Empirical Research Of Our Three New Board Listed Companies Financing Efficiency Comparison

Small and medium enterprises(SMEs)is an important part of China’s national economy, SMEs relying on direct equity financing is relatively small. Because they do not have the ability to enter the motherboard market conditions and equity financing,more than 80% of SMEs through bank loans only indirect financing mode of financing.The number of investors subject to regional and geographical conditions of equity trading center but also a lack of liquidity in the market not meeting the financing needs of SMEs are important reasons. SMEs played a pivotal role to promote rapid economic growth in crack and financing difficult of SMEs to achieve effective financing now become an important issue world attention and study.Under the SME financing needs can not be met far in the background, the new three-panel market came into being. In this paper, among the new three-panel market sector financing efficiency of listed SMEs as a starting point, around the financing efficiency of SMEs in the new three-panel market listing after the performance, the performance impact of the new three-panel market for listed companies and how the future improvement and development of new three-panel market policy recommendations to expand discussion and research. In this paper, empirical research,literature analysis, comparative analysis of the combination of methods to finance efficiency theory, the new three-panel market policy-oriented basis, based on DEAP2. 1DEA data envelopment model of data analysis software tool, the three new board do An Empirical Study of financing efficiency of relatively activing trading market many times the additional 33 listed companies. DEA data binding model calculation results obtained for 33 listed companies financing efficiency comparative analysis, extending from the sample analysis results to expand the macro level, the conclusion drawn between our three new board listed companies, mostly in high-purity industry technical efficiency, low IFS efficiency of state, three new board platform for enterprise financing efficiency steadily go up conclusions.Innovation of this paper is to study novel and unique perspective, select the most representative of China’s OTC market- the new board. For the new three-panel market to provide a guide to future development direction and policy measures the government should take, with some reference. The disadvantage is that due to the various indicators of SMEs only in recent years to improve the data, so there is no calculation to three newboard listed companies in previous financing efficiency, financing of SMEs is a long time since there has been problems in the small and medium enterprises in the new text before three board listing financing inefficient as invisible condition.