Research On Financing Efficiency Of Manufacturing Companies In NEEQ

After years of rapid development,China has established the status of the world’s second largest economy,but also the world’s largest population,in this context is the core of the national economy,is the founding Of the country,to build an internationally competitive manufacturing industry,to achieve a breakthrough from industrial power to industrial power,is our country to enhance the comprehensive national strength,safeguard national security,building the world power of the only way.To become an industrial power,we must vigorously develop the manufacturing industry,especially the high-end manufacturing industry.The "Made in China 2025",published on May 8,2015,is the first decade of our country’s strategy for the implementation of the first decade of the strategy of making power and put forward the first stage goal of "striving for ten years to enter the ranks of manufacturing power" The Although the country attaches great importance to the policy support,but in the context of the global economic situation continued to decline,the domestic economic situation is also facing a severe test,coupled with the real estate market high temperature retreat,a lot of money into the real estate market,leading to manufacturing operations in particular Difficult,especially small and medium manufacturing enterprises.In the government departments of many support policies,nowadays the most eye-catching was the rapid development of the National Equities Exchange and Quotations(NEEQ),which to small and medium-sized manufacturing enterprises financing and development brought the dawn.The NEEQ is mainly for the innovative,growth-oriented small and medium-sized enterprises to provide financing platform,its listing threshold is low,listing the size of the characteristics of a large breakthrough in the motherboard market market capacity is small,mainly for large enterprise service limitations for small and medium enterprises to provide financing New channels,but also for the inflow of funds to facilitate the small and medium enterprises.Manufacturing enterprises have been the main force of the NEEQ,the number of manufacturing enterprises in the end of 2015 to 2744,accounting for 53.50% of the total market capacity.This paper starts from the perspective of the new board and the small and medium-sized manufacturing enterprises.First of all,the existing literatures are sorted out to understand the current research progress and tap the innovation of the research,and then select 55 NEEQ manufacturing enterprises as the research object,They calculated the asset size,cost level,debt ratio level as input targets in the four years of 2012-2015.Income growth rate,the level of return on net assets,the level of asset turnover as an output index,the data envelopment analysis method is used to establish the DEA model to study the financing efficiency of these samples,and the results of the comprehensive financing efficiency,pure technical efficiency and scale efficiency of the sample enterprises are obtained,and the results are analyzed.It is concluded that the overall financing efficiency level of the NEEQ manufacturing enterprises is not high,and the enterprises that have reached the effective state of financing are few.At the same time,the financing efficiency of the NEEQ manufacturing enterprises has been improved year by year,and the new board is listed to improve the financing efficiency.The reason why the new three-board manufacturing enterprise financing level is not high because the NEEQ system has yet to be improved,the market liquidity is low,the transaction is not active,the small and medium-sized manufacturing enterprises own competitiveness is not strong,and finally for the empirical conclusion and The reasons for the analysis,respectively,from the enterprise,the NEEQ and financial system point of view to make recommendations.