Study Of Financing Efficiency Problems For SMEs On China's NEEQ

SMEs have an irreplaceable role in promoting economic growth and increasing innovation activities.The proportion of SMEs in China accounts for 97.5%,but the problem of financing for SMEs is still outstanding.The main financing method of SMEs is internal financing.Most SMEs are in the initial stage or development stage,so the risk is relatively high.Banks and other financial institutions are more stringent in terms of their loans,so it is more difficult for SMEs to provide external financing.The birth of NEEQisto solve the problem of "financing difficulties for SMEs." NEEQ provides new ways for the financing of SMEs.SMEs through listing onNEEQcan financeby private placement,equity pledges and the issuance of private bonds and other channels,Is financing effective?This is the subject of this article's research.Firstly,this article analyzes the changes in growth capacity,operating capacity,and profitability before and after financing through the three indicators of operating income growth rate,total asset turnover rate,and sales profitability,and finds that both have declined.This shows that the integration of funds into enterprises has not been efficient.Use.Secondly,this paper conducts empirical analysis through DEA model.The input indicators are total assets,asset-liability ratio and operating costs.Output indicators are return on net assets,total asset turnover rate,operating income growth rate,and earnings per share.Using Deap 2.1 from the overall and sub-industry analysis.First of all,on the whole,regardless of comprehensive efficiency,technical efficiency,or scale efficiency,the proportion of effective enterprises in the DEA is relatively small,indicating that the overall financing efficiency is low;the efficiency of the technical efficiency of the DEA accounts for relatively comprehensive efficiency and scale efficiency and is relatively high.It is because most of the companies listed on NEEQ are innovative and entrepreneurial enterprises.These are technically competitive and therefore have higher technical efficiency.At the same time,the effective ratio of DEA after financing is less than that of financing,and financing efficiency is not good.Secondly,the results of sub-industries show that the financing efficiency of the two major industries—the manufacturing/information technology service industries—is not improved in terms of overall efficiency,technical efficiency,or scale efficiency.Financing efficiency is poor.Therefore,no matter whether it is a preliminary analysis of indicators or an empirical analysis using data envelopment,it is found that the financing efficiency of NEEQ listed companies is relatively low,and this article puts forward some suggestions on the construction of NEEQ based on the conclusions.