The Empirical Analysis Of China’s The New Third Board Market For The Financing Efficiency Of Small And Medium-sized Enterprise

Small and Medium Enterprises(SMEs) have a great significance for a country’s steady growth, SMEs have been the major force of economic development. However, the current financial resources used by the vast number of SMEs don’t match their status and role in national economy, and the SMEs are obviously in disadvantaged during the credit financing. The credit and finance difficulty of SMEs has become the bottleneck which restricts further development. Actually, financing difficulty, financing cost, financing risk and financing mess is a true portrayal of the SMEs financing environment. As the fundamental level of multi level capital market should center on SMEs, the share transfer agent system, which was also known as the NEEQ was created based on this background. It aims at serving SMEs, providing SMEs with new financing channels, boosting the SMEs standardized modern enterprise management process. Meanwhile, the NEEQ also needs more improvement in low liquidity as it is at the stage of exploring and building.This essay is aimed at analyzing the influence of NEEQ on SMEs in China from the view of financing efficiency. By building up SMEs financing efficiency judging system and with the method of DEA, I can figure out the tendency of financing efficiency of listed enterprises. Firstly, figure out the connotation and elements of financing efficiency theory by teasing out research results of domestic and foreign. Secondly, elaborate theories of OTC market and present situation of NEEQ. thirdly, combine the characteristics of SMEs in China with financing efficiency theory to analyze the present financing situation of SMEs, and then point out the achievement and insufficient of NEEQ. Fourthly, build up SMEs financing efficiency judging system and classify 33 listed enterprises in New Board, analyzing 5-year finance statement from each of which as research sample, and then take a descriptive statistics of samples from three aspects before using DEA for forward research. Lastly, this essay will give some suggestions according to research result.