Research On Financing Efficiency And Influencing Factors Of New Third Board Enterprises In Shandong Province

As we all know,small and medium-sized enterprises are an indispensable part of China’s market economy and play a vital role in economic development and social progress.Since the establishment of the National SME share transfer system in 2013,the new third board has become an important way for national SMEs to expand financing channels.After years of development,the new third board has become an indispensable part of the financial market in addition to the main board,gem and science and innovation board.On September 3,2021,the Beijing Stock Exchange announced its establishment,which shows the country’s firm determination to develop the new third board market.Beijing stock exchange is a new financing platform for small and medium-sized enterprises,and has become an important turning point of capital market financing.Firstly,this paper puts forward the research background and significance,finds the relevant theoretical support through literature review,and designs the research content and research ideas of this paper.On this basis,taking the new third board enterprises in Shandong Province as the research sample,this paper analyzes the financing status and difficulties of the new third board in Shandong Province.Secondly,using the financial report data from 2014 to 2020 to calculate the indicators,this paper evaluates the efficiency of new third board enterprises through DEA model,and compares the financing efficiency of new third board enterprises in Shandong Province.Based on the empirical results of DEA model,Tobit panel model is used to analyze the influencing factors of financing efficiency of new third board enterprises in Shandong Province.Through the research,this paper has the following conclusions:(1)the level of financing efficiency of new third board enterprises in Shandong Province is low,which is mainly restricted by the index of technological progress;(2)The comparative evaluation shows that the financing efficiency of the selected layer is the highest,Qingdao is the region with the highest financing efficiency in Shandong Province,and the financing efficiency of the new third board enterprises in Shandong Province is good compared with that in East China;(3)Through Tobit model,it is concluded that the main influencing factors of financing efficiency are financing cost,financing structure,enterprise growth speed and capital utilization rate.Through the comprehensive empirical conclusions,this paper puts forward suggestions and Countermeasures to improve the financing efficiency of new third board enterprises in Shandong Province from the three aspects of enterprises,market and government supervision.