Research On The Financing Efficiency Of Listed Companies Under The Background Of Registration System Reform

The stock market can serve China’s economic construction and development,promote the horizontal financing of the capital market and the vertical connection of the national economy,and increase the overall economic benefits of resource allocation.The implementation of registration system in stock market issuance registration can improve operation efficiency and help high-quality companies obtain financing faster.The purpose of this paper is to demonstrate whether China’s current gem registration system reform has really improved the financing efficiency,and hope to put forward suggestions beneficial to improving the stock market registration system from point to area.Focusing on the logic of "the change of financing efficiency before and after the reform of gem registration system",this paper first summarizes the relevant theories and methods of enterprise equity financing;Secondly,it introduces the historical evolution and current situation of China’s new share issuance system,and theoretically analyzes the problems affecting the financing efficiency of listed companies under the background of registration system reform,such as breeding right rent-seeking and corruption;Finally,the DEA model is proposed to analyze the financing efficiency before and after the implementation of the gem registration system,select the annual turnover rate of the gem,the number of companies passing the meeting every month and the delisting companies every month as the input variables,and select the monthly initial fund-raising amount and monthly additional fund-raising amount of the gem as the output variables.A DEA model is established to verify the changes of the financing efficiency of the gem before and after the implementation of the registration system.The model can analyze the three input variables The empirical results show that after the implementation of the registration system,the pure technical efficiency has been slightly improved,the scale efficiency has been slightly reduced,and the overall financing efficiency(total efficiency /comprehensive efficiency)has been slightly improved.It can be seen that after the implementation of the registration system,the opportunities for the companies to be listed to integrate capital with minimum cost and risk in the stock market have increased,and the ability to use the integrated capital to create maximum profits for the company has increased,However,the improvement of financing efficiency is not large,and there is still some room for improvement in financing efficiency in the future.China’s gem registration system has improved the financing efficiency of the stock market,but the scale of the securities market and the cost of fund-raising are affected by many factors,such as the securities market supervision system,information disclosure system and so on.Based on the results of empirical model research and theoretical research,this paper gives specific policy suggestions for the ongoing reform of the issuance system of China’s characteristic securities market,such as suggesting that the government should strengthen the transformation of responsibilities in four aspects: enterprise supervision,institutional supervision,inspection punishment and technical supervision;Improve the status of the stock exchange and set up a specific department to be responsible for the management of post event accountability;Increase the illegal cost of information disclosure and establish and improve the information disclosure system;Redesign the delisting financial indicators and accelerate the formation of a normalized delisting mechanism;We will improve China’s stock civil compensation and criminal punishment system and increase the proportion of institutional investors.