreover,in the study,the corresponding improvement methods and directions were pointed out for enterprises.They could not only effectively help the listed companies improve their operation levels as well as the financing conditions,but also provide some references for the solution of the problems in the enterprises financing efficiency in other provinces and regions and in different organizational forms.