Research On Financing Efficiency Of Listed Enterprises In Hunan Stock Exchange From The Perspective Of Managerial Ability

With the rapid growth of the economy for successive years in China,the downward economic pressure has gradually increased,the imbalance of economic structure has progressively emerged.The investment and consumption structure tends to be unreasonable,especially the small and medium enterprises which are supporting the real economy,have always faced problems such as difficult financing,expensive financing and narrow financing channels.To help corporate get fund,China has been working hard to establish and improve a multi-level capital market.In2013,the status of the regional equity market in the four-tier market,which is a multi-level market had been clarified.The regional equity market ushered in development opportunities.The studying of the regional equity market has great significance in improving capital market in China,helping regional enterprises to finance,and promoting regional economic development.With the development of regional equity markets,the related research literature has also increased.Most of the articles currently studying regional equity trading markets focus on platform construction and government participation.From the perspective of listed companies,this article first design indicators to evaluate the listed companies' financing efficiency,and then introduce the internal manager's ability factors on the basis of theoretical analysis to further study the impact of the company's managerial capabilities on the company's financing efficiency.To analyze the financing efficiency characteristics of listed companies on the regional stock exchange and designs regression to study the relationship between the ability of manager and company financing efficiency,this paper selects the companies listed on the Hunan Stock Exchange from 2015 to 2018 to disclose information as the research object.The results show that:(1)Overall,the financing efficiency of listed companies on the Hunan Stock Exchange is weak,and it can be found by sector division that the financing efficiency level of listed companies on the preferred board is higher than the standard board,but the gap has decreased over time.(2)It is common in Hunan Stock Excha-nge that the company listed on the preferred board are redundant in financial expenses,while standard board listed companies are redundant in ownership.(3)There is an inverted U-shaped relationship between the managerial capabilities of listed companies on the Hunan Stock Exchange and the efficiency of corporate financing.When the manager's ability is below the equilibrium point,the corporate financing efficiency increases with the increase of the manager's ability,and after the manager's ability breaks through the equilibrium point,the corporate financing efficiency decreases with the rise in the manager's expertise.(4)The influence of the manager's ability on corporate financing efficiency varies among different listed sectors.Compared with standard board companies with weak scale and efficiency,the negative impact of the managerial capacity of listed companies on the preferred board on corporate financing efficiency is more likely to occur.Finally,relevant suggestions are put forward based on the research in this paper.