Empirical Study On Financing Efficiency Of Small And Medium Sized Enterprises Based On The New Three Board Market

SMEs are an important part of China's economic restructuring and upgrading,but the problem of financing has been an important problem for the development of smes.In addition to the construction of multi-level capital market in China is not yet mature,it is a limited role to alleviate the financing problem of SMEs,so promoting the development of the OTC market,the new third market,is of great significance to enhance the economic vitality of the enterprise and solve the problem of financing.Therefore,this paper takes the new three board market as the starting point,focusing on the financing situation of SMEs in the new three board listing and how to improve the financing efficiency of Listed Companies in the new three board market.The new third market broke the capital market financing for small and medium-sized enterprises,through the transfer of shares,financing and mergers and acquisitions and other comprehensive financial services for the small and medium-sized enterprise,greatly improving the efficiency and convenience of capital market financing,as well as the new board of the service of the real economy,at the same time for the development of capital market has brought great vitality.Through the collection and collation of the financing efficiency of enterprises and the market three new board papers and books,this paper presents a method of the financing efficiency of the definition and evaluation of financing efficiency,and based on the theory of enterprise financing efficiency,this paper clarities the enterprise quantity change trend,industry distribution,regional distribution and the province GDP comparative analysis,listed on the new board market.Then this paper uses the method of statistical analysis to study the liquidity of the new three board market,the direction of the capital increase and the transfer of the company's board.On this basis,this paper takes 100 small and medium enterprises listed on the new three board market from 2006 to 2015 as the research object,first of all,from the perspective of macro and micro analysis of the influencing factors of three new board listed enterprise financing efficiency,using multiple regression analysis,to construct the net assets income rate as the dependent variable and income per share,accounts receivable turnover,net profit growth rate,asset liability ratio as independent variables,and increased stratification as categorical variables the financing efficiency evaluation index system,according to the regression analysis of its results.The conclusion of the study for the new third board market is conducive to improve the financing efficiency of small and medium-sized enterprises,but due to the construction of the new third board market is not perfect,the enterprise also has some problems in the process of financing,so the financing efficiency there is still much room for improvement.This paper is divided into six parts,first of all,to clarify the background of the construction of the new three board,as well as the significance of this study and research methods.Secondly,this paper summarizes the current situation of financing of SMEs in China and the construction process of multi-level capital market.Third,introduce the uniqueness of the development of the new three board market,and the use of statistical means,the number of new board listed companies,the industry distribution,regional distribution,etc..Fourth,based on market liquidity,directional capital and enterprise transfer as proof of the actual financing effect after companies listed on the new board,and by means of empirical analysis,proposed the ROE=?₀+?₁NPER+?₂EPS+?₃ASSET+?₄ACCOUNT+?₅FCENG a multiple regression model to verify the effect of the financing of three new board.Fifth,on the basis of the research conclusion,this paper finds out the problems existing in the financing of the new three board market,and puts forward the corresponding countermeasures and suggestions.Finally,the full text of the summary,and look forward to the future development trend of the three new board,pointing out the inadequacies of the paper,clear future research objectives.