Financing Efficiency Research Of The Listed Companies On The New Three Board

Since it was founded in 2006,the numbers of companies listed on New three board show explosive growth from the beginning of the 10 up to now,more than 6000.Meanwhile clinch a deal the equity and clinch a deal amount presents increasing trend,especially the market maker system since its launch in 2014,greatly promoted the new three board market liquidity,the establishment of the new three board is for the majority of enterprises,especially innovative high-tech enterprises provides a good financing platform.This article through to new three board listed companies financing efficiency of study,listed on the new three board for small and medium enterprises to provide certain theoretical basis,reduce the cost of enterprises to choose the financing platform,at the same time,the new three board system reform has a certain reference value.This paper summarizes the new three board the number of listed companies,capital,industry distribution and regional distribution,etc.,through statistical analysis on the new three board listed companies have the integrity of a certain understanding.Then,statistics of the new three board listed companies financing conditions,including directional capital and creditor's rights financing and so on,from the endogenous financing,direct financing and indirect financing three aspects to study the effect of financing of listed companies new three board.Conclusion:since 2013,the new three board the national expansion and market maker system since its launch in 2014,the number of new three board listed companies,financing scale greatly increased;Companies listed on the new three board,improve financing environment,first of all,the new three board provides a very good financing platform for the enterprise,the enterprise can raise the required capital,improve the management benefit,promote the endogenous financing;Secondly,after the enterprises listed on the new three board,more standardized corporate governance,financial information more transparent,these is advantageous to the enterprise implementation of direct financing;Again,the new three board guarantee subject scope of listed companies,is helpful to obtain bank credit support.For new three board listed companies financing efficiency,the article USES the data envelopment of the financing efficiency of the model,based on the above theoretical basis,from the Angle of input and output of two input and output index selection,the 202 sample companies from 202 to 2013 of the financing efficiency is evaluated.Concluded that: the new three board listed companies overall financing efficiency is low,the number of companies financing efficiency value of1 is low,but from the point of change trend,rise;Most businesses in the stage of scale of diminishing returns.According to the empirical results,this article from the enterpriseitself,market and government,etc,to improve the new three board listed companies financing efficiency,improve the economic benefits of enterprises to provide relevant advice.