The relative financing efficiency of stock rights of thirteen listed companies of water industry from 2011 to 2015 is analyzed by using the window analysis of super-efficiency DEA model, and it is decomposed according to the Malmquist index. The grey correlation analysis method is employed to analyze the influencing factors for the financing efficiency of stock rights. The results show that the various listed companies have different financing efficiencies. The company size and profitability have the largest influences on the financing efficiency of stock rights, and the turnover efficiency of total assets, the structure of capital and the value of capital guarantee also have certain influences.