Research On Equity Financing Efficiency Of New Third Board Listed Enterprises

As an important force to promote the economic development of our country,the development of small and medium-sized enterprises have an impact of China’s economy and society moving forward to a certain extent.However,due to the small and medium-sized enterprises has some defects,and the related system construction of our country is not perfect,the financing difficulties have been plaguing China’s small and medium enterprises’ rapid and healthy growth.The capital market construction work spread,the emergence of NEEQ market brings a new attempt for the financing of small and medium-sized enterprises.But NEEQ market is currently in the exploration period,service mechanism and system construction is not perfect,the actual operation will often bring some problems.Based on the existing literature on the basis of the analysis,firstly doing theoretical analysis on the development status of the new third market and the efficiency of listed companies financing;Secondly using DEA model and Malmquist index to calculate the equity financing efficiency of the listed small and medium-sized enterprises from two different aspects of static and dynamic.According to the efficiency estimated,summarize and analyze the financing efficiency of enterprises.The results showed that the financing efficiency of enterprises between entering the market before and after did not significantly increase,and financing efficiency of the whole market also in a relatively low status.Combined with previous research about the equity financing efficiency of listed companies in main-board market、second-board market and small and medium enterprise board market,the equity financing efficiency is not high.Because of the cost of equity financing is not mandatory,and the corporate governance and institutional factors,chinese enterprises alaways choose the equity financing firstly.So,in order to solve these problems,improveing system design of the new market,improving the comprehensive competitive level of small and medium-sized enterprises,fully committing to building financial service system,taking measures to help small and medium-sized enterprises be out of the financing difficulties.