Research On Financing Efficiency And Influencing Factors Of Listed Companies In Shaanxi

This paper mainly analyzes the financing efficiency of Listed Companies in Shaanxi,and puts forward reasonable suggestions to improve the financing efficiency of Listed Companies,enhance the vitality of capital market in Shaanxi and improve the development level of real economy.In the research process,firstly,by combing the research literature of scholars,this paper summarizes the initial financing efficiency evaluation index system,selects the initial indicators by factor analysis,and constructs the financing efficiency evaluation index system of Shaanxi Listed Companies in this paper;Secondly,based on the financial data of 59 listed companies in Shaanxi from 2010 to 2021,using DEA-BCC model to measure the static financing efficiency,it is concluded that the average financing efficiency in recent years is lower than 1,close to the optimal level,about 35.59% of the listed companies in the province have reached the effective level,and about 64.41% of the listed companies have the problems of PTE and SE;Further,based on the financial data of34 listed companies with continuous data from 2010 to 2020,the Malmquist index model is used to measure the dynamic financing efficiency of Listed Companies in Shaanxi Province.It is found that the financing efficiency increases year by year,the overall financing efficiency shows an increasing trend,the company grows rapidly,and the number of companies reaching the best scale increases faster,but there are regional differences.There are a large number of Listed Companies in Xi’an,There is the problem of insufficient technological progress,the other listed companies have the problem of low pure technical efficiency,and the financing efficiency of both places has increased to a certain extent;Finally,the Tobit model is used to deeply study the factors affecting the financing efficiency of listed companies.It is found that the debt rate and capital attributes are negatively correlated with the financing efficiency,and the degree of equity concentration and return on assets are positively correlated with the financing efficiency.Based on the above research,for how to improve the financing efficiency of listed companies in Shaanxi,this paper puts forward the following suggestions from both internal and external perspectives: first,the company itself needs to enhance its management ability,improve its financing flexibility,and improve its scientific and technological innovation ability;second,in terms of obtaining external support,increase the government support and guidance,develop and improve the provincial financial market,and build a good financing environment.