| With the attention for the construction of multilevel capital market,the new three board becomes more and more hot.After the expansion of new three board in 2013,the number of registered enterprises rapidly expanses to more than 7500.New three board formally goes into the era of hierarchical management in 2016.For the new three board listed enterprises,the rapid development of the new three board means both opportunities and challenges.Successfully financing and realizing rapid growth become the registered enterprises' urgently needs.Because the NEEQ is very young and still in the exploration phase,all aspects of mechanism and policy services are not perfect,the financing environment now has a lot of disadvantages and the enterprises' own development is uneven.Therefore,the study of equity financing efficiency of enterprises referring to the use of funds to create value-creating efficiency and finding ways to improve it are particularly important.In the 21 st century,the word economy has been transformed from the traditional industrial economy to the knowledge economy.With the implementation of the innovation driven strategy,the innovation ability has become the core of the enterprise competitive power.Most of the new three-board listed enterprises are high-tech start-up private enterprises.The innovation ability directly affects the output of the enterprises,which affects the allocation of funds and thus affects the efficiency of equity financing.Based on the above,this paper divides the influencing factors into three aspects of the innovation ability of the new three-board enterprises and finds out the influence degree of the various factors on the equity financing efficiency,hoping to to make theoretical support of promoting the equity financing efficiency of the new three-board enterprises.In this paper,the research shows that: first,through the analysis of the present situation of the new three board,new three board market financing environment and the enterprise's financing ability and innovation ability have some problems.Second,the new three board enterprises' equity financing efficiency is generally low through the empirical analysis of the static DEA-CCR model,DEA-BCC model and super efficiency DEA model.Enterprises' pure technical efficiency is higher than scale efficiency;Most enterprises are in scale increasing stage;the efficiency of enterprises who are DEA efficient are extremely diffident,and information technology industry's efficiency is generally high.Third,new three board enterprises' financing efficiency changes mainly comes from the changes in technology progress through the analysis of dynamic DEA-Malmqusit model.Fourth,using the new three board enterprise innovation ability variables to replace the technology progress and scale efficiency,and then the regression analysis found that: technological innovation ability has a positive role in promoting the new three board enterprises' equity financing efficiency,but under the interaction with technical personnel,the effect is much weaker.Technical personnel has no significant correlation to the financing efficiency.Market management innovation ability and financial innovation ability have positive roles in promoting the new three board enterprises' equity financing efficiency.System innovation represented by the first shareholder ownership concentration has no significant effect,while the former top ten shareholders ownership has positive effect,meanwhile other variables have no significant change.The study also found that control variable debt financing has inhibitory effect on the financing efficiency of enterprises.Fifth,the new three board enterprises' equity financing efficiency can be promoted from two aspects: the internal enterprises should focus on improving enterprise innovation ability and changing the financing way,the outside government and financial institutions should focus on improving the new three board enterprise financing environment and helping enterprises to improve their innovation ability,etc. |
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