Study On Financing Efficiency Of Small And Medium-sized Enterprises In Xinjiang New Third

Small and medium-sized enterprises are the important cornerstone to promote the steady development of the national economy.They play an extremely important role in maintaining stable economic growth,reducing the difficulty of employment and promoting scientific and technological innovation.They are of great strategic significance to the development of China's economy and society.Since 2006,Zhongguancun Science and Technology Park Non-listed Company Limited entered the pilot transfer of agency stock system,the national small and medium-sized enterprise stock transfer system(abbreviated as "New Third Board")has experienced four stages: germination,start,development and improvement.The new third board market has ushered in an explosive growth stage,and has gradually become the third level capital market recognized by investors.On January 24,2014,three small and medium-sized enterprises in Xinjiang were listed and circulated in the new three-board market.As of December 2018,a total of 87 small and medium-sized enterprises in Xinjiang have registered,circulated and transferred in the new third board market,which is not only an opportunity for small and medium-sized enterprises in Xinjiang,but also a challenge for small and medium-sized enterprises in Xinjiang.In this context,through case studies and empirical studies,this paper aims to explore the financing efficiency of enterprises listed on the new third board in Xinjiang with the sample of small and medium-sized manufacturing enterprises in Xinjiang,and to provide policy basis and Countermeasures for improving the financing efficiency of small and medium-sized enterprises in Xinjiang.On the basis of the research on financing efficiency and evaluation methods by scholars at home and abroad,this paper first defines efficiency and financing efficiency,combs the factors affecting financing efficiency and the methods of measuring financing efficiency,and combs the new three-board development to the current research results,which lays a theoretical framework for the following article.Secondly,this paper systematically sorted out the size,layout and financing methods of the new third board market.Not only that,but also for the small and medium-sized enterprises in Xinjiang jurisdiction,this paper makes a detailed comb,including industry distribution,regional distribution and financing methods.Thirdly,this paper takes the manufacturing enterprises listed on the new third board in Xinjiang as the sample representative,and analyses the financing efficiency of the new third board enterprises listed in Xinjiang from two perspectives.First,it analyses their growth ability,management ability and profitability,compares the changes before and after financing,and explores the financing effect and the problems in the financing process.Secondly,data envelopment analysis(DEA)is used to evaluate the financing efficiency of enterprises.Eight sample enterprises that have completed directional additional issuance are selected from listed manufacturing enterprises,and then their comprehensive efficiency(TE),pure technical efficiency(PTE)and scale are calculated and analyzed.After the above multi-dimensional analysis,this paper draws the conclusion that the small and medium-sized enterprises listed on the new third board in Xinjiang generally face the problem of insufficient financing efficiency,which is reflected in the poor performance of operating income,total asset turnover rate and sales profit margin in financial aspect;and in the empirical analysis of DEA,it is characterized by low comprehensive efficiency,polarization phenomenon,or pure technical efficiency,low scale efficiency,or The pure technical efficiency is low and the scale efficiency is high.The fundamental reason lies in the backward technology level,weak management ability and lack of external financial support in the stage of increasing scale.Finally,according to the above conclusions,this paper puts forward some pertinent suggestions from the aspects of optimizing trading system,improving business management ability,strengthening supervision and strengthening local government support,in order to improve the financing efficiency of Xinjiang's new third board SMEs and develop more healthily.