Research On The Financing Efficiency And Influencing Factors Of Listed Companies In Guizhou Regional Equity Market

Regional equity market is an important part of China’s multi-level capital market.It can provide equity and bond financing for companies in the region and guide the relevant policies of the government to support small,medium and micro companies.The development of regional equity market is of great significance to give full play to the function of China’s bottom capital market and meet the financing needs of small,medium-sized and micro companies.Studying the financing efficiency and influencing factors of financing efficiency of regional equity market listing can provide reference for improving the financing efficiency of companies listed in regional equity market,giving full play to the function of regional equity market and helping the development of small and medium-sized companies in the region.Firstly,this study combs the relevant research at home and abroad,and defines the concepts of regional equity market and financing efficiency.Select the financing companies listed in Guizhou regional equity market from 2017 to 2020 as the research sample,evaluate the financing efficiency of companies through dynamic DEA analysis method,and analyze the influencing factors of financing efficiency of companies listed in Guizhou regional equity market by constructing DEA Tobit model and selecting micro indicators such as representative enterprise scale,capital structure,profitability and operating capacity as the analysis indicators.The research conclusions are as follows: first,after the companies are listed in the regional equity market in Guizhou and have financing,the financing efficiency can be significantly improved;Second,most companies listed in Guizhou regional equity market are in the stage of increasing returns to scale,but the matching degree between production scale and operation and management level still needs to be improved;Third,technological progress,the improvement of management level and the optimization of enterprise operation scale are conducive to the improvement of financing efficiency of listed companies in Guizhou regional equity market;Fourth,the scale,profitability,capital structure and operation ability of companies have a significant impact on the financing efficiency of companies.Based on the empirical research conclusion of listing financing efficiency and its influencing factors in Guizhou regional equity market,in order to improve the financing efficiency of listed enterprises in regional equity market,listed enterprises should pay attention to investment and financing planning and the application of advanced technology,maintain and improve credit and improve operation efficiency;The government should strengthen policy support and clarify the division of supervision responsibilities;The regional equity market should unblock the mechanism of enterprise board transfer and delisting,enrich financing tools and guide more financial institutions to participate.