The Research Of Dea Model On Evaluate The Seasoned Equity Offering Efficiency

The level of Seasoned Equity Offering efficiency is not only important tothe practical interests of the investors but also to the healthy and stabledevelopment of China's capital market. Scholars have been working on how toevaluate the efficiency of Seasoned Equity Offering scientifically andrationallly,they choice the different indicators and use different methods andget the different conclusions,but the pity is that they have not yet formed anaccepted and effective evaluation method until now. In this paper, wesummarize the advantages and shortages of current methods which used toevaluate the Listed Company's Seasoned Equity Offering efficiency and takeAdditional Refinancing for example, propose a model based on PCA andS-DEA aim to overcome the shortcomings of the existing methods and provideempirical evidences for capital market regulators and investorsThe conclusion and contribution of this dissertation mainly lies in thefollowing aspects: Firstly, select more comprehensive indicators tocharacterize the company's performance and use principal component analysismethod processed this indicators,this can overcome the shortages of the singleindicator can not measure the company's performance sciencelly and thesubjectivity of the human assignment；Secondly, take super-efficiency DEAmodel for efficiency evaluation,this can overcome the weak point of can notFurther distinguish the pros and cons of all decision-making units in the existing researchs which used CCR-DEA and BCC-DEA；Thirdly, we useProjection theorem to analyze the reason of invalid decision-making unitsand calculate the target improve value to make them to be DEA effective；Atlast, research results showed that: After our country Implement newaccounting standards, China's manufacturing listed company's SeasonedEquity Offering efficiency is still low, only33.33%is DEA efficient.