Study On Financing Efficiency Of ZD Company

Small and medium-sized enterprises are the basic forces to promote the development of national economy,construct the main body of market economy and promote social stability.Especially at present,it plays an increasingly important role in ensuring the moderate growth of the national economy,alleviating employment pressure,rejuvenating the country through science and education,and optimizing the economic structure.New OTC Market was established in 2006 with the main purpose which is to improve the equity liquidity of small and medium-sized enterprises,enrich financing channels,and help small and medium-sized enterprises out of financing difficulties.Since its establishment,the number of listed companies and the volume of financing transactions in New OTC Market have increased rapidly,with a rapid development speed,which has brought confidence and opportunities for many small and medium-sized enterprises to get out of financing difficulties and solve financing problems.In this scene,this paper attempts to apply case study method to analyze the current financing situation and efficiency of large and medium-sized joint-stock companies based on theoretical research.Through consulting and studying the academic achievements of domestic and foreign scholars on the basic theory and different evaluation methods of financing efficiency,this paper first summarizes the relevant theories of financing efficiency,combs and expounds the evaluation methods of financing efficiency,and on this basis,determines the definition and evaluation methods of financing efficiency used in this paper,which provides a theoretical basis for this study.Secondly,combined with the current development of New OTC Market and the main financing methods,this paper introduces the basic situation and financing status of ZDGF.Finally,aiming at the research object of ZDGF,this paper makes a general analysis from three aspects of financing cost,financing performance and financing risk,combined with weighted average financing cost ratio,current ratio,asset liability ratio,return on net assets and other indicators.At the same time,based on DEA data envelopment analysis,the financing efficiency of the company is further analyzed,including comparative analysis with the industry.Through the analysis and research,the conclusion is that the overall financing efficiency of ZDGF is not good.In the past five years,the financing cost of the company is relatively high,among which the interest rate of debt financing is much higher than the benchmark interest rate of the central bank;the relevant financing performance indicators reflect that the profitability,operation and solvency of the enterprise have declined,and there are greater financing risks.At present,the low pure technical efficiency and scale efficiency of the company lead to the low comprehensive efficiency.There are problems such as high financing cost,unreasonable capital structure,defects in internal management and weak internal financing ability.The main factors that affect the financing efficiency of ZDGF include financing cost,financing risk and financing performance.If enterprises want to change the current situation of low financing efficiency,they must focus on these three factors,and improve the financing efficiency by widening financing channels,improving financing capacity and strengthening internal management.