The Financing Efficiency Of The Companies To Be Listed On The GEM In Our Country Based On The DEA Models

December the30th,2009, a special group of companies came into Chinese capital market, which symbolized the emergence the GEM after a meticulous preparation of ten years. There were356companies which had successively come to the market since the start of the GEM, most of them belong to the high and new technology industries with high growth expectation. These companies, which were in an urgent need of money with no proper way to finance,find themselves rejuvenated by GEM where they found their new financing channels. But there are also problems like excessive funds raising. So far, there are few researches about the efficiency of GEM financing. This thesis gives an empirical research about this issue so we can have a deeper understanding about GEM.This thesis started with a foreign and home literature researches about equity financing and financing efficiency. Then we introduced the theory of equity financing and the theory of efficiency, which laid a sound foundation for the following empirical research. Next are the descriptive statistical analysis of GEM companies, including business concentration ratio,and financial characters of these companies. These analyses also make a good preparation for the empirical research.Empirical research is the most important part of this thesis. This thesis start with a introduction of DEA(Data envelopment Analysis), and meticulously analyzed construction of the model and the choice of the indicators. All the data we use comes from the annual reports of25companies which first come to GEM and calculated comprehensive technical efficiency, pure technical efficiency and scale efficiency. The result shows these companies are generally inefficient.And then, This thesis analyzed all the factors that might affect the efficiency of GEM companies with Tobit model. This thesis use comprehensive technical efficiency as the interpreted variable, and the factors that might effect the efficiency as explanatory variables. The result shows that, the bigger the proper right proportion, the lower the efficiency;the higher the proportion of research and development expenditure in operating income,the higher the efficiency;the operating cost does not have an obvious effect on the efficiency of GEM companies.At last, this thesis gives out policy recommendations about improving the efficiency of the GEM companies. It is necessary to optimize the equity structure and perfect the management structure of the GEM companied yield more in research which will add market competitiveness to these companies.As a student with rare experience and insufficient knowledge about GEM, I earnestly require you teachers, experts and scholars to point out the fault and omissions in this thesis.