Research On Financing Efficiency Of New Three - Board Listed Enterprises In China

Since the Reform and Opening, Chinese government has paied attention to the development of SMEs. In 2015, Chinese ministry of industry and informat ion technology released the “Made in China 2025”, point out that we should p romote the development of SMEs. SMEs is an important part of our economy,which accounting for 99.7% of the total number of Chinese enterprises, 60 pe rcent of GDP, 50 percent of the total tax revenue, 80% of employment, 65 p ercent of invention patents, SMEs has important strategic significance on China’s development.But facing the complex domestic and international economic env ironment, SMEs suffer from financing problem. At present, most SMEs rely on bank loans, equity financing is difficult to help SMEs. So, Chinese governm ent turned to develop the capital market, it has established SME board and GE M to provide financing for SMEs, but still can not meet the financing needs o f SMEs. In order to support SMEs, maintain stable and rapid economic devel opment, China began to develop NEEQ. The new board has a low threshold, c ost advantages, it not only improve the reputation of SMEs, but also provide a way to financing for SMEs, so, a large number of SMEs participated in it.Now NEEQ has been one of the major financing channels for SMEs. By the end of 2015, the total number of listed enterprises of NEEQ has over 5000, c ompared with 2014, the number of new listed enterprises is 3557, and the turn over and volume also achieved amazing breakthrough, NEEQ has eased the fin ancing problem of SMEs. However, the listed SMEs also faces many problems,such as invalid use of funds, unreasonable capital structure and so on, these problem harm the development of SMEs and social. Therefore,researching the f inancing efficiency of listed companies has very important significance.The paper firstly explain the background and significance, and then review s the research about capital structure, financing efficiency and capital market ef ficiency, overview the NEEQ development and current situation, then select the ROE, sales, asset turnover as output variables, select the asset, financial cost,equity ratio as input variables, use data envelopment analysis by DEAP 2.1 sof tware to analyzed the financing efficiency of listed companies from 2010 to 2015. Finally, the paper has some proposals to increase the financing efficiency.