Study On The Point That Development Of The OTC Market May Easy The Small And Medium-Sized Enterprise To Get Financed

The number of small and medium-sized enterprises (SMEs) in Ningxia increased quickly in recent 10 years, which plays a more and more important role in promoting economic development of Ningxia, especially in driving regional employment, encouraging technology innovation, etc. However, the development of SMES mainly rely on the bank loans, and get short of financing channels. Lack of funds restricts the development of them. Under this background, it is necessary to expand enterprise financing channels particularly the direct financing channels, and boost the development of OTC market. All in all, it is urgent to build a multi-level capital market.At the end of 2013, the national equities exchange and quotations is bored, and the autonomous regional people’s government of Ningxia introduced several opinions on accelerating the construction of the capital markets, "opinion" combined with the current reality, points out two big breakthroughs in the construction of the capital market in Ningxia, one is the new three board and the other one is regional equity trading market, and the two financing channels together constitute the OTC market of Ningxia. On the OTC market, the small and medium enterprises of Ningxia can get financed by issuing privately company bonds, pledging stocks and other related financing business.In this paper, the writer study on the way how the OTC market easy the small and medium-sized enterprise of Ningxia to get financed, the main content includes:first, make a summary of development of the OTC market both at home and abroad; Second, analyze the financing difficulties Ningxia facing and development of OTC market in Ningxia; Third, get a view on how the small and medium-sized enterprise of Ningxia get financed in the OTC market, furthermore the writer use the DEA-BCC model to analyze the effect that the new three board enterprises of Ningxia takes.According to the results, financing of the SMES of Ningxia in the OTC market is unstable, and need to get more training.