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融资效率反映了融资成本和资本使用效率的比较关系,是以企业融资中的综合资本成本作为投入,以投资报酬率作为产出,并充分考虑财务风险程度和债务资本的抵税效应来确定的。笔者通过分析甘肃省25家上市公司的年度报告,发现甘肃省上市公司利用融入资金获取利润的能力较低,资金使用效率低,即总体融资效率低。(一)甘肃省上市公司融资效率低的原因分析1.宏观经济因素。宏观经济因素主要指经济发展程度和资本市场的成熟度。一般而言,经济发展水平和资本市
Financing efficiency reflects the comparative relationship between financing costs and capital utilization efficiency. It takes the comprehensive cost of capital in enterprise financing as input and the return on investment as output, taking fully into account the degree of financial risk and the tax-deductible effect of debt capital . By analyzing the annual reports of 25 listed companies in Gansu Province, the author finds that the listed companies in Gansu Province have a lower ability to make use of funds to obtain profits, and the inefficient use of funds means that the overall financing efficiency is low. (A) of listed companies in Gansu Province, the reasons for the low efficiency of financing 1. Macroeconomic factors. Macroeconomic factors mainly refers to the degree of economic development and capital market maturity. In general, the level of economic development and the capital city