The Ningxia New Three Board Listed Companies Financing Efficiency Analysis

Promote structural reform,the supply side is the inevitable choice of economic development of our country has entered the new normal,in the market to deepen reform,highlight the importance of small and medium-sized enterprises.The number of small and medium-sized enterprises(smes)in constant growth,they also in increasing demand for funds,the development of small and medium-sized enterprises is seriously restricted by funds.The fifth plenary session of the party’s 18 has pointed out,the establishment of multi-level capital market to meet the needs of the enterprise’s financing is an important decision,embarks from the government begin to pay close attention to and support small and medium-sized enterprises to solve the problem of financing,financing channel single,information asymmetry and the present situation of the financing efficiency is low.In 2014,the “new three board” listed companies have sprung up speared out,at the beginning of the policy to the nationwide expansion of small and medium-sized enterprises,the national small and medium-sized enterprise operation of shares transfer platform for the domestic capital market,especially the construction of the otc market is an important landmark significance.New three board market is equivalent to the nasdaq market in the United States,on the one hand,many small and medium-sized enterprises realize the importance of equity financing,stock transfer platform,on the other hand is also the important investors to participate in the enterprise equity investment trading places,as the beneficial supplement of the Shanghai and Shenzhen stock exchange,the new three board market is gradually become an important channel of small and medium-sized enterprise capital structure optimization.As the popularity of stock transfer system of small and medium-sized enterprises of the country,attracted the attention of many small and medium-sized enterprises and investors,stock transfer systems in recent years,the national small and medium-sized enterprises both in terms of the number of listed corporations,the size of the market,or in such aspects as trading activity has achieved a leap-forward development.But because of the new three board sill relative to the main board market access point is lower,the same area in Ningxia,small and medium-sized enterprise environment relative to the eastern coastal economic development,capital operation and management of the enterprise ability is to ask for a higher level.This paper first introduces the current financing situation,the new three board market basic situation and development trend of the “new three board”associated with the current situation of Ningxia region of small and medium-sized enterprise financing is introduced;In the empirical analysis part,extract the Ningxia area’s 19 listed enterprises,the “new three board” in 2014 and 2015 two years financial statement data as the foundation,set up a system of input and output indicators,using data envelopment analysis and BCC model,by means of data analysis,this paper probes into the present situation and operation of the financing of small and medium-sized industry in Ningxia region,and probes into the financing efficiency of the new three board enterprises in Ningxia.in order to highlight the “new three board”in the small and medium-sized enterprise financing for the enterprise’s important strategic significance.Finally,to summarize the full text,respectively from the perspective of enterprise itself,the new three board market and the government management perspective,puts forward relevant Suggestions and countermeasures.