我国创业板上市公司股权融资效率研究

Empirical Study on Equity Financing Efficiency of Listed Companies on GEM of China

上市公司的股权融资效率一定程度上反映了资本市场资源配置的效率,其受到宏观经济形势、金融市场发展水平和企业资本结构及规模、融资成本及结构等因素的影响。采用数据包络分析法(DEA)分析我国创业板上市公司的股权融资效率,结果表明:44家样本公司中,4家公司综合有效,9家公司纯技术有效但非规模有效,35家公司非规模有效且非纯技术有效;37家公司表现出规模报酬递增,3家公司表现出规模报酬递减;信息技术业样本公司的股权融资效率高于制造业样本公司的股权融资效率。创业板上市公司股权融资效率整体较低,应调整股权集中度、完善治理结构、优化融资结构、合理资产负债率、加强技术创新,以提高股权融资效率。

The financing efficiency of the listed companies,to some extent,reflects the resources allocation efficiency of capital market and is influenced by the factors such as macro-economic situation,financial market development level,firm capital structure and scale,financing cost and structure and so on.Data envelopment analysis（DEA） is used to analyze the equity financing efficiency of the listed companies on GEM,and the results show that in 44 samples,there are four companies which are effective,there are 9 companies which are pure technical effective but non-scale effective,there are 35 companies which are non-scale effective and non-pure technical effective,there are 37 companies which demonstrate incremental wages on scale,there are 3 companies which demonstrate decreasing wages on scale,the equity financing efficiency of information technology companies samples is higher than that of manufacturing companies samples.The overall equity financing efficiency of the listed companies on GEM is lower,therefore,the equity financing efficiency can be raised by adjusting equity centralization,by perfecting legal structure,by optimizing financing structure,by rationalizing indebted assets ratio,and by strengthening technical innovation.