基于DEA方法的金砖国家股票市场融资效率比较研究

Comparative Research on Financing Efficiency of BRICS Stock Markets: Based on DEA Method

文章从宏观角度选取了上市公司数量、市场股本总额、股票年筹资总额、股票年周转率、净资产年收益率等五项指标来衡量金砖国家股票市场的整体融资状况,通过数据包络分析法对金砖五国股票市场的融资效率进行分析评价,得出目前我国股票市场融资效率尚处于较低水平的结论。借鉴金砖国家股票市场的融资经验,我国应当提高股票发行审批过程的透明度,完善上市公司信息披露制度和退市制度,确立合理的资源配置政府导向。

In this paper,from the macro prospectine,we chose the number of listed companies,the total amount of equity,and the annual amount of funding,the annual stock velocity,the annual net asset yield to evaluate the financing of BRICS stock market.The method of data envelopment analysis was used to evaluate and analysed the five countries' financing efficiency of the stock market. It draws a conclusion that the financing efficiency of Chinese stock market is still at a low level. We can reference the experience of the BRICS stock market. We should improve the IPO transparency,perfect the system of information disclosure and the delisting system of listed companies,and establish the government guidance about reasonable resource allocation.