A Research On Financing Efficiency Of SMEs In NEEQ Market Based On DEA Model

Small and medium-sized enterprises (SMEs) constitute an important part of the market which is related to the national economy and the people’s livelihood, and play an irreplaceable role in promoting economic development. However, the financing problem has been the biggest bottleneck restricting the healthy growth of SMEs as well as the focus of the government.In recent years, NEEQ market as a innovative measure of the multi-level capital market system of China has provided a new external financing channel for the majority of s SMEs and made some SMEs use the strength of the capital market to obtain funds to grow themselves. However, the related construction of the NEEQ market is not yet perfect, and there are still many problems in the actual operation. The support from the NEEQ market for the listed companies and the financing effect still need to be investigated.On the basis of summarizing and referring to the existing literature, this paper makes a theoretical analysis of the present situation and existing problems of the NEEQ market, selects a part of the listed companies as the research object and uses the DEA model to study the financing efficiency of these enterprises. The results show that the comprehensive technical efficiency of object enterprises has not been improved significantly after they were listed in the NEEQ market, and the introduction of market making has failed to improve the situation effectively. So the overall financing efficiency of the NEEQ market is relatively low.The main reasons for these phenomena are that the system of the NEEQ market is not perfect, the market liquidity and trading activity of the NEEQ market is not high, the market makers fail to fully play the role of themselves, and the competitiveness of the SMEs also needs to be improved. For these reasons, it is recommended to improve the design of the relevant system of the NEEQ market, enhance the comprehensive competitiveness of SMEs, and promote the construction of a full range of financial services system vigorously to help SMEs get out of the financing difficulties eventually.