Research On Financing Efficiency Of Internet Companies In NEEQ

The number of small and medium-sized enterprises of our country is very large, accounting for the vast proportion of the total number of all enterprises, in recent years is has developed as an important national economic backbone, is to promote a solid foundation for the sustained and healthy growth of China’s economy, to deal with the problems of people’s livelihood, promote economic growth show a huge role. The state and society pay more and more attention to the growth and development of SMEs, especially focus on the efficiency of small and medium enterprises financing. Development of small and medium-sized enterprises in growth period, has great development potential and vitality, but due to the lack of equity capital must be dependent from the external financial support funds, and banks and other financial institutions that the scale of the small and medium-sized enterprises is too small, the solvency concerns exist, therefore do not want to borrow or amount of payment too little. At the same time, Shanghai and Shenzhen stock markets also has SMEs to overcome high market access threshold. Therefore, the growth and development of small and medium-sized enterprises in our country is restricted by the difficulty of financing, which will hinder the healthy operation of the domestic market economy.In order to solve the financing difficulties of small enterprises, the state issued a series of related measures, the most notable is the establishment of National Equities Exchange and Quotations. National Equities Exchange and Quotations focused for innovation and the growth of small and medium-sized enterprises to provide financing services, the difference in the former capital markets in the real economy focuses solely in the late growth or maturity of large and medium-sized enterprises, the National Equities Exchange and Quotations will shift attention to start early or at the early stage of the development of small and medium-sized enterprises, so as to promote the social capital to the small and medium-sized enterprise support forward and help small and medium enterprises earlier faster in the capital markets for financing business. Visible, the establishment of NEEQ to further improve the capital market of China’s capital capacity, so that a variety of financial capital has been a strong gathering.The Internet companies in NEEQ belong to the information technology industry, the secondary industry, as of January 2016, a total of 190 Internet service and related enterprises listed on the NEEQ, accounted for the NEEQ listed companies total number of 3.70% and with the vigorous development of the Internet industry, the future NEEQ accounted for than must be continued momentum in. This article from the two research focus of the NEEQ and the Internet to proceed, first of all, the domestic and foreign research on the financing efficiency of the classification, understand the current situation of research, the innovation of the research through the analysis of data mining; then, the financing situation of Internet companies in NEEQ; then, using data envelopment analysis, the establishment of DEA(CCR and BCC) model sure, the scientific input variables(total assets of X1, X2, X3, R & D costs operating costs and asset liability ratio X4) and output variables(operating income Y1, asset turnover rate of Y2, the rate of return on net assets Y3), an empirical study on the implementation of the financing efficiency of Internet companies in NEEQ, obtain comprehensive financing efficiency, pure technical efficiency and returns to scale the results of the analysis, and based on the model operation results text corresponding conclusions: first, the financing efficiency of Internet companies in NEEQ is better level, in 2014 half of the enterprises to achieve the level of financing efficiency is relatively effective. Second, Internet companies in NEEQ finance efficiency levels increased year by year, the overall level of optimization. Third, in recent years, Internet companies in NEEQ listed on the new three board market is a quality enterprise, have a high level of financing efficiency. Fourth, the Internet companies in NEEQ comprehensive financing efficiency change, pure technical efficiency change and scale efficiency change values were greater than 1, indicating that the financing efficiency of the Internet companies in NEEQ in the trend is rising year by year. Fifth, the Internet companies in NEEQ to improve their financing efficiency need to be optimized in the two aspects of input and output, by adjusting the total assets, operating costs, research and development expense and the assets and liabilities rate reduce financing cost, and through the adjustment of business income, ROE(weighted) and asset turnover rate increase the output efficiency of the financing, and ultimately the optimization of financing efficiency. Finally, according to empirical analysis found that the National Equities Exchange and Quotations financing efficiency problems, to the enterprise, the market and the state proposed relevant suggestions.