Research On Financing Efficiency Of New Third Board Listed Companies

China's small and medium-sized enterprises have difficulties in financing due to their small scale of operation and low ability to resist risk,and the problem has been unresolved until now.In 2006,the establishment of the New Third Board market facilitated the financing of SMEs,allowing these companies to have a financing platform that is truly their own.Since the establishment of the New Third Board market,it has been continuously reforming and innovating according to the changes in the capital market.The market-to-business system,the tiered management system and the bidding system have been implemented before and after the share transfer company.The main purpose is to make the function of the new three board market better.Improve the financing efficiency of listed companies.After the implementation of the national expansion in the New Third Board market in 2013,the number of listed companies increased rapidly.By the end of December 2018,there were 10,691 listed companies on the stock transfer system,and the total number of companies was far greater than the number of listed companies in Shenzhen and Shanghai.The new three board large-scale market.The rapid development of the market has caused regulators to be overly troubled by the supervision of listed companies.Investors cannot effectively collect various information,and various harmful speculations frequently occur in the capital market.The shortcomings in the market gradually Appeared.For listed companies with large scales and uneven aspects,if they still implement a single regulatory system,they will not be able to effectively supervise the fast-growing new three-board market.In 2016,the share transfer system implemented a tiered system management for the New Third Board market,and all listed companies were classified into base companies and innovation companies according to relevant standards.The establishment of the market stratification system reflects the strategic thinking of “multi-level,step-by-step”,which marks that China's OTC market has entered a new stage of development.This paper takes the implementation and reform of the hierarchical management system as the starting point of the research.The purpose of the research is to examine the implementation of the new three-board tiered management system and the effect of the reform,and try to provide some policy recommendations for improving the financing efficiency of listed enterprises.First,using a combination of theoretical and empirical research,qualitative and quantitative research methods,financing efficiency as a comprehensive indicator,based on this comprehensive perspective,can more rigorously examine the rationality and effectiveness of stratified management system reform,and Preventing the risk of major system losses caused by the failure of institutional reforms.Second,by studying the differences in financing efficiency and influencing factors of listed companies at different levels,it can provide improved directions for the regulatory agencies to improve the tiered management system,and at the same time make suggestions for the reform and construction of the new three-board market.Thirdly,the newly established Science and Technology Board Company in 2019 and the innovation layer company in the New Third Board Market have great similarities in various aspects,but the Science and Technology Board currently does not have enough data to conduct research on financing efficiency.The research of innovation layer can lay a foundation for the research of Kechuang board and has certain reference significance.Based on the data collected by wind financial terminal and national stock transfer system,this study selects relevant data from 2015 to 2017,and first uses DEA data envelopment analysis method to establish relevant input and output indicators.The stratification is used to calculate the financing efficiency of the listed companies in the third board.Secondly,the Stata software is used to analyze the financing efficiency of the previous calculations to explore the macro and micro factors of financing efficiency.Finally,the differences between the factors affecting the financing efficiency of the base layer and the innovation layer are compared and the relevant policy recommendations are proposed separately.The research finds that:(1)the financing efficiency of the listed companies in the New Third Board market is generally low,but it is improving year by year;(2)the overall financing efficiency of the innovation layer enterprises is higher than that of the basic layer enterprises,and the growth ability of the innovation layer enterprises is stronger than the base layer;3)Enterprise scale,risk control capability,asset operation capability,capital structure and corporate governance level affect the financing efficiency of listed enterprises.The financing efficiency of high-tech and other emerging industries is significantly better than that of traditional industry enterprises;(4)Market stratification standards Appropriate,the tiered system is effective,and plays a positive role in the supervision of listed companies,the identification of quality enterprises,and the reduction of investor information costs.According to the research conclusions,the suggestions for improving the financing efficiency of the New Third Board are as follows.First,the main methods for improving financing efficiency from the enterprise level are:(1)exploring appropriate financing scale;(2)rationally allocating capital and improving asset operation efficiency;(3)seeking diverse financing channels and adjusting capital.(4)Enhance the financial risk control ability of the NEEQ listed companies;(5)Improve the internal governance structure and seek external cooperation;(6)Enhance scientific research and innovation capabilities,and complete industrial transformation and development.Second,the main measures to improve the efficiency of financing from the recommendations made at the national level are:(1)deepening the construction and reform of the stratified system and promoting differentiated management;(2)improving the system of transfer and delisting,and promoting institutional innovation.