| The fact that the speed of economic development pattern has increased sets higher requirements to middle and small-sized enterprises'growth, however, they still have trouble in financing. Meanwhile, the development process of our multi-level capital market still have some gaps compared to the requirements of economic and social development.Therefore, how to improve the national OTC market, also known as the financing efficiency of the new three-panel market, has become the focus of this study. First, this paper describes the current theories about the financing efficiency of three new board, second, the evaluation system for financing efficiency of SMEs in new three board was constructed, third, the analysis to actual financing efficiency of SEMs after they enter three new board was demonstrated using data envelopment; after that, Based on the conclusions above, the main problems in the new three board finance function is identified and the advice to improve the capital market system is provided.In the end, the conclusion to this paper was made, reaffirming the financing strategic significance of the new three board to solve the low efficiency of SEMs, pointing out the contribution and disadvantage of this paper, Setting goals and direction of future research. |
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