A Study On The Efficiency Of Financial Support For The Listed Companies Based On DEA And Panel Data Cointegration Analysis

Since the1980s, with the deepening of China's market economy, the financialsupport has been becoming the core of modern economic power. As the main mi-cro-economic, the realization of enterprise's value is also inseparable from the finan-cial support. In the issue of study the efficiency of capital markets, the current do-mestic and foreign scholars ignore the demand of capital requirements, so that theproblem of financial support efficiency can't be analyzed amply from the perspectiveof a listed company. The quantitative analysis method used to measure the efficiencyof financial support and analysis the factors affecting the efficiency is still in its in-fancy, and not enough depth. In this context, it is extremely important, wether for en-terprises' financing decision or personal investment, to objectively evaluate the effi-ciency of financial support and analysis on the affecting factors.This article makes an analysis of the efficiency of listed companies' financialsupport and its influencing factors from the perspective of normative research. Bysorting out the theory of financial support, we accurately select the input and outputindicators of financial support for the efficiency based on the empirical analysis andpast reararches. Then data envelopment analysis is introduced to measure the effect ofthe behavior of financial support in the process of listed companies' financing andconfiguration. On this basis, panel data cointegration analysis is conducted withlong-run equilibrium analysis and short-term impact analysis to explain the factorsaffecting the efficiency of financial support.The results of empirical design show that the analysis paradigm based on DEAand panel cointegration is valid. Empirical results show that the fund-raising effi-ciency of listed companies is generally low, and there are some differences in per-formance on the factors affecting the efficiency of financial support such as capitalstructure, capital costs and financing risk in the main board and small and me-dium-sized enterprises (SMEs) board. During the configuration phase, the allocativeefficiency of listed companies of SMEs board is substantially higher than the mainboard. Error correction mechanism can effectively correct the short-term deviation ofefficiency from long-term in the financing stage. However, in the configuration phaseit is not obvious.