Research On Financing Efficiency Of Listed Companies In Yunnan Province Based On DEA Model

With the continuous deepening of reform and opening,China's economic development level and the capital market has been continuously improved.Listed companies have played an important role in promoting economic growth and upgrading the level of financial markets.Financing is an important part of listed companies.It has become the companies'long-term goal to obtain the required funds in the shortest time with the least cost.It should be said that the level of financing efficiency has an important relationship with the optimal allocation of capital market funds,return on investments,and the development of capital market.However,due to the existence of macro environment and self-governance,it has affected the financing efficiency of listed companies.Scholars have researched the level of financing efficiency and influencing factors.Based on the above statements,this paper takes the Yunnan Province's listed companies as the research sample,and uses the data envelopment analysis method(DEA model)to conduct an empirical research on the financing efficiency of listed companies in Yunnan Province.Then to explore the current status of financing efficiency,analyze the influencing factors and give the suggestions for improving the financing efficiency.First of all,define the meaning of financing related concepts and theories through the literatures.Secondly,,the DEA evaluation model(BC~2 model)was built to measure the financing efficiency of listed companies in Yunnan Province.The result of empirical research shows that the financing efficiency of listed companies in Yunnan Province is low,and there are5 companies with effective DEA in the four years from 2014 to 2017.The comprehensive technical efficiency,pure technical efficiency and scale efficiency of most enterprises have increased.In 2017,38%were effective DEA.Among the companies that were ineffective DEA,12 were in the stage of increasing returns to scale.Lack of funds became an obstacle key to development.Finally,it gives suggestions to improve the financing efficiency of listed companies from the aspects of external macro-environment optimization and listed company's own optimization.