The Equity Financing Efficiency And Its Determinants Of The New Third Board Market Enterprises

National SME share transfer system(the New third board market)is an important part of China's multi-level capital market,the important bridge of commuting financing market and SMEs financing needs.In recent years,as the rapid development of the New third board market,its financing function also gradually plays a role.Private placement whose number of times and amount of money raised quickly is the most important way of financing in the New third board market.The listed companies of the New third board market conducted a total of 2565 private placement and raised the amount of money that is up to $3 million in 2015.Meanwhile,Some listed companies of the New third board market finance blindly or misappropriated,resulting in low efficiency of financing.Under this background,the research on equity financing efficiency and its determinants of listed companies is of great significance.On the basis of analyzing the development status and existing problems of equity financing,this dissertation focuses on the theoretical analysis of the determinants of listed companies' equity financing efficiency.Then,based on the Bootstrap-DEA model,it conduct some longitudinal comparative analysis of the efficiency before and after the private placement of a sample of 32 enterprises whose private placement is occurred in 2013,and compared analysis between the efficiency of the sample companies and the efficiency of 96 compared enterprise who has not occurred the private placement during the same period.Then,based on the previous theoretical analysis,it puts forward the research hypothesis of the determinants of equity financing efficiency,and analyzes the influence of each factor on the financing efficiency by the Unilateral truncated Bootstrap model.Finally,it puts forward some suggestions to improve the equity financing efficiency of listed companies.Empirical results show that the efficiency of the sample enterprises do not change significantly before and after the private placement,but the TE and the PTE are on the low level and lower than the compared enterprises significantly;the SE of the sample enterprises is relatively high,and the difference of the SE between the sample enterprises and the conpared enterprises is not significantly.Meanwhile,this paper finds that the growth and profitability of enterprises can promote the efficiency of equity financing,the scale of enterprises and the asset-liability ratio are negatively related to the efficiency of equity financing.Therefore,this paper proposes that the listed companies should strengthen the management and technology research to improve the PTE and the government should accelerate the improvement of the New third board market,strengthen the regulation and policy support to improve the financing efficiency of the listed enterprises to boost them develop better and faster.