The Analysis Of The Listed Companies’ Financing Efficiency Which Based On The Chongqing Financing Perspective

China’s securities market has developed rapidly ever since the opening up, The securities industry has grown to be an large issue which was related to China’s economic lifeline and becomes to be an important social development issues. By the method of equity,the financing,listed companies can get mass production funds to support the rapid development of enterprise by the pattern of embodiment of fund-raising function of the stock market.According to the ownership percentage,the shareholders can sharing the company’s operating results,and bear the company’s risk limit by the amount of capital. Those financing fund composed the company’s initial capital, but also could be a large beneficial to the further capital protection,To summarise, equity financing can improve a company’s ability to resist risks. Equity financing has become a very important means of financing at this stage by the advantage of its own characteristics. Since it was so important,the study on the efficiency of equity financing is gradually deepening.The scholars was aim at providing relevant policy support for the actual running of the economy.Chongqing, ever since the first joint-stock reform in1993, now has got34listed companies. The total market value of listed companies was264.5billion yuan in2010, which was nearly double the previous year. According to current statistics, Chongqing listed companies raised funds of21.591billion yuan. Fund-raising441million per enterprise.However, listed companies in Chongqing Municipality in the process of the development of equity financing, also appeared in one way or another problem. Mainly in the profitability of listed companies, financing efficiency is not high, even multi-reason some companies are forced to be multiple acquisition restructuring, has seriously hampered the healthy and stable development of the listed companies.The purpose of this paper is based on the Chongqing Municipality listed companies,.On the basis of domestic and foreign academic theory and research literature on the efficiency of financing comes to a clue. Summarized the characteristics of the listed company equity financing. In order to take the Listed Companies of Chongqing for research, This paper made a survey and data collection, In the end it took a objective description of the status of the equity financing of listed companies in Chongqing Municipality In order to make this survy a dig deeper, we selected the34listed companies in Chongqing City as the study sample.and use the multi-input and multi-output efficiency DEA Model to determine the model the corresponding input and output indicators.And then collect the required data from the annual report of the relevant listed companies to make an empirical analysis. All this research came to an conclusions:most companies are non-efficiency, and therefore have greater room for growth. According to the findings in terms of industry distribution, the efficiency of the pharmaceutical and biotech industry financing was significantly higher than other industries. Effective financing of the company most of the segments in the pharmaceutical, biological and manufacturing the two industries, the real estate industry, public utilities, petrochemical, plastics, machinery and equipment industry, financing efficiency is relatively low. This shows that the efficiency of equity financing industry distribution.Investigated with the time series distribution of the empirical results, select the24samples listed companies in Chongqing, in the examined time series cycle, the efficiency of financing over time to promote a significant increase. Of which there are a few companies even showing a decreasing technical efficiency increases with time, this situation illustrates the financing of corporate follow-up did not keep up with the greatest degree of play to the effectiveness of the equity financing.Finally, according to the research and analysis, the levy on the proposed financing characteristics of Chongqing Listed Companies responses and improvements. It was suggested that we should proceed from the four aspects of corporate governance mechanisms and financing channels for enterprises, equity financing range and supervision, improve the efficiency of equity financing.Through this study that the problems in the equity financing of listed companies in Chongqing Municipality, and constructive suggestions to improve the efficiency levels of financing of listed companies in Chongqing Municipality to promote economic prosperity in the western region, and then by the healthy and stable the development of Chongqing Listed Companies developments.