The Empirical Research On Financing Efficiency On Companies Listed In New Third Board Market

With the establishment and continuous expansion of the new three board market, China’s financial system reform has taken an important step. There is no doubt that it is a milestone for the perfection of the multi-level capital market in China.Based on this, this article selects 40 new three board listed companies to study the financing efficiency. The main content of contains following parts:Firstly, the relevant theories of this paper are explained.Secondly, the financing status of enterprises listed in the new three board is analyzed from four aspects: the number of listed companies, the financing volume, capital investment and the status of the transfer, and the factors that affect the financing efficiency are analyzed.Thirdly, after a brief introduction of the data envelopment analysis method, a financing efficiency evaluation system is constructed, I select the financing cost, total assets, property right ratio as the input index, rate of return on total assets, turnover of total capital, capital accumulation rate as the output index, calculate the efficiency value of the selected 40 sample companies, According to the calculation results, the sample companies are analyzed, the conclusions are:(1) Capital structure, Enterprise scale, operational capability and development capability have a large impact on financing efficiency.(2) In the effective period of financing effectively, these enterprises maintain the total assets, the proportion of property rights in a reasonable range, equity and debt financing are carried out in different degrees, control the size of the enterprise effectively, to ensure the efficiency of the integration of funds.(3) These enterprises maintain a reasonable total assets turnover rate and capital accumulation rate in the effective period of financing effectively to ensure the efficiency of the allocation of funds. The combination of the two makes the financing efficiency comprehensive and effective.(4) The number of enterprises whose financing efficiency is comprehensive and effective increases year by year, the number of enterprises who have higher efficiency is also increasing year by year. In a word, through empirical research, SMEs have a good development in the new three board market; the new third market provides a good financing platform for small and medium enterprises.Finally, sum up experience that the improvement of financing efficiency from two aspects which is enterprise itself and the capital market to provide reference for other companies listed in three new board.