Study On Capital Allocation Efficiency Of Listed Companies In Shandong Province

In recent years, the rapid development of China’s securities market plays an increasingly important role in economic development. The stock market as an important part of the capital market, listed companies to broaden the financing channels, and further optimize the allocation of capital, and dispersed in multiple market risk for the development of China’s real economy has played an important role in promoting. There is no doubt that the capital market allocation of financial capital has played an important role in the capital market, the limited nature of the decision to require listed companies with limited capital reasonable configuration, to create greater output, and give full play to the economic capital important role.In the current economic situation, Shandong Province is committed to financial reform, to promote economic development in Shandong Province through the development of capital markets. In this environment, Shandong listed companies financing channels more and more, the increasing scale of financing, in order to make full use of capital to promote economic development in Shandong Province, the urgent need to study the efficiency of capital allocation of listed companies in Shandong Province, find an important factor affecting the efficiency of capital allocation, providing strong support for the economic development.This paper is divided into five parts. It introduces the research background and significance, exploring the relevant research results, the paper summarizes the methodology and limitations, and lists the framework of this thesis. Secondly, the efficiency of capital allocation theory are introduced, capital, capital allocation efficiency define classification, analysis calculation of capital allocation efficiency, to summarize the results of previous studies, choose the model used herein, and a brief introduction. Again from several aspects pace of development, industry classification, assets, liabilities, profitability of the development situation of listed companies in Shandong Province were analyzed. Research on the basis of the text on the front of Jeffrey Wurgler model index change, choose the listed companies measure indicators, the overall efficiency of capital allocation and capital allocation efficiency industry in Shandong Province listed companies empirical research. Found that by measuring the overall efficiency of capital allocation in Shandong Province listed companies is not high. The efficiency of capital allocation through industry empirical findings, capital allocation efficiency of the industry is still at a low level, and the efficiency of capital allocation between sectors there is a certain gap. Then based on the foregoing evidence, further research on the efficiency of capital allocation, combined with the foregoing calculation results for various sectors of the capital allocation efficiency, the use of panel data, factors affecting listed companies in Shandong Province capital allocation efficiency empirical analysis. The empirical results show that the scale of the industry, the degree of government support for the industry, financial institutions and industry, supported by industry and internal control mechanisms for capital allocation efficiency industry are positively correlated. Finally, before the text is based on empirical analysis, it provides some suggestions to improve the efficiency of the capital of Shandong Province, to promote economic development.