| With the continuous development of China’s capital market,New Third Board companies have gradually become the focus of investors’ attention.However,transferring and listing is an indispensable part of the process for New Third Board companies to achieve higher quality and more efficient financing.This paper will take Guandin Defence as a case study to explore the impact of the transfer of listing on the New Third Board on the efficiency of financing.Combined with financing-related theories,reasonable assumptions are made around the financing scale,financing cost,financing structure and operating profitability of the transfer-listed enterprises.On the one hand,we analyse what initiatives they have adopted before and after the transfer and listing of the board that can be used by other enterprises,and on the other hand,we select their annual financial data from 2014-2022 and quarterly financial data from 2019-2022 as samples,using their total assets,gearing ratio and average individual dividend as input indicators,and net profit margin,total asset turnover ratio and main business revenue growth rate as output The DEA model was applied to conduct a financing efficiency analysis,which in turn tested the relevant hypotheses in the previous section.The results show that the financing efficiency of the case companies increase after the transfer to the listing board,and that the increase in financing efficiency after the companies’ transfer to the listing board was mainly influenced by factors such as the increase in financing scale,the decrease in financing cost and the increase in profitability.Further verification of the change in financing efficiency was combined with that of 15 other listed enterprises in the military industry on New Third Board.It is found that after the transfer of listing,the financing efficiency of Guandian Defence has increased compared to the financing efficiency of the other 15 military enterprises on the New Third Board.It verifies the hypothesis mentioned in this paper that the transfer board will have a positive impact on the financing efficiency of the NEEQ companies.In terms of recommendations,the paper suggests that the government can introduce a series of measures to encourage science and innovation-oriented enterprises to transfer to the board and improve their financing efficiency,such as increasing financial support for science and technology innovation enterprises and strengthening market supervision,among other aspects.At the same time,enterprises themselves should also focus on their capital structure,appropriately increasing the proportion of equity financing and lowering the proportion of debt financing to avoid excessive indebtedness for additional production,so as to improve financing efficiency. |
