Research On Financing Efficiency Of NEEQ Listed Enterprises Based On DEA Model

In our country's economic system,small and medium enterprises(SMEs)are important force in the process of pulling the rapid economic development.Although SMEs in China's economic development has a pivotal position,but in the course of its development has a serious obstacle,which is more prominent is the problem of financing difficulties.And compared with the Shanghai and Shenzhen stock exchange witch is only built for mature big companies,National Equities Exchange and Quotations is an important bridge between the financing market and the financing needs of SMEs.It is also an important supplement to the construction of multi-level capital market in China and the reform of the financial system put forward by the Third Plenary Session of the 18 th Central Committee Important new tasks.In recent years,There is a rapid increasing on the number of listed entrepreneurs,turnover and volume.By the end of 2015,There is a total of 5129 SMEs listed in National Equities Exchange and Quotations,the annual volume is 27.891 billion shares,turnover is 1910.62 billion yuan.Therefore,in the development of National Equities Exchange and Quotations,it is a very important issue to explore and study the financing efficiency and its influencing factors of SMEs who before and afterlisted in National Equities Exchange and Quotations.First of all,this paper analyzes the existing research methods of financing efficiency,compares different financing efficiency test methods,and finally selects the data envelopment model analysis method(DEA)and eight factors that could affect output efficiency,including the total assets,asset-liability ratio,financing costs,Rate,equity multiplier,operating income,net profit,net assets yield,to study financing efficiency of enterprise listed in SMEs in the year of 2014.Secondly,Based on the choice of methods and influencing factors,this paper selects eligible listed companies to start to research from the two dimensions: enterprise investment and enterprise output.And empirically analyze the output efficiency in the year of 2015(Integrated technical efficiency(TE),pure technical efficiency(PTE),scale efficiency(SE),scale pay status).The results show that the TE of the sample enterprises is not high,the PTE is generally high,the SE is not high overall,the scale pay is increasing overall.And then choose quantitative improvement to point some suggests.Finally,According to the analysis results and the selected influencing factors,the paper puts forward some policy suggestions to improve the efficiency of the sample enterprises in order to achieve efficient,to provide the decision-making basis for the development of the sample enterprises.