Research On Financing Efficiency Of Listed Companies In Gansu

Since 1994,jingyuan coal listed on the shenzhen stock exchange,more and more number of gansu province listed companies.The listed companies are leaders from all walks of life,gansu province,holds an important place in the economic development in gansu province.However for the growth of an enterprise,the fund is growing nutrients,no funds continue to support,the development of the enterprise as water fish,difficult to development,so the enterprise financing efficiency for the enterprise's growth and economic and social development in gansu province is particularly critical.This paper by reviewing the literatures at home and abroad,the paper summarizes previous research results.And according to the enterprise financing efficiency,sorting out the relevant theoretical basis.On predecessors' research results and the theoretical basis,to explore the gansu province listed companies financing efficiency.In the process of concrete analysis,in this paper,the basic situation of the development of listed companies in gansu province were summarized,for until December 2016,the financing way of listed companies in gansu province as well as the use of the funds into the carding and analysis,finally through the concrete financial data of listed companies to establish index system,choose DEA model to evaluate the financing efficiency of gansu province listed companies.In this paper,the resulting analysis results are as follows:1?Through to the gansu province listed companies financing,found in gansu province on the choice of the financing way of listed companies,equity financing ratio is greater than the proportion of debt financing,debt financing ratio is greater than the proportion of internal financing,the result does not conform to the optimal sequence financing theory.2?Through the DEA model to evaluate the financing efficiency of listed companies in gansu province,found that the gansu province listed companies financing efficiency as a whole is low,the financing efficiency of enterprises are mainly concentrated in the traditional manufacturing and mining,high and new technology industry overall financing efficiency is low.In addition,through to the 2013-2015:3 years in a row of data analysis,found that the enterprise's financing efficiency is on the decline.3?Based on the attributes of gansu province listed companies capital,found the state holding listed companies financing efficiency is very low,82% of the enterprise belong to financing efficiency invalid state.Over state-owned holding listed companies financing efficiency to achieve the optimal number of companies and financing efficiency is lower than 0.5 were accounted for 41%,so the overall also belong to low state.4?Through the analysis of the scale of the gansu province listed companies pay,found that the size of the gansu province listed companies pay less the same number of businesses,most of the enterprises in scale stage of increasing returns,it shows that these companies there is a shortage of investment,the gansu province should improve the financing environment,enterprise itself should also improve the level of production management,expand the scale of financing,ultimately achieve DEA efficient and scale reward the same phase.At the end of the article,this article also according to the gansu province listed companies financing present situation and the empirical results of trying to put forward Suggestions on how to optimize the gansu province listed companies financing efficiency.