Research On The Operating Efficiency Of Listed Companies In Henan Province Based On Data Envelopment Analysis

Since the establishment of China's securities market,China's capital market has experienced more than 20 years of development,and the degree of securitization has been greatly improved.More and more enterprises are entering the capital market to raise funds,among which the most common is equity financing through company listing.This is because for enterprises in a period of rapid growth and in urgent need of large amounts of capital,equity financing can meet the needs of rapid development of enterprises.The rapid development of enterprises contributes to economic development.Therefore,vigorously promote a regional enterprise listing work is imminent.However,although listed companies have relatively perfect management system,they also face many problems.These problems cause listed companies to raise funds can not be effectively used,low operating efficiency,to investors and enterprises caused huge losses,thus greatly affecting the listed companies and the development of local economy.Therefore,it is of great significance to evaluate the performance of listed companies and put forward corresponding Suggestions for the development of the entire capital market and regional economy.This paper takes Henan province as the research object,the development status of economy and listed companies in Henan Province,and combs the shortcomings of the province in the development of enterprise listing work,so as to find the way of developing capital market in Henan Province.This paper analyzes the data of the 63 listed companies in 2013-2017 by using the data envelope analysis(DEA),selecting the input and output indexes,and taking the 63 companies listed at the end of 2012 as a sample.The efficiency and scale compensation are measured by the classical DEA model and the Malmquist dynamic model.Through the analysis of the results,more than half of Henan province listed companies scale DEA is not effective,on the whole,the scale efficiency of listed companies in Henan province is inefficient and not ideal.More than half of companies are less paid in size,which means that scaling up will not lead to efficiency gains,and operational efficiency can only be improved by reorienting the strategic direction.Most listed companies in Henan province are still in the rapid development stage,but from the dynamic level,the overall efficiency level presents an unstable state.Based on the empirical analysis of the effectiveness of listed companies in Henan Province,it is found that the size of listed companies in Henan province is still not in line with the economic scale of the province,and the ability to make use of the capital market is low.In view of these problems,this paper puts forward constructive Suggestions from the government,market and enterprises.Of course,henan province is vast in territory and abundant in resources.While vigorously expanding the scale of listed companies,henan province should develop its advantageous businesses and drive the diversified and innovative development of more businesses.Thus enhance the competitiveness of listed companies in henan province,central plains to make contributions to economic construction.