Research On The Financing Efficiency Of New OTC Market

Small and medium-sized enterprises,due to their small size,weak governance and other characteristics of financing difficult problems have been difficult to solve.In recent years,the opening of the New OTC Market has provided a standardized platform for smes to raise funds.Since the opening of the New OTC Market,reform and innovation have been carried out,and market maker system and hierarchical management system have been introduced successively.The ultimate goal is to improve the financing scale and efficiency of smes.Domestic scholars focus on the financing efficiency of enterprises mainly in the small and medium-sized board,the growth enterprise board,the main board and other markets.There are few existing studies on the financing efficiency of smes in the new third board.Therefore,it is very important to investigate and study the financing efficiency of the New OTC Market.This study intended to new three board stratification system reform as the breakthrough point,and a comprehensive new three board small and medium-sized enterprises' financing efficiency for each type of the enterprise financing efficiency,this paper compares and analyzes the influence factors of the financing efficiency are discussed.On the one hand,want to be able to make recommendations to promote the small and medium-sized enterprises' financing efficiency,make up the related research in the field of small and medium-sized enterprises' financing efficiency,on the other hand hope from the Angle of the financing efficiency of the rationality of the hierarchical management reform and the results were discussed,the follow-up system reform to provide theoretical support for the New OTC Market and the suggestion.This article selects 2016-2017,214 New OTC Market of listed companies as research samples,using DEA method to evaluate the sample enterprise's financing efficiency,analysis level,financing efficiency of the differences between and random effect Tobit regression analysis,the study of the influence factors of the small and medium-sized enterprises' financing efficiency.It is found that :(1)the financing efficiency of new third board listed enterprises is generally low,but the financing situation of enterprises in 2017 is better than that of 2016.(2)the financing efficiency of the innovation layer enterprise is significantly better than that of the basic layer enterprise,and the growth capacity of the innovation layer enterprise is stronger than that of the base layer;(3)the profit ability,growth ability,financing ability,risk control ability,operation ability,capital structure,ownership concentration has significant effects on corporate financing efficiency,modern service industry enterprise financing efficiency is significantly superior to the traditional industry;(4)the new OTC layered standard is scientific and reasonable,which is conducive to hierarchical management,stimulating market vitality and promoting the development of the new third board market.Therefore,it is suggested that the improvement of China's new third board financing should be a breakthrough in improving the competitiveness of small and medium-sized enterprises and accelerating the system construction and innovation.Enhancing the competitiveness of small and medium-sized enterprises :(1)enhancing scientific and technological research and development,and stimulating the development potential of enterprises;(2)strengthen the allocation of resources and improve the efficiency of capital utilization;(3)optimize internal management and seek external cooperation;(4)promote innovation capability and realize industrial transformation and upgrading;(5)broaden financing channels and optimize financing structure.Accelerating the system construction and innovation should(1)promote the construction of hierarchical system and implement differentiated management;(2)establish and improve the system of turning board and delisting,and promote institutional innovation.