| With the sustainable development of economy,the impact of small and medium-sized enterprises on Chinese economy is gradually becoming prominent.No matter it is domestic or aboard,small and medium-sized enterprises play an underestimated part in the development of economy.Though the number of small and medium-sized enterprises is on a rapid growth all the time,actually the development of small and medium-sized enterprises faces a lot of problems.Financing difficulty is always the common problem existing in small and medium-sized enterprises,while the development and perfection of the National Equities Exchange and Quotations provide an assistant for solving the financing difficulties of small and medium-sized enterprises.Under this background,through establishing a data envelopment analysis model,this thesis aims at studying the financing efficiency of the National Equities Exchange and Quotations listed companies,and comes up with suggestions to improve financing efficiency of the National Equities Exchange and Quotations listed companies.First of all,it teases out and sums up the research results of financing theories,efficiency theories and literatures about financing efficiency,which lays a theory foundation for the following research.Secondly,it introduces the overview conditions about the National Equities Exchange and Quotations,explaining the present situation of the National Equities Exchange and Quotations market from the view of enterprises quantities,industries and geographical distribution,then carrying out statistics and descriptions to financing conditions in three aspects including private placement,pledge of stock rights and plate turning conditions.On this base,it selects 32 listed companies as samples,which only had substantive financing in the National Equities Exchange and Quotations at the end of the year 2014.By making sure about its input and output indexes,establishing data envelopment analysis,and applying software to measure the results of comprehensive technical efficiency,pure technical efficiency and returns to scale efficiency,analyzing the financing efficiency before and after enterprises financing and explaining the factors affecting the financing efficiency of the National Equities Exchange and Quotations in China through linear regression.Finally,in accordance with the conclusion,put forward reasonable suggestions for improving the financing efficiency of listed companies in the National Equities Exchange and Quotations market of China from the aspects of enterprises,policies and systems. |
