Research On The Financing Efficiency And Its Influencing Factors Of Listed Companies In Qilu Stock Exchange Center

Qilu Stock Exchange Center was established in December 2010.It is a relative well-developed and a successful representative of the regional equity exchange market.However,the Qilu Stock Exchange Center has also exposed many problems in its development,such as inactive market transactions,lack of legal protection,and low corporate financing efficiency and so on.At present,domestic researches on regional equity exchange markets are mostly focused on the construction of legal systems,information disclosure,and the standardization of the market.There are few studies on the financing efficiency of the listed companies in the Aligned-Rule Equity Exchange Center.Therefore,on the basis of the results of the research on the financing efficiency,the paper carefully studied the financing efficiency and the influencing factors of the listed companies in the Qilu Stock Exchange Center,and innovatively measured the stability,risk,profitability,operational capability and growth of the company from five aspects to do empirical analysis.First of all,this paper reviews the relevant literature on corporate financing efficiency and regional equity market at home and abroad.After summarizing the relevant concept of corporate financing efficiency,it summarized the branch theories that are more important in corporate finance theory.Both of these parts provide a reliable theoretical basis for follow-up research.In the following,the development status of the Qilu Stock Exchange Center and the major issues that currently exist are described in detail to facilitate the following empirical studies and policy recommendations.Secondly,the main content of this article,empirical research,is divided into two parts.The first part is to use the DEA model to evaluate the financing efficiency of 59 listed companies in the Qilu Stock Exchange Center.The calculation results of the CCR and BCC models show that the financing efficiency of the listed companies is overall low.In addition,by comparing the financing efficiency of the company for the first two years after the initial financing and initial financing,most companies haveimproved their financing efficiency in the first year after the initial financing,but then the financing efficiency began to decline.The second part is to use the Tobit model to analyze the main factors affecting corporate finance efficiency.The regression results show that asset-liability ratio is negatively related to corporate financing efficiency and has the greatest degree of impact.The main business revenue growth rate,net assets return rate,and total asset turnover rate are positively related to the financing efficiency of the company,but the degree of impact is relatively high.Limited,while asset size has no significant impact on corporate financing efficiency.Finally,according to the empirical results of the two parts and the reality of the Qilu Stock Exchange Center,the listed companies,Qilu Stock Exchange Center and the government proposed suggestions for further improving the financing efficiency of the listed companies in the Qilu Stock Exchange Center.