Research On The Financing Efficiency Of Listed Enterprises In The NEEQ Market

SMEs are an indispensable part of China’s national economic system and play an important role in promoting national economic development and promoting social stability.For a long time,the problem of "funding difficulties,expensive financing,and financing chaos" for SMEs has always been a bottleneck restricting the healthy development of SMEs.In January 2006,the "New Share Transfer System(referred to as the NEEQ Market)" was launched.It was opened to the whole country at the end of 2013.The number of listed companies and stocks increased sharply,opening up new financing channels for SMEs.The financing channel is a milestone.However,the NEEQ market is not perfect in terms of system construction,operation and supervision mechanisms.The resulting low efficiency of SME financing still exists.It is of great significance to study the financing efficiency of small and medium-sized enterprises in the NEEQ market and propose countermeasures from both theoretical and empirical aspects,which is of great significance to the healthy development of the NEEQ market and the rapid,efficient and sustainable development of small and medium-sized enterprises.This paper summarizes and analyzes the research status at home and abroad in related fields,and clarifies the meaning of financing efficiency,OTC market and the NEEQ market,sums up efficiency theory,financing structure theory,financial growth cycle theory,and commonly used financing efficiency.The evaluation methods were analyzed and compared.The status quo of listing and financing of the NEEQ market was analyzed,and the achievements and existing problems were summarized.Based on the existing research results,the DEA of the financing efficiency evaluation of the NEEQ market was constructed.The Malmquist model analyzes the influencing factors of financing efficiency,and builds an evaluation index system from both input and output.131 companies selected for listing before 2013 and substantial financing in 2013-20-17 are selected as research samples.The coefficient method performs dimensionless processing on related indicators,and descriptive statistical analysis of each index,and determines the four-gradient standard for financing efficiency evaluation.The empirical analysis of the static and dynamic financing efficiency of 131 sample enterprises shows that the results show that:From the static point of view,the number of comprehensive technical efficiency and effective ente:rprises is small,pure technology The rate is better than the scale efficiency;from the dynamic point of view,the annual average technical efficiency and the average annuall technological progress index are both greater than 1,the combined effect of the two makes the annual productivity index increase;Further,from the second and third industries,the DEA-Malmquist method was used to measure th,e financing efficiency.It was found that the financing efficiency of the secondary industry was not high and showed a downward trend of "N"-shaped fluctuations.The technical efficiency and technological progress of the tertiary industry The index is on the rise,and the secondary industry is less efficient than the tertiary industry.