| As the main market of “double innovation”,the New OTC Market has provided a condition for many entrepreneurship enterprises based on technological innovation.It has significant promotion and demonstration effects on forming the market value of such enterprises,broadening their financing channels and enhancing the innovation ability of the whole society.On December 22,2017,the National SME Share Transfer System started as the beginning of the reform of the tiered and trading system of the New OTC Market and officially launched the tiered management regulation of it.This also marks the official transition of orientation of the development stage from the “quantity” oriented to the “quality”-oriented.The reform on the aspect of the innovation of the New OTC Market has been a crucial step in constructing an innovative country under the new normalcy of the economic development and a “double-creation” society.This thesis selects the New OTC Market enterprise on innovation layer as a research sample,and examines its financing efficiency,which not only meets the theoretical requirements but also act in cooperation with the practical background,reflecting the effect of the stratified development of the New OTC Market directly at the same time.Firstly,based on the international and domestic research background and the financing status of SMEs in China,this thesis summarizes the factors affecting the financing efficiency of SMEs in China,and builds the evaluation index system of financing efficiency.Firstly,the BC2 model of DEA is used to calculate the innovation layer.After comparing the result of the financing efficiency of the sample enterprises before and after the implementation of the tiered system through the Wilcoxon signed rank test method,we found the financing efficiency of the innovation layer becomes higher after the implementation of the tiered system.The influencing factors of financing efficiency were analyzed by Tobit model then.Based on the availability of actual financial data,selecting the sample enterprises in this thesis scientifically,the thesis make an evaluation and statistical test of the financing efficiency of innovative layer enterprises in China New OTC Market.The main research contents are presented as follows:The first part is the analysis of the present situation and problems of the financing of the New OTC Market,from the perspectives of number of listed companies,industry distribution,geographical distribution,enterprise growth,transfer and market making.The second part is the measurement of the financing efficiency of the New OTC Market enterprises and the analysis of the influencing factors.Firstly,the principle of DEA model,the principle of Tobit model and its corresponding model index selection are expounded.Then,the financing efficiency analysis of the basic layer and the innovation layer enterprise and the difference between them are carried out.Finally,an empirical study of the influencing factors of the financing efficiency of the New OTC Market enterprise is carried out.The third part is the analysis of the financing efficiency of the listed companies in the New OTC Market based on industry distribution.Firstly,based on industry classification standards,the thesis analyzes the industry profiles of information technology enterprises and industrial ones,and then uses DEB's BCC and CCR models to analyze the overall enterprises and financing efficiency based on industry distribution in static and dynamic,and draw relevant conclusions.The fourth part is the empirical test of the tiered system affecting the financing efficiency of the enterprises on innovation layer of the New OTC Market.This thesis chooses to use the variable reyurn of scale data envelopment model to measure the financing efficiency of SMEs before and after the implementation of tiered system,and then compare and analyze the change.Then,use Wilcoxon signed rank test to test the statistical significance of the financing efficiency before and after the implementation of tiered system.Finally,analyze the extent of the factors affecting financing efficiency through the Tobit model.The fifth part is the empirical test of the tiered system affecting the financing efficiency of the enterprises on innovation layer of the New OTC Market.It mainly conducts the measurement and analysis of the financing efficiency of the innovation layer before and after the stratification and the comparative test of the it.The sixth part is an empirical study on the financing efficiency of the innovation of the New OTC Market.Firstly,it analyzes the financing status and existing problems of the New OTC Market innovation layer enterprises,and then constructs the financing efficiency evaluation system based on the three-stage DEA model to analyze results of the financing efficiency calculation.Finally,the comparative analysis of financing efficiency between the innovation layer and the basic layer is carried out.The emphasis is the comparative analysis of financing efficiency on decomposition items.Finally,based on the above demonstrations,researches and conclusions,from the government level,enterprise level and market level,the thesis summarized the policy recommendations for improving the financing efficiency of SMEs in China.At the government level,first,we must strengthen policy support and promote enterprises to improve pure technical efficiency.Second,we must promote the differentiation in management system after the stratification.At the enterprise level,firstly,we must continue increasing investment in innovation and promote the process of turning scientific research results into production.Secondly,we must optimize the financing structure and reduce the asset-liability ratio.Thirdly,we must enhance the capacity of capital operation and efficiency of allocation funds.At the market level,the first is to broaden the direct financing channels for SMEs,and the second is to improve the New OTC Market trading system and the liquidity of the market. |
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