Research On Equity Financing Efficiency Of The Innovation Layer Of The NEEQ Market

Vast number of small and medium-sized enterprises is the main force of social and economic development and employment,and the key to the success of the future development of enterprises not only with the macroeconomic policies and industry maturity,whether the ability of enterprises to obtain their own funds to expand the scale of business.It is also important to continue to invest in technology research and development to maintain a competitive advantage.But the majority of small and medium enterprises limited by the small size of assets and lack of credit,resulting in financial institutions and other financial institutions to obtain direct loans and other financial support is relatively difficult,compared to large and medium-sized enterprises,small and medium enterprises access to capital market opportunities less,which makes it difficult to solve the financing of small and medium enterprises,financing channels,a single problem is imminent.The NEEQ market at the beginning of the establishment of the functional orientation has two levels:Microscopic significance is to serve the small micro-enterprises,to regulate corporate governance,to facilitate direct equity financing in the capital market,and help them to be bigger and stronger;Macroscopic significance is to open up China capital market level:A venture capital market and secondary market,the motherboard(including small board)-GEM-NEEQ-four board(regional equity market),to build China's multi-level capital market.With the continuous improvement of China's capital market system,the NEEQ market has become the new battlefield for the development and expansion of small and medium-sized enterprises.The market and the enterprises have resonated.The construction of the NEEQ market is also innovating,and the market capacity expand in 2013.Market stratification in 2016:the basic level and innovation layer,the number of enterprises is more than ten thousand in 2017.Listed companies in the market financing situation is a universal representative.Based on the continuous improvement of the NEEQ market,this paper fully studies the research on the financing theory and efficiency of the enterprise,combs the development of the NEEQ market,and studies the channels and relevant data of the financing of the domestic small and medium-sized enterprises.(Accounting indicators:Debt Asset ratio,financial expenses,gross profit margin;Output indicators:Weighted average ROE,EPS,Total Assets Turnover)of 50 enterprises in 2014 and 2015,the DEA model is established,and the efficiency of small and medium-sized enterprises is analyzed quantitatively by time and industry.The efficiency of small and medium-sized enterprises are analyzed.And for the existing situation of the market,from the individual enterprises and the NEEQ market system construction two aspects,boldly put forward to improve the re-hierarchical design,reform trading system,improve market liquidity policy recommendations,the relevant system construction is expected to be implemented this year.It is of great significance.