The Research On Financing Efficiency And Its Influence Factors Of China’s New Third Panel Market Enterprises

Whether it is worldwide or in our country, SMEs are the important force of promotingeconomic development and stimulating rapid economic development process.To solve thedifficulties of financing of SMEs, realize the enterprise effective financing is an importantissue in today’s world attention and research. More than 80% of SMEs rely on the indirectfinancing model of bank loans, the enterprise of direct equity financing is little, the mainreason is that most SMEs are lack of the equity financing conditions and ability of enteringinto the motherboard market or second market, however, the persistence of regional equitytrading center because of the limit of area and investors. Currently trading is not active, andlack of marketed liquidity, it can not meet the financing needs of SMEs.National SMEs share transfer system(the New third panel market) is the important bridgeof commuting financing market and SMEs financing needs, and the important complement ofconstructing a multi-level capital market, even the important task of the Eighth Third PlenarySession proposed financial reform. Shares of system activities listed in full swing since 2014,only on the new year in the 2014 listed 1216 companies, by the end of the nationwide totalNew third panel market listed companies reached 1572, the share transfer turnover andvolume of New third panel market listed companies also showed a significant increase in thetrend. This shows that the new board is really amazing ability to nurture SMEs. Under thesocial limited financing present situation, it is an currently urgent and important issue tostudy the financing efficiency of New third panel market.This article is base on reviewing and analysising the previous relevant theory ofcorporate financing efficiency, it introduces the history of New third panel market, for thelisting enterprises numbers, financing transactions, transfer boards and making markets ofNew third panel market, choose Total assets, financing cost rate, asset liability ratio, thelargest shareholder ratio as input variables, and choose Net profit growth, the main businessincome growth rate, total asset turnover and earning per share as the output variable. UsingCCR model, BBC model to estimate the overall efficiency, pure technical efficiency and scaleefficiency of listed corporate financing. Then it analysis the macroeconomic environment andmicro-enterprise factors of New third panel market listed companies financing efficiency, andbuilding a model of multivariate regressing analysis. Finally, make recommendations toimprove financial efficiency of New third panel market financing efficiency.