Market Stratification And The Financing Efficiency Of The New Third Board Listing Companies

The impact of small,medium and micro enterprises on China's economic development level is very significant.It is conducive to the improvement of the gross domestic product,the improvement of employment levels,the innovation of science and technology,and the stability of human society.However,the poor quality of SMEs,the unreasonable allocation of bank credit,and the imperfect capital market system have caused difficulties for SMEs in financing,making them a major obstacle to the healthy development of SMEs.With the establishment and rapid growth of the New Third Board Market,the financing difficulties of China's SMEs have improved to some extent.It has broadened the financing channels for SMEs and has become an important platform for SME financing.The implementation of the new “three-tier” stratification system is conducive to the implementation of classified services and hierarchical supervision of listed companies to meet the differentiated needs of SMEs in different stages of development,to achieve optimal allocation of resources,but also to reduce the number of investors to collect information and make The difficulty of investment decision-making,as well as financing risks and financing costs of SMEs,is a major reform measure to improve the new NEEQ market system and promote the healthy development of the NEEQ market.In light of this,it is of great value to explore the efficiency improvement and policy implementation results of the new three-tier companies before and after the stratification.Based on the three-phase DEA model,this paper measures the financing efficiency of the new three-board listed companies,overcomes the defects of the traditional DEA model,and uses the SFA model to peel off the influence of environmental factors and random factors,making the financing efficiency of the new three-board companies more accurate.Measured.Based on the measured results of the three-phase DEA model,the first and third stages of the financing efficiency level were compared and analyzed,and vertical comparisons were made between the new three board companies' various efficiency values from 2015 to 2017 to explore the impact of removing environmental factors.The Financing Efficiencies before and after the Stratification of Post New Third Board Enterprises.The empirical results show that the environmental factors do have a significant impact on the financing efficiency of the sample companies.The results of the third phase of the DEA model after the impact of environmental factors are stripped off can more accurately reflect the overall financing effect of the New Third Board companies.Environmental factors make the sample more effective.The level of pure technological efficiency of an enterprise is underestimated,and the scale efficiency level is overestimated,which makes the overall technical efficiency level of the New Third Board companies have an estimation error.The stratification system of the New Third Board Market has,to a certain extent,improved the financing efficiency of the listed companies.The level of comprehensive technical efficiency,pure technical efficiency,and scale efficiency have all been improved to varying degrees,among which the improvement of the scale efficiency level has become more apparent,but The overall level of financing efficiency is still low,and the financing efficiency of most companies is relatively ineffective and relatively ineffective.The lack of scale efficiency is the main reason that restricts the financing efficiency of listed companies in the New Third Board.