Study On The Financing Efficiency Of The NEEQ Listed Enterprises In China

With the introduction of the "13th Five-Year" plan,China is steadily advancing the industrial transformation and upgrading.The economic development has gradually developed from the manufacturing industry to the third industry,and the vocabulary of science and technology and innovation has emerged in the social life.However,the financing difficulty of SMEs has always been the root of China's difficult to solve.The new three boards as a financing platform can manage financing problems pertinent.Through the study of the financing efficiency of the new three board listed SMEs,this paper can test the effectiveness of the new three boards as the financing platform,and put forward the corresponding management and policy suggestions.Based on the theory of financing efficiency in domestic and foreign academic circles,the paper analyses the current situation of the NEEQ,it studies the financing efficiency of the NEEQ listed enterprises in China by using DEA data envelopment analysis method.and draws the following conclusions:the financing efficiency of the new three board market in China is low,but in the three year,the financing efficiency has been steadily increasing;the vast majority of the new three board listed companies are in a state of small financing scale.In the innovation layer,the financing efficiency of enterprises is low and the scale of financing is too small.The industries with higher financing efficiency are mainly new industries such as information technology,finance and non daily consumer goods,and the reasons for the above phenomena are qualitatively analyzed.Based on the above conclusions,in order to give full play to the financing function of the new three board and improve the financing efficiency of the new three board enterprises,this paper puts forward some suggestions on the management and policy of the new three board listed companies.It is considered that innovation,widening the financing channels,improving the governance structure and improving the profitability are the effective strategies to improve the financing efficiency of the enterprises themselves.The government can provide policy support to small and medium-sized innovative enterprises and enhance the liquidity of the new three boards.At the same time,the new three boards should further improve the system of market stratification and strengthen supervision and implement information disclosure.