The Financing Efficiency Of Study On The New Three Board Innovation Enterprise

In the past decade,China's high-tech and innovative companies have a rapid development trend.These innovative companies are generally smaller,which has become a driving force for China's economic development and the backbone of position.Provide a lot of jobs to a certain extent these enterprises solve the problem of employment.At present the way of financing of SMEs still come from ego strength.The source is still limited to owners,family members,etc.Bank loans as a way to obtain funds for SMEs,due to the limited collateral and high interest rates of bank loans and other reasons,the actual operation success rate is not high and not low cost,resulting in a large number of small and medium enterprises can not obtain financing.The arrival of three new board market does bring financing opportunities for these SMEs.By a large number of enterprises set by issuing bonds and other funds,but there are some enterprises to enter three new board after the performance is not outstanding.As the number of companies listed three new board increasing unified management approach has been less applicable.Especially for innovative businesses,more comprehensive and detailed sources of financing appear to be.On November 23,2015 National SME share transfer system proposed draft layered approach.At the same time during the two sessions,the National SME share transfer system promises to do hierarchical information of listed companies to reveal the relevant technical preparations,and in 2016 April hierarchical organization and implementation of information disclosure of listed companies market-wide test.With the national policy,the new three-panel market has been careful stratification research imperative.This initiative will undoubtedly bring the gospel to the development of innovative SMEs layer.In this article,based on the "new three board layer innovation" market,financing efficiency from the perspective of health innovation level of SME financing,and financing efficiency analysis and the establishment of evaluation system for innovative corporate finance layer efficiency trends analyzed by DEA.The first chapter is an introduction,mainly introduces the research background,purpose and significance,and domestic journals in the field,the paper summarizes and comments on the study.The second chapter is a summary of domestic capital markets,in order to study the following topics do the basic work.The third chapter mainly introduces the new three board market in our country at present the financing present situation and the financing wayThe fourth chapter briefly introduces the use of the specific content model,the reader can more easily understand the empirical results.The fifth chapter of the third market effects of the new financing business of detailed analysis and testing,constructed SME financing efficiency evaluation system.Select 19 three new board listed companies as a data sample.Descriptive statistics from specific aspects of the financing efficiency.Then by using the data envelopment analysis of selected data for analysis.Chapter six presents recommendations for improvement for the new three-layer plate innovative enterprise financing.