Analysis Of Financing Influence Factors Of Enterprises In Neeq Market

The mature securities market is a multi-level structure of Pyramid type, such as the national American Britain and other securities market. Chinese securities market has formed a multi-level structure which comprises the motherboard of Shanghai and Shenzhen,the SME board, the GEM board, the NEEQ market, regional equity trading center and local property rights trading center.But the internal structure of inverted Pyramid form is unreasonable, the securities market to help enterprises to receive financing has not been brought into full play. The NEEQ market as the nationwide OTC securities market is the basic part of our country multi-level securities market which is dedicated to provide equity trading and financing platform for innovation and growing SME.It can for China securities market benign loop and sustainable development to provide strong support. Development of the OTC securities market mainly with the NEEQ market becomes an important measure of the reform of Chinese securities market in the current stage.The construction of Chinese OTC securities market system continues to accelerate and the construction of the NEEQ market is very rapid Which has made great achievements. These moves significantly improve the base plate forces of Chinese multi-level securities market,such as and the expansion and releasing policy system of the NEEQ market,innovation and transformation of the local equity trading center,the OTC market launching of securities companies.The construction and development of the NEEQ market has made a major breakthrough in 2014 with significantly market system construction improved, financing function strong, positioning in place, which has absorbed many SME and investors more. The NEEQ market has developed in a short time.So it has exists many problems and shortcomings during the process of rapid development which especially need to conduct deeply research, to grasp the truth of the market development and to analysis the securities market financing issues.Relative lack of research on the OTC market all over the world,the NEEQ market research in China is less, and the vast majority is for qualitative analysis.The research on financing problems of the NEEQ market is also individual.There are two effective methods to analyse the NEEQ market’s financing problems.One is a DEA model and another is to use regression model.This paper mainly studied the the NEEQ market’s financing problems as the core with the base on the analysis of the connotation, development status of the NEEQ market.In comparison with securities market of Shanghai and Shenzhen,the NEEQ market has no conflict with them.The development of the NEEQ market can actively facilitate the stable operation of securities markets of Shanghai and Shenzhen,and the effectively function of the whole Chinese multi-level securities market.Learning from typical OTC markets,such as NASDAQ and OTCBB, the development of the NEEQ market can refer to the hierarchical management mechanism and advanced electronic transaction system of NASDAQ and the market-maker system of OTCBB.This paper reviewed the theoretical researches on the financing problems of the NEEQ market to build up a innovation multiple regression model:ROE= β0+ β1(EPS)+ β2(P_P)+ β3(D/E)+ β4(AGR).The model is different from the past to consider the influence of net profit growth rate on the financing efficiency of enterprises in the NEEQ market,but integrated into the key factors of enterprises financing efficiency,such as capital structure D/E,EPS,P_P,AGR. Based on the new data in 2014, this paper selected 120 enterprises of the NEEQ market and used Eviews6.0 to analyse the multiple regression model.The results of analysis was scientific,objectivity and timeliness.It can provide support to improve enterprises’ financing efficiency in the NEEQ market and the development of Chinese multi-level securities market.Finally, according to the NEEQ market development problems and influence financing factors of enterprises,NEEQ market should creat hierarchical management system and market index.enterprises should strengthen information disclosure to be reasonable financing.he development of the NEEQ Market is not only the expansion of the scale.It is more important to perfect the system and the promotion of function.The NEEQ Market should enrich the products and transactions as the basic,reserch on market stratification, turn plate system,reduce the invest standardthrough NEEQ and make market index for guiding investors.