| Small and medium enterprises (SMEs) are the important role in the process of economic development. However, SMEs have performed poorly recently as the economy has stepped into the "new normal" phase. Many SMEs have been facing the problem of financing difficulties so that they do not have enough fund for production and operation. Accordingly, the New Third Board was established to help innovative, entrepreneurial and growth-type SMEs financing. Then SMEs on the New Third Board have raised fund successfully via directional add-issuance, equity pledge and bond issues. Furthermore, it has caused extensive concern whether those funds have been used effectively recently. Consequently, we try to use DEA model to analyze financing efficiency of SMEs on the New Third Board both from overall and industry angle.The content of the thesis mainly includes five aspects. First, we briefly introduce financing theory of SMEs, define the meaning of financing efficiency and summarize relevant references to provide theoretical basis for the thesis. Second, we introduce the development situation of the New Third Board and then analyze financing conditions of listed SMEs on different financing modes. Third, we utilize DEA-BCC model and DEA-Malmquist index model to analyze the overall financing efficiency of SMEs on the New Third Board from 2012 to 2014. That is to say, we evaluate whether SMEs make effective use of financing funds. Furthermore, we continue to analyze financing efficiencies of manufacturing industry and service industry on the New Third Board from 2012 to 2014. Finally, we simply analyze influence factors of financing efficiency.We draw four conclusions through the research. First, SEMs on the New Third Board have diversified financing channels and their financing scales have expanded rapidly recently. Second, either the overall financing efficiency or the industry (manufacturing industry and service industry) financing efficiency of SMEs on the New Third Board market has been not high since 2012. Third, the financing efficiency has been in decline since 2012. Finally, reasons that financing efficiency of SMEs has been in moderate level and in decline are divided into internal factors and external factors of SMEs. Internal factors are that the management is poor, most SMEs are not in the optimal scale of production and technological progress is slow. And external reasons are that economic growth in China slows down and the institutional system of the New Third Board is not perfect.According to the research results, we provide suggestions to enhance financing efficiency of SMEs on the New Third Board from perspectives of SMEs, the New Third Board and the governments. From the perspective of SMEs, SMEs should improve management level, control scales, accelerate technical progress and make full use of funds. Then from the perspective of the New Third Board, the market should provide more financing tools, and strengthen the supervision of financing and perfect the layered mechanism. And from the perspective of governments, the governments should introduce more policies to help SMEs growth. In the end, SMEs on the New Third Board would develop fast, then the financing efficiency would certainly get enhanced through these efforts. |
