Research On The Financing Efficiency Of The New Three Board Company In Targeted Additional Way

Based on the guidance of the national policy,this paper studies the financing efficiency of private placement of new three board enterprises by using the data envelopment analysis(DEA),and qualitatively and quantitatively studies the financing efficiency of private placement of new three board companies.In this paper 3 kinds of research methods,literature research method,statistical analysis method,empirical analysis method,through the construction of DEA efficiency evaluation model,select the appropriate input and output indicators,the sample enterprises,using DEAP2.1 software based on DEA efficiency evaluation model for data processing.Through technical efficiency analysis,pure technical efficiency analysis,scale efficiency analysis and efficiency analysis before and after financing,the financing efficiency of new three panel private placement financing enterprises is analyzed.Through the static and dynamic analysis of the financing efficiency of enterprises,we can draw the following conclusions: first,the level of enterprise management,technical level and other reasons lead to lower financing efficiency.Second,the enterprise decided to join the new shareholders after obtained certain attention and improvement from the perspective of technology and management,but the overall technical level and management ability of China's new board private placement financing of enterprises is weak,need to greatly improve the enterprise's technical ability and daily management.Third,the new three board enterprises will be given additional financial capital,but there is no proper investment in production and technological progress,the scale of efficiency is reduced,financing efficiency is low.Through the above conclusions,this article from the micro and macro level to provide some new three board enterprises.At the micro level,we should improve the corporate governance structure,raise the level of scientific and technological innovation,strengthen the management ability of enterprises and optimize the capital structure of enterprises.Macro level,the implementation of the registration system reform,deepening the market,in the hierarchical system,improve the new three board transfer mechanism,reduce investor barriers.The innovation of this paper is embodied in the following aspects.First,for the new three board financing efficiency of the literature is relatively limited,this research object mainly for private placement financing enterprises,for the relevant enterprises have certain reference significance.Second,although the data envelopment analysis is the commonly used method of enterprise financing efficiency,but the influence of the new board financing efficiency input index and output index,build innovative evaluation system.Third,in the empirical analysis of enterprise sample collection and data statistical analysis,the use of updated year data,for empirical analysis is closer to the practical reference.