Financing Efficiency Of Listed Companies In Shaanxi Province Based On Dea Model

In the 11th five-year plan period, Shaanxi province enjoys rapid economic and social development, where listed companies in various industries has become the backbone. Financing is important for a listed company to operate the capital and plays the strategic guiding role for the sustainable operation and long-term development. Based on this background, this paper is to discuss the increase of listed companies' financing efficiency from the aspect of capital input and output.Based on literature review about the financing efficiency at home and abroad, the paper gives a microscopic definition of financing efficiency. According to the financing status of listed companies in Shaanxi province, the paper sets the financing efficiency evaluation system. By using the data envelopment method, the paper analyses the financing efficiency of listed companies in Shaanxi province and puts forward the target and measures to improve the efficiency of listed companies in Shaanxi province. Here are the innovative views and the conclusion:(1) This paper defines what is the financing efficiency of listed companies. From the microscopic view, this paper puts forward that the financing efficiency is the effect of one financing way or structure, which works in the individual internal operation mechanism (including the efficiency of financing, capital allocation and management), thus it is finally reflected in the macro effect of scarce resources allocation.(2)The innovation is to compare laterally the financing status of listed companies in Sichuan, Shaanxi and Xinjiang provinces. Here is the conclusion:the operating condition of listed companies is not very well; the profitability is lower than other provinces; the financial condition is more conservative so the lever function of debt financing does not play full. Finally, the paper concludes the main factors which influence the financing efficiency of listed companies in Shaanxi province.(3) In order to get an objective and effective evaluation result, the paper sets up an evaluation system of financing efficiency on listed companies in Shaanxi, which satisfies the request of DEA model. Through the DEA analysis, it concludes that the whole financing efficiency of listed companies in Shaanxi is low and only28.57% is effective both in size and technology. The whole scale of listed companies is highly efficient in size but low technical efficiency is a general problem.(4) According to DEA result, the paper put forward the general objectives for the optimal financing efficiency of listed companies in accordance with the developmental and industrial characteristics.The paper also offers the optimalfinancing efficiency measures from the macro, meso, micro angles.