Research On The Financing Efficiency And Its Influencing Factors Of The New OTC Market Listed Companies In China

In the process of reform and opening up over the past 40 years,SMEs have become a new force in China's economic growth.The New OTC Market Listed is an important platform for providing services such as equity financing,equity trading and asset restructuring for innovative,entrepreneurial and growth-oriented small and medium-sized enterprises.In June 2016,the tiered system reform was implemented in the New OTC Market Listed,In December 2017,the national share transfer company issued a new layered management approach.Effective screening of small and medium-sized enterprises was reduced,which reduced the information integration of investors and facilitated the differentiation of market regulation and further institutional innovation of the New OTC Market Listed.This paper takes the small and medium-sized enterprises in the new three-board market as the research object,and takes the tiered system as the entry point to examine the financing efficiency and its influencing factors of the SMEs in the new three-board market.On the one hand,I hope to supplement the research on the financing efficiency of the new three-board enterprises.On the other hand,I also hope to examine the rationality and effectiveness of the tiered system reform,and provide some improvements for the financing efficiency of the listed enterprises and the construction of the new three-tier tiered system.Suggest.The article first introduces the relevant theories of financing efficiency,influencing factors and general methods of efficiency evaluation.In the empirical test,the two-step method of DEA-Tobit regression was adopted.A total of 561 listed companies in the new three boards were selected as samples.Firstly,the DEA model was used to measure the financing efficiency of the innovation layer and the base layer,and then the calculation was carried out.The comprehensive technical efficiency value is taken as the explanatory variable,and each influenci ng factor index is used as the explanatory variable.The model is constructed by Tobit regression method,and the degree of influence of each possible influencing factor on financing efficiency is obtained,and then before and after the layering and the innovation layer and foundation.The different results of the listed companies were compared.There are several main conclusions:(1)Most of the new three board listed companies are at a lower level of financing efficiency,but the overall financing efficiency in 2018 is higher than in 2015;(2)comprehensive technical efficiency,scale efficiency and pure technical efficiency In terms of three dimensions,the ratio of the DEA effective level and the DEA efficiency of the innovation layer enterprises are higher than those of the base layer enterprises;(3)The factors affecting the financing efficiency include the enterprise scale,operational capability,corporate governance,risk control capability,and profitability.The capital structure and the level of the company have significantly affected the financing efficiency of the new three-board enterprises.The influencing factors of the company's growth ability have an increasingly strong impact on the financing efficiency of listed companies.Finally,suggestions are made from the macro and micro level: on the one hand,it is necessary for listed companies to enhance market competitiveness,effectively integrate resources,use funds efficiently,expand financing channels,and finance various ways to improve the internal capital structure of enterprises;Effectively continue to innovate the new three-board tiered system,provide corresponding supporting measures for differentiated services,promote and accelerate the construction of the transfer system,and improve the financial service system.