基于熵值法的上市公司融资效率研究

上市公司融资效率的高低直接关系到资本市场能否实现资源的优化配置功能，以及为投资者提供满意的回报，并关系到资本市场的健康持续发展。在借鉴国内相关研究成果基础上，构建了基于筹资效率、配置效率和治理效率三个维度的融资效率评价框架，以陕西省上市公司为样本，利用熵值法对上市公司融资效率进行了定量研究。研究发现目前上市公司融资效率整体水平较为低下、提升缓慢，建议从提高上市公司资金运营能力、调整公司资本结构和改善公司治理结构三个方面进行系统性变革，并藉此提升上市公司融资效率。

Research of Listing Corporation Financing Efficiency Based on Entropy Method

Listing corporation financing efficiency is directly related to the capital market function of optimizing resources allocation, and provides satisfactory returns to investors, as well as to the sustainable development of market itself. On the basis of related research results, the evaluation framework of financing efficiency is constructed, which containing three dimensions as borrowing efficiency, allocation efficiency and governance efficiency. To carry out quantitative research, the Entropy method is used based on the listing corporation in Shaanxi Province as samples. The result shows that the current overall level of financing efficiency is low and has a larger space to enhance. Relevant measures are also suggested to improve financing efficiency, which containing three aspects as enhancing corporation capital operation ability, adjusting the capital structure and optimizing corporate governance structure.