Heilongjiang Province Listed Companies' Financing Efficiency

Funds is an extremely important scarce resource for an enterprise,so the financing problem has been the focus and hot topic of the enterprises and theoretical research.Reasonable and effective financing reduces unnecessary costs for enterprises,can help enterprises' invest and also has certain help in enterprises' capital structure optimization.This paper defines that the financing efficiency is corporate governance efficiency and efficacy of financing behavior in financing,and everything related to the financing activities(including financing efficiency,allocation efficiency and corporate governance efficiency),thus finally reflected in the great configuration of scarce resources.Listed companies often have problems in large financing costin financing process and can not make full use of the funds,so the study on the financing efficiency is very necessary.Heilongjiang province has made a prominent contribution to the construction of the motherland and is one of the northeast old industrial base.Heilongjiang province ranks20 th in the national GDP in 2014,the last in GDP growth in the three northeast provinces of China and second from bottom inthe country.By the end of2014,the Shanghai and Shenzhen(A shares)in Heilongjiang Province of 31 listed companies.These enterprises plays an important role in the economic development of heilongjiang province,and set an example to the development of other enterprises.So it is particularly important to speed up the economic development of heilongjiang province,and cultivate a large number of excellent enterprises.But as for the financing efficiency of study,with overall regional research achievements of listed companies as the research sample is relatively small,and the financing efficiency of listed companies in heilongjiang province are much rarer.Based on the above background,this paper aims to study the financing efficiency of listed companies in Heilongjiang province.Based on the DEA model,take 27 listed companies in Heilongjiang province as the research sample and carry on the empirical analysis of listed companies' financing efficiency of Heilongjiang province to find its financing present situationas well as put forward policiesand suggestions promoting the financing efficiency of listed companies.First,on the basis of comprehensively analyze and study numerous literatures at home and abroad,combined with the research background,establish the purpose,significance,ideas and methods of this study;Second,define thefinancing efficiency and related concept and analyze the influences which development and the financing efficiency of listed companiesin Heilongjiang province make on financial conditions and operating conditions and analyze the operating and financing present situation of listed companies in Heilongjiang province;third,analyze thefactors that affect the financing efficiency,build the financing efficiency of DEA evaluation model and apply the method of group decision characteristic root method to select input and output index;The fourth part,the 27 samples have carried on the empirical analysis and analyzethe scatter and scale reward analysis of the empirical results;Finally,combined with empirical results in this paper,put forward the corresponding suggestions according to problems existing in the listed companies financing efficiency in Heilongjiang provincefrom aspects of internal and external of the companies.