Study On Financing Efficiency Of Small And Medium-Sized Enterprises In Neeq Based On Dea Model

Small and medium-sized enterprises play an important role in the process of the development of national economy. As the most dynamic and innovative economic subjects, they show the important affect in creating employment, improving people’s livelihood and promoting steady economic development. The establishment of National Equities Exchange and Quotations aims at improving equity liquidity and solving financing difficulties of small and medium-sized enterprises. Since its establishment in 2006, National Equities Exchange and Quotations has experienced a rapid development, and the number and volume of blowout of listed enterprises is increasing greatly. In this context, via the setup of empirical analysis model, this article intends to study the financing efficiency of small and medium-sized enterprises in National Equities Exchange and Quotations. It is the target to analyze whether the small and medium enterprises obtain the expectations financing efficiency through equity financing in this market, and to provide theoretical guidance in the improvement of financing efficiency for small and medium-sized enterprise.Based on the review of domestic and foreign scholars’research about financing structure, influencing factors and evaluation method of financing efficiency, first of all, this article defines the relevant concepts, and elaborate the theory of the financing efficiency and efficiency evaluation method in order to lay the theoretical foundation for the entire study and determine the research method and principles of index selection. Secondly, this article illustrates the basic conditions of National Equities Exchange and Quotations, including the number of listed companies, industry distribution and regional distribution of with statistical description method. Thirdly, this article carries on the statistical analysis on share liquidity, financing patterns, the rotating situation of listed companies. And based on the analysis, this article lists problems of financing in this market. Fourthly, this article sets up DEA model to measure the technical efficiency, pure technical efficiency and scale efficiency with the input and output indicators of 33 listed small and medium-sized enterprises. Then, it evaluates the financing efficiency by means of the comparison of the operating efficiency before and after financing. It is the slack variable research of inefficient enterprises that gives causes of financing inefficiency. Through the empirical analysis, it comes to the following conclusions:financing efficiency of listed small and medium-sized enterprises is generally low in National Equities Exchange and Quotations, most of them are in the increasing stage of scale returns. Increasing scale of returns and low level of capital operation coexistence coexist in some cases. The two main causes that lead to the low financing efficiency are poor Production & management level and unreasonable financing structure. Finally, in view of the main conclusions above, this article puts forward some countermeasures and Suggestions to improve the financing efficiency of listed companies in NEEQ.