本文以中国民营上市公司为研究样本，采用DEA模型和Malmquist指数从静态和动态两个维度计量和评价其融资效率及变化情况，并结合融资理论与我国国情分析其资本结构的合理性，最后运用双固定效应模型探究资本结构和融资效率的关系。结果表明：我国民营上市公司在2012-2016年的融资效率处于中等水平，但呈现恶化的趋势，规模效率低水平是融资效率低水平的主要原因；企业普遍存在融资渠道不畅，资本结构单一的问题；资本结构反向 影响融资效率，即负债越多，融资效率越低。据此提出了相应的对策和建议。

This paper takes the China’s private listed company as the research sample, and uses the DEA model and the Malmquist index to measure and evaluate its financing efficiency from the static and dynamic dimensions. Combined with the financing theory and China's market conditions, analyze the rationality of its capital structure. The dual fixed effect model is used to explore the relationship between capital structure and financing efficiency. The results show that the financing efficiency of China's private listed companies in 2012-2016 is at a medium level with a deteriorating trend. The low scale efficiency is the main reason for the low efficiency of financing. And the enterprises generally are short of financing channels and have an imbalance in capital structure. What’s more, financing efficiency and capital structure are significantly negatively correlated. That is, the more liabilities, the lower the financing efficiency. Based on these, this paper proposed corresponding countermeasures and suggestions.