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As emerging markets, BRICS stock markets are of great importance for their own listed companies to financing. We find out that the result of financing can be greatly decided by financing efficiency. How to build a scientific index system is the key factor to evaluate stock market financing efficiency. Therefore, to improve the result of financing in BRICS stock markets, we need to study on the financing efficiency of BRICS stock markets. This paper firstly gathers the longitudinal section data of direct financing scale from BRICS stock markets. Then we regard three factors as input indexes, and other two factors as output indexes. Furthermore, we use the Data Envelopment Analysis to evaluate the financing efficiency of BRICS stock markets and find out the main factors that influence it. Finally, by comparing the result of DEA test, we find out the reason for the defects and differences on the financing efficiency of BRICS stock markets, and come up with some suggestions, such as perfecting the market access mechanism and adding the market tools, to deal with it.