Research On Equity Financing Efficiency From The Perspective Of Social Responsibility

The over investment caused by IPO over raising leads to poor use of corporate capital and decline of business performance,which wastes social resources,damages the interests of investors and consumes investment trust.Based on the irresponsible phenomenon,we want to find out the reasons for the low efficiency of equity financing.In this paper,133 SMEs are taken as the research object,and data envelopment analysis method(DEA)is used to construct the input-output index system to measure the efficiency of equity financing.A tobit model is established to conduct empirical research on the influencing factors of equity financing efficiency of SMEs.Research shows that the overall equity financing efficiency of SMEs is not good.There is a significant positive correlation between CSR scores and equity financing efficiency,while there is a significant negative correlation between asset liability ratio,equity concentration and equity financing efficiency.Combined with the research conclusion,this paper provides suggestions from the perspective of corporate social responsibility,enriches the existing literature of the blue ocean region that studies financing efficiency from the perspective of corporate social responsibility.This is also the innovation of this paper,which has certain guiding significance for the realization of "win-win situation of society and enterprises"...