Research On Financing Efficiency Of Private Placement In Software Service Industry Of NEEQ

In all types of capital markets in China,the new three-board market occupies a pivotal position,and SME financing is also more convenient because of the new three-board market.The software service industry is the second-tier industry with the largest number of listings on the New Third Board.Under the policy support and key cultivation of the country,the software service industry has developed into the most basic and strategically influential industry that affects the national economy and people's livelihood.The future software service industry is The proportion of the New Third Board is bound to continue to rise.In the financing method of the new three-board software service enterprise,the company has the largest proportion of funds through the targeted issuance of stocks to specific investors.Therefore,after the financing of private placements,the new three board software service enterprises study whether they effectively allocate and use funds.Whether the use of funds has reached the optimal efficiency has important practical significance.Based on the related theories of Pareto efficiency and input-output efficiency in efficiency theory,the concept of financing efficiency is defined.Through the listing scale of the new three-board software service enterprises,the geographical distribution of the listed enterprises,the transfer situation,and the private placement,the outstanding characteristics of the new three-board software service industry compared with other industries and the status of private placement financing are analyzed.This paper selects the software service enterprises listed in the new three board in 2016 and has issued additional shares in the same year as a sample,and selects the input and output indicators for the factors affecting the software efficiency of the new three board software industry and the private financing.Principal component analysis is used to classify the input and output indicators into principal components with certain economic meanings,and then use the BCC model and CCR model in the DEA method to measure the efficiency values of the sample enterprise scale,pure technology and comprehensive technology.The scale of compensation is measured,and the financing efficiency of the sample enterprises after the private placement is measured,and then the financing efficiency of the software service enterprises in the new three board market is evaluated.According to the "projection" principle in the DEA method,the calculation of input redundancy and insufficient output provides advice for enterprises that are not effective in financing.Learned through research,it is known that in the whole new three-board software service industry,the current state of corporate financing is not optimistic,and most of the software service enterprises are distributed at a medium efficiency level,indicating that softwareservice enterprises have relatively large room for improvement in the financing process;The pure technical efficiency of financing is better than the scale efficiency,and the distribution is more concentrated than the scale efficiency.The new three-board software service enterprises need to reasonably control the scale of corporate financing,and improve the efficiency of capital utilization in the financing process,thereby further promoting the efficiency of financing;256 listings In the enterprise,the financing scale of most enterprises is in a period of continuous increase.The establishment of the new three-board software service enterprises is not long,and financing is relatively difficult.Therefore,enterprises must improve their own financing capabilities,increase financing channels,and enhance the scale of financing.At the same time,they must further strengthen the optimal allocation of corporate funds to truly achieve efficient financing.