Study On Financing Efficiency Of Neeq Listed Companies In Shandong Province

SMEs are important force for national economic and social development. For the SMEs, financing difficulties and high cost of financing have been a bottleneck restricting to their development. From the point of amount,NEEQ has developed in to the largest fundamental securities market. However, it still faces a embarrassing situation of liquidity shortage. What’s more, there are few research on the financing efficiency of the NEEQ listed companies.This article is based on previous relevant theory of corporate finance which reviewing and combing the definition, the influence factors and evaluation method of financing efficiency, it selected listed enterprises on NEEQ of Shandong Province as object, and analyzed the present situation of NEEQ market in Shandong and cleared the problems that exist in the listed companies in Shandong province in financing. This paper builded a index system and determined to choose total assets, asset-liability ratio and main business cost as input indicators, and choose net profit growth, total asset turnover, the main business income growth rate, and earning per share as the output indicators. Using DEA analysis method, it measured the financing efficiency of 92 sample enterprises, and measured the comprehensive technical efficiency, pure technical efficiency and scale efficiency of sample enterprises through the CCR model and BCC model.The empirical results showed that although the overall level of pure technical efficiency value of NEEQ listed companies is high, most companies are in the stage of scale increasing returns, lacking of financing scale, and low scale efficiency, which result in overall efficiency value is low, most companies did not reach the state of the DEA effective. There are gap between existing output under the existing investment and the relative optimal output,and the overall financing efficiency. In the end, through the conclusion of empirical research, this article came up with measures and suggestions respectively from the perspective of enterprise, market and government three upgrading in Shandong province for the NEEQ listed companies.