Analysis Of The Financing Efficiency Of Listed Companies On The New Third Board

At present,China's economy is at a stage of slowing down growth and restructuring is urgently needed.As an important part of China's market economy,small and medium-sized enterprises have incomparable natural advantages in technology and system innovation.Therefore,it has become an important strategic task of China to encourage,support and guide small and medium-sized enterprises to further optimize their structure and transformation growth and promote their healthy and rapid development.The financing problem is one of the most urgent problems in the development of small and medium-sized enterprises.The emergence of the new third board market in 2006 provides a new path for solving the financing problems of small and medium-sized enterprises.However,at the early stage of the establishment of the new third board market,the number of listed companies was very few,and it was impossible to improve the financing efficiency of smes.After nearly ten years of development,the new third board market has become China's main over-the-counter market and an important financing platform for small and medium-sized enterprises.Therefore,how much role the current new third board market plays in improving the financing efficiency of small and medium-sized enterprises,and how the new third board market and various market players will play a further role in improving the financing efficiency of small and medium-sized enterprises in the future has become an issue of great concern,which is also the main research purpose of this paper.This paper is divided into seven chapters,the main content is as follows:The first chapter is the research background and literature review at home and abroad.By analyzing the current situation of China's economy,the relationship between the new third board market and the improvement of financing efficiency of small and medium-sized enterprises,it is pointed out that the research topic is of great significance.Then,the definition and research methods of financing efficiency in domestic and foreign literatures are summarized.Chapter two is about the theoretical basis of the research.The concept of the new third board market,small and medium-sized enterprises and financing efficiency is defined,and related theories at home and abroad are expounded to clarify the research basis.The third chapter analyzes the current situation and problems of financing efficiency of small and medium-sized enterprises in China's new third board market.The financial index system is mainly used to analyze the financing timeliness,financing cost and financing risk changes of a group of small and medium-sized enterprises before and after listing on the new third board through descriptive statistics and comparative analysis.Through the analysis found that the new three board market in our country to improve small and medium-sized enterprise financing efficiency,control the financing risk has played a very positive role,but due to problems such as system design,the new three board market of equity financing activity compared with the growth enterprise market there is still a large room to improve,and small and medium enterprises listed on the new three board,profitability didn't get the corresponding improvement,these two factors hampering the timeliness of financing have further improved.In addition,due to the lack of long-term debt financing methods and the lack of awareness of the optimization of the financing structure of smes,the debt financing ratio of smes in the new third board market is relatively low,and the financing cost of innovation is relatively high,so the reduction of financing cost is not obvious.The fourth chapter establishes the financing efficiency evaluation model,the model analyzes the financing efficiency,financing cost,financing capability impact on financing efficiency,by using expert scoring method to quantify the abstract problem to quantify the weights between the indicators affect the financing efficiency and the two indicators of the relationship.The fifth chapter is the financing efficiency analysis and experience reference of new third board market F company.Select one F company,which has a long listing time and frequent financing activities,to analyze the financing efficiency.On the basis of analysis,it is pointed out that small and medium-sized enterprises still have much to do in terms of improving financing efficiency,including improving core competitiveness,improving profitability and proportion of internal financing,so as to further improve financing timeliness.Make full use of the financing platform of the new third board,optimize capital structure,reduce financing cost and pay attention to the improvement of management ability.The sixth chapter is the countermeasures and Suggestions to improve the financing efficiency of smes in the new third board market.This paper comprehensively summarizes and puts forward policy Suggestions on further improving the financing efficiency of smes in the new third board market from the perspective of improving the new third board market and the internal reform of smes,including setting the threshold of differentiated investment.Make full use of the market-making trading system;Improving core competitiveness and profitability;Innovate financing methods and optimize capital structure;Strengthen management and control financing risk.Chapter seventh is the conclusion and prospect.The research results of this paper are summarized,and the future research and the development of the new third board market are prospected.The innovation of this paper is mainly shown in the following three aspects.First,through the establishment of the index system,it can reflect the change of financing efficiency of China's small enterprises more intuitively and multi-dimensionally.Secondly,the sample data of this paper covers the period of the expansion of the neeq,the launch of the transaction settlement system and the implementation of the market-making system,which is of great significance for the evaluation of the financing efficiency of smes in the neeq market at the present stage.The deficiencies are reflectedin the lack of accurate quantitative analysis of the financing timeliness,and the quantitative relationship between the evaluation indicators and the financing efficiency,etc.In the future,the author will further strengthen the research and strive for new breakthroughs in the above issues,so as to make the research results more rigorous and scientific.