Analysis Of The Influence Of The Development Of Chinese New Third Board Market On The Financing Efficiency Of SME

SMEs have made increasingly important contributions to the development of China's socialist market economy.Financing difficulties are a major bottleneck in the current suppression of the development of SMEs.The approval and establishment of China's national small and medium sized enterprise equity transfer system(the New Third Board Market)has not only further improved China's multi-level capital market,but also provided a good opportunity for the capital market platform for the development and expansion of a large number of small,medium,and micro enterprises across the country.This paper analyzes the development history and status quo of the New Third Board and the financing characteristics of the SMEs,and points out that the current capacity of the new Third Board market in China is more active and rising but the activity is insufficient.The market maker system has both advantages and disadvantages.SMEs have the characteristics of single financing channels,high financing costs,and low matching of financing requirements.The listed companies'industries are widely distributed and geographically concentrated,and they should continue to develop towards the national multi-industry and large-area trends.The overall valuation of the new 3rd board market is smaller than Shenzhen's small and medium board and GEM,and is affected by market liquidity.The lower liquidity of the new 3rd board market will result in the inability of market value discovery to be fully realized.Valuation may produce some deviations that will further lead to financing difficulties.On this basis,this paper selected the financial indicators of companies listed in the New Third Board Market from 2014 to 2016 as a sample,and used panel data to empirically analyze the financing functions of the new third board market in China,and quantitatively analyzes using the measurement model.The specific financing mechanism concluded that the asset turnover rate has a significant positive effect on ROE.Whether the private placement and debt ratio significantly negatively affected ROE in the previous year,the main business growth rate and total asset growth The rate of influence on ROE is low.The symbol of asset-liability ratio is contrary to the expected symbol.This may be because the sample company's overall asset-liability ratio is not high,and the leverage effect has not yet been reflected.This shows that after the company has been listed and financed through the New Third Board,it will enhance the company's core competitiveness in the market,operating efficiency and reputation,thereby increasing growth and improving the effectiveness of financing.Although the issuance of issuance financing will inevitably dilute stock returns and have a negative impact on ROE,this is only a short-term effect.In the long run,SMEs can further promote their own development through new three-board financing,increase asset size,increase profitability,and then promote technological advancement of enterprises.This has a positive and positive effect on improving corporate ROE.In view of the analysis of the specific financing efficiency of SMEs,this paper adopts a DEA input-oriented model evaluation method,using individual companies as decision units,and using panel data for 2014-2016 to obtain the annual average technical efficiency value,pure technical efficiency index value and The scale efficiency value and overall conclusions indicate that there are many SMEs that fail to make full use of the financing function in the new three boards.Based on the above research and analysis,this paper gives the following suggestions for the future development of the New Third Board:promote the innovation of the trading system,improve the system of market makers with more Chinese characteristics,and accelerate the construction of rational and effective transfer mechanisms.