The Analysis Of Financing Efficiency Change Of The Listed Smes On NEEQ

Small and medium-sized enterprises(SMEs)are the important force of China’s economic development.While for a long time,the development of SMEs in China is slow,financing constraints are considered to be one of the major difficulties.The national equities exchange and quotations(NEEQ)theoretically solves the "stubborn disease" of SMEs’ credit,banks thus with great enthusiasm for the NEEQ listing and to be listed enterprises to loan for them.While in the end,overall effect of the implementation of loan for listed SMEs is far from the expectations of banks,and the overall predicament of SMEs credit has not been fundamentally changed.This paper attempts to explore the reasons for this phenomenon from the perspective of financing efficiency.To this end,this paper collects three years’ financial data of 41 Zhuhai SMEs listed in the "NEEQ",sets up the framework of financing efficiency analysis,descriptive statistics and DEA data analysis,and draws the law of their financing efficiency before and after their listing.Next,take one of the typical companies-JT company as an example,provides a more comprehensive and in-depth depiction of the company’s situation,and analysis from perspective of 3 areas,enterprises,banks market.This paper concludes that enterprises have not yet established an independent and mature business model,the actual controller being lack of understanding to the investment and financing,and the lack of enterprise strategic expectations and planning of financing are the direct causes of the change in the financing efficiency of enterprises before and after the listing.Banks yielded to the performance appraisal pressure and make the SMEs credit "the width enters the strict out",the audit ability insufficiency,the risk control level is not high are indirect causes of the change.The capital market development is imperfect,the low acceptance of innovation guarantee and the blind promotion of local government are the external market factors that result in the change of financing efficiency.On this basis,the paper put forward the corresponding suggestions: Firstly,enterprises should deepen the innovation and develop in a rational way.Secondly,banks should pay attention to the innovation driven power,and effectively increase the ability of risk control.Finally,the government should set target rationally and build a better economic environment.