Research Of Financing Efficiency Of NEEQ Listed Companies Of Shandong Province With The Private Placement

Due to their limited operating scale and low management level,small and medium-sized enterprises cannot compete with large enterprises in the competition,and they are always passive in all aspects.Although they are at the bottom of the pyramid,small and medium-sized enterprises are an indispensable force for the country's economic growth and innovative development,and small and medium-sized enterprises have solved 80% of urban employment with their huge number advantages and become the stabilizer of social employment.As a large economic province in China,the contribution of small and medium-sized enterprises cannot be ignored.In order to develop the economy,we must develop small and medium-sized enterprises,and the first problem that must be solved in developing small and medium-sized enterprises is financing.We know that It is not a new issue for small and medium-sized enterprises to raise funds,so this article would explore those questions:Has the NEEQ,as a market that serves the transfer of small and medium-sized enterprise shares and the circulation of their capital,played a role in solving the financing difficulties of small and medium-sized enterprises?How efficient is the NEEQ market for financing? What are the measures that Shandong Province can take depending on its advantageous geographical location and economic environment?Firstly this article reviews the literature on the definition of financing efficiency,financing efficiency evaluation methods,and private placements,and summarizes the concepts of the NEEQ market,private placements,and financing efficiency as well as financing structure theories.Then this article selects Shandong Province as the research object and analyze the changes in financing efficiency of NEEQ listed companies after private placement.The detailed analysis of financing efficiency in this paper is based on the DEA model.The index system selects total assets,asset-liability ratio,prime operating cost,profit margin on net assets,total asset turnover,and main business income growth rate.The first three are input indicators and the last three are output indicators.The sample selected all the enterprises in Shandong Province that had issued private placements on the New Third Board,excluding 180 companies with incomplete data.The financing efficiency of 180 sample companies was measured by DEAP 2.1 software.Then we count the number and changes of companies at each efficiency level and compare and analyze the results.Then a DEA analysis was conducted on the new third board enterprises in Shandong Province that had not issued a private placement,and the changes in their financing efficiency were compared.The results show that from the perspective of pure technical efficiency,the level is relatively high,and the changes after the directional issuance have not changed much.The overall technical efficiency and scale efficiency have improved,but a large number of companies still have not reached the DEA effectiveness.That is,under the given input level,the output has not reached the optimal level and financing efficiency is generally low.Finally,the scheme design for improving the financing efficiency of the private placement of new third-board enterprises in Shandong Province was carried out.This plan includes four parts: the expansion of financing channels,the control of financing costs,the prevention of financing risks,and the optimization of the external financing environment.Each part has been explained from three aspects.At last,we draw conclusions based on empirical analysis,and analyze the limitations of this article,and look forward to the future.