An Empirical Study On The Financing Efficiency Of My Country's GEM Listed Companies

Since the founding of the GEM in 2009,it has marked the gradual establishment of a multi-level capital market in China.A large number of high-tech companies are listed on the GEM,raising funds and expanding the scale of production,so they are sought after in the market.At the same time,the market also appeared super-raised funds,the wasting of the raising funds and so on.In response to this phenomenon,this paper empirically studies the level of financing efficiency of listed companies to enhance the company's capital utilization.This paper applies data envelopment analysis(DEA)model to analyze the selected 558 listed companies sample.Through the empirical analysis of this article,the efficiency of the first stage of the listed companies in China's GEM is generally low,the funds are not fully utilized,corporate resources have not been properly configured.The level of financing efficiency need to be improved and the space for improvement is relatively large.In comparison,the scale efficiency is high.Most listed companies in GEM are in the stage of increasing returns to scale,and the company can take appropriate measures to increase the scale of financing in order to enhance the financing efficiency.Analyzing the financing efficiency from the perspective of the industry,the overall efficiency of industrial financing and pure technical efficiency is generally low.Compared with traditional industries,the financing efficiency of strategic emerging industries is high;and financing has a significant impact on the scale efficiency of enterprises.After applying the selected environmental variables to the SFA regression analysis of the input slack value,the empirical results show that the random error plays an important role in the influencing factors.The investment indicators were readjusted to evaluate the real company's financing efficiency again,it comes to the third stage of financing efficiency.The results of the third phase analysis shows that the level of financing efficiency has been improved,indicating that the traditional DEA analysis method has underestimated the corporate financing efficiency.Financing promoted the improvement of pure technical efficiency,the scale efficiency is decreased,and the sample listed companies were basically in the stage of increasing returns to scale.External environment and random error have a significant impact on the efficiency of corporate financing,especially the technical efficiency and pure technical efficiency significantly.Compared with other industries,the purely technical efficiency of strategic emerging industries has obvious advantages in pure technical efficiency.