Research On The Financing Efficiency Of NEEQ Listed SMEs

Small and medium-sized enterprises are the pillars of China's private economy and occupy a very important position in the national economy.However,China's small and medium-sized enterprises have been faced with some financing problems,such as inadequate financing channels and high financing costs.In order to solve this problem,to promote better and faster development of small and medium-sized enterprises,and to support China's transition to a technology-oriented and creative country,in recent years the government builds up the New Three Board(NEEQ)market and have carried out a series of institutional reforms to support small and medium enterprises to acquire equity financing through the New Three Board market.The New Three Board market,specializing in innovative and entrepreneurial SMEs,has gradually grown up to China's most important platform for equity financing of small and medium-sized enterprises.In June 2016,the New Three Board put forward the stratification reform,which was a guiding role for investors,and at the same time an opportunity for the New Three Board to promote differentiated management and follow-up system innovation.Therefore,this paper takes the small and medium-sized enterprises in the New Three Board market as the research objects,with the stratification reform as the breakthrough point,investigates the financing efficiency and influencing factors of the small and medium-sized enterprises in the New Three Board market,and compares the financing efficiency of the enterprises at different levels.On the one hand,the paper supplements the existing researches in this field.On the other hand,the paper also hope to help the listed companies to improve the efficiency of financing and to provide some suggestions for the construction of the New Three Board market.This paper first describes the relevant theory of financing efficiency and the commonly used efficiency evaluation methods,and then introduces the New Three Board market development process,the market situation and the situation of stratification reform.In this paper,a two-stage efficiency research method,DEA-Tobit method,is introduced.The samples include 144 listed enterprises in the innovation level and the base level.First,the data envelopment analysis method(DEA)is used to obtain the financing efficiency of different enterprises,and then Tobit regression to study the factors that affect the financing efficiency of listed companies,when the differences between the listed companies in the two levels are compared.The main conclusions of this paper are as follows:(1)Most of the sample enterprises are inefficient in financing efficiency,but the overall financing efficiency of 2016 is improved by 2015;(2)The financing efficiency of innovation level is better than that of base level.In the aspects of three efficiencies,TE,PTE,and SE,enterprises reaching DEA effective in the innovation level are more than those in the base level and have stronger growth ability;(3)Enterprise scale,capital structure,risk control ability and asset operating ability,are the main factors of financing efficiency of listed companies and all have significant impacts.But corporate governance factors only have a significant positive effect on the basic level enterprises;(4)Overall,companies in the information technology service industry have better financing efficiency than those in other industries.And in the innovation level,both the information technology services industry and the modern service industry have better financing efficiency than traditional industries.On the basis of theoretical and empirical analysis,this paper puts forward relevant policy suggestions.The listed companies should improve their competitiveness,strengthen the ability to use resources and their financial management capabilities,explore a variety of financing channels,optimize the capital structure and improve the ability to innovate,to grow into modern and technology-oriented companies.The New Three Board market should further promote the implementation and innovation of reforms,improve the stratification reform and the implementation of differentiated service concept,while speed up the reform of transferring board and put forward more system innovation.