Research On Financing Efficiency Measurement Of Hi-tech Small And Medium Enterprises In NEEQ Board

Since the 21 st Century,the level of science and technology has become one of the important criteria for evaluating a country's comprehensive national strength.Although economic development momentum of China is strong,but we mainly rely on the output of raw materials and product processing,lack of core technology.In recent years,the innovation ability of Hi-tech Small and Medium Enterprises has been highly valued by the government,and the government has introduced a number of supportive policies.The support of national policy provides an important opportunity for the development of Hi-tech Small and Medium Enterprises.Up to now,Hi-tech Small and Medium Enterprises have become the main force to promote the development of science and technology as well as the national economy.However,in the process of development,many Hi-tech Small and Medium Enterprises have encountered difficulties in financing.In order to enrich our capital market,NEEQ board began operation at the end of 2013.The research on the financing efficiency of Hi-tech Small and Medium Enterprises in NEEQ board has important practical significance to help its healthy and rapid development,it can provide reference for the improvement of the market mechanism of NEEQ board.The paper summarizes the development status of NEEQ board and Hi-tech Small and Medium Enterprises,and emphatically analyzes the trading system of NEEQ board and the traditional financing channels of Hi-tech Small and Medium Enterprises.On this basis,this paper selects the BC~2 model and Malmquist index method of DEA to analyze the 40 Hi-tech Small and Medium Enterprises in NEEQ board.According to the principle of index selection and the related theories of corporate finance,the comprehensive evaluation index system is constructed,and the financing efficiency is measured from two angles of static and dynamic.According to the analysis results and influencing factors of the financing efficiency of Hi-tech Small and Medium Enterprises,the paper puts forward counter measures and suggestions from two aspects of the enterprises themselves and NEEQ board.