Analysis Of Financing Efficiency Of Listed Companies From The Perspective Of Multi-level Capital Market

After years of accumulation and development,China's economy and capital market have entered a new stage of high-quality development.As a key element of economic activities,enterprises and capital market continue to face the practical problems of financing difficulties and weak ability to serve the real economy.Therefore,it has certain theoretical and practical significance to promote China's economic development by organically combining the two and conducting systematic research from the perspective of development.On the basis of reading and researching relevant literature at home and abroad,this article first sorts out and defines the key issues discussed,and collects and summarizes the current status of my country's multi-level capital market and listed companies' financing.Secondly,this paper refines the financing efficiency into the integration of capital efficiency and financing use efficiency.Based on the DEA data envelopment model,it comprehensively conducts a comprehensive analysis of the main board,small and medium-sized board,GEM,science and technology board,and the new three board in China's open capital market.For the measurement of financing efficiency,a large sample OLS method is used to empirically analyze and evaluate the financing efficiency of A-share listed companies.Then,this paper combines the institutional differences between the various levels of the capital market,and takes the difference in market and financial data of the transfer companies at the same time under different institutional systems as an example to deeply analyze the impact of my country's capital market institutional system on the financing efficiency of listed companies.On the whole,based on the overall measurement of the financing efficiency of Listed Companies in the open capital market of China and the empirical analysis of the financing efficiency of listed companies,this paper analyzes and discusses the impact of the capital market system on the financing efficiency of listed companies on the basis of cases and data,and concludes that the current construction of China's multi-level capital market has entered the system construction Set as the core stage of development,and the improvement of the capital market system has a significant role in improving the financing efficiency of listed enterprises,and give specific policy suggestions on how to improve the financing efficiency of listed enterprises by improving the capital market system.