Research On Financing Efficiency Of Regional Equity Trading Market

The regional equity trading market,or regional capital market,new four board market,is a private market for the transfer and financing of equity and bonds for the enterprises in a specific region.The development of regional equity trading market is of great significance for the financing of small and micro enterprises and their long-term development.The financing efficiency of regional equity trading market directly affects the development environment of small and micro enterprises as well as the implementation of investment decisions.Therefore,the financing efficiency of regional equity trading market is particularly important.But in the current studies,there is not so much research on the regional equity trading market financing efficiency.They mainly focus on things like system construction and the construction of multi-level capital market as well as the necessity and feasibility for its development.Also,most research is mostly theoretical research.This paper is based on the issue of financing efficiency in regional equity trading market,and the empirical research by means of data envelopment analysis is relatively new.In this paper,Qilu equity trading center is taken as an example to discuss the financing efficiency of China's regional equity trading market.This paper aims at analyzing financing efficiency and its influencing factors of regional equity trading market.The paper discusses the achievements of regional equity trading market construction and the problems existing in the financing process so as to provide intellectual support for the development of this market and the financing of regional small and micro enterprises.As the largest regional equity trading market in Shandong,Qilu equity trading center has provided a total of more than 37000000000 RMB for the small and micro enterprises in the region.This paper use Qilu equity trading center as an example.It not only helps to solve the existing problems of regional equity trading market in Shandong province,but also has important significance to the construction of our country whole regional trading market.This paper is based on the issue of financing efficiency in regional equity trading market,and the empirical research by means of data envelopment analysis is relatively new.Firstly,my paper summarizes the relevant research of domestic and foreign scholars and the relevant theories of financing efficiency.Secondly,using the static DEA model and dynamic DEA model,the paper analyzes the financing efficiency of Qilu equity trading center from 2013 to 2016.On this basis,the DEA-tobit two stage model is used to analyze the influencing factors of financing efficiency.Finally,the paper draws the corresponding conclusions,and puts forward the corresponding policy recommendations from the perspective of small and micro enterprises,regional equity trading market and government.The results of this study show that:firstly,the financing efficiency of Qilu equity trading center is low;secondly,listed companies in Qilu equity trading center has blindly financing behavior.The effect of the use of funds is not ideal;thirdly,listed companies in Qilu equity trading center are mostly at the stage of increasing returns to scale.The proper expansion of scale is beneficial to improving efficiency;fourthly,the improvement of the technological progress and improving the management level and the optimization of scale is conducive to the increasing of financing efficiency of small and medium enterprises;fifthly,enterprise scale,capital structure,growth ability,operating capacity and utilization of funds have a significant effect on financing efficiency of enterprises.In view of the author's time,energy and limited level,this study may have some shortcomings,but it provides more ideas on the regional capital market in this paper.I hope this will be useful for future research.