An Empirical Research On Financing Efficiency And Influencing Factors Of New Three Board Private Placement Enterprises

SMEs play an indispensable role in China's economic development.However,the difficulty of financing has always hindered the healthy development of SMEs.In order to solve this problem,the government boldly innovated and launched the new threeboard market,which is committed to providing external financing for SMEs Listed companies can meet their financing needs through private placement of shares.At present,the number,turnover and transaction volume of the listed companies in the New Third Board have shown a significant upward trend.But whether the new third board enterprises allocate funds rationally while obtaining financing? Is the financing efficiency of new three board listed companies effective? These questions are worth studying.On the basis of combing domestic and foreign research on financing efficiency,this paper comprehensively introduces the current development status and existing problems of China's New Third Board,and at the same time constructs a corporate financing efficiency evaluation system,uses DEA model to calculate the input and output indicators of private placement enterprises,summarizes the various efficiency values of enterprises and analyzes the effectiveness of corporate financing efficiency.At the same time,Tobit model is used to regression analysis of the factors affecting the financing efficiency,and suggestions are put forward on how to improve the financing efficiency of the new third board enterprises.The conclusion is that the financing efficiency of new three board listed companies is generally low before and after the fixed increase.The efficiency of corporate financing increased after private placement.From the industry perspective,the financing efficiency of manufacturing and information technology enterprises is higher than that of other industries.From a regional perspective,the financing efficiency of enterprises in Beijing,Shanghai and Guangdong is higher than that in other provinces and municipalities.However,no matter from the industry or regional perspective,the financing efficiency of private placement enterprises is not high.In addition,the size of enterprises,capital structure,governance structure,profitability,operational capacity and growth capacity have a significant impact on financing efficiency.New third board private placement enterprises should reasonably control the scale,enhance management ability and pay attention to technological innovation and industrial upgrading in order to enhance their own financing efficiency.