Research On The Development And Financing Efficiency Of Regional Equity Market

The regional equity trading center provides financial services to non-listed companies in certain regions,such as equity and bond transfer,shareholding,business incubation and so on.It is of important practical significance to solve the financing difficulty of small and medium-sized companies.In recent years,the regional equity exchange center constantly updated its own trading model and regulatory system.They have played an important role in promoting the financing of enterprises,optimizing the allocation of market resources and upgrading the industrial structure.Due to the late establishment of the regional equity market in our country,the research in this field mainly focuses on the macro-level comparison.The research on the micro level of regional equity trading centers is very limited.Taking Zhejiang Equity Market as an example,this paper analyzes its specific business and development,and studies the efficiency of financing through the combination of qualitative and quantitative analysis.This article first analyzes the establishment and development of the regional equity exchange market in China,and then takes the Zhejiang Equity Exchange Center as an example to analyze the current situation of the platform,the businesses involved,the main products and management systems,and the current platform.The focus is mainly on two aspects:the platform system construction and the improvement of the financing efficiency of listed companies.1.In response to the construction of the platform,this article draws on the experience of the mature OTC markets and the OTC markets in emerging countries.The research shows that more detailed layered,diversified transaction model and regulatory system can better meet the different needs of the company and keep attractive to high-quality companies.2.In response to the financing of Zhejiang Equity Exchange Center,this paper proposes the theory of financing efficiency evaluation.Then,using DEA model to measure the financing efficiency of listed companies and using Tobit model to analyze the influencing factors of financing efficiency.The empirical results show that the financing functions of Zhejiang Equity Exchange Center have not yet been fully realized,and nearly 60%of the corporate financing is invalid.In addition,enterprises with stronger profitability,higher asset operating efficiency and strong debt repayment ability can make more effective use of market-financed funds to enhance the financing efficiency.Above all,this article combines the macro and micro aspects,and puts forward policy suggestions from the platform self-construction and the management of listed companies.Due to the lack of data and model errors,the conclusions of this paper may have some limitations,but this article hopes to study the combination of macro and micro aspects of Zhejiang Equity Exchange Center and provide some reference and reference for the research of regional OTC market.