Research On The Factors Affecting The Financing Efficiency Of The New Third Board Manufacturing Industry In Hubei Province

To solve financing efficiency of small and medium-sized enterprises is a vital topic in today's academic circles and research,especially in China which is the weak efficient market.Recently,we all witness the development of new three board.The new three board has been playing an important role in establishing and perfecting the mult-level capital market of our country.The government has emphasized the fact that the NEEQ will become an important financing platform for most enterprises.However,One of the main reasons is the strict conditions of entering into the motherboard market or second market which impose restrictions on the equity financing of most enterprises in China.Nowadays,NEEQ can offer small and medium-sized enterprises looser conditions.However,the high demand of investors and lack of relevant policies and rules of NEEQ lead to inactive trade and the shortage of liquidity and inefficient finance.Considering high number of the research sample,more than ten thousand new three board enterprises,we choose manufacturing enterprise of Hubei province as our research object.The number of listed companies of Hubei province on NEEQ has arrived at 348 by the end of last year,pushing into the middle and upper reaches over the country.Hubei is billed as the cradle of modern Chinese industry because of its solid industrial base,for example,automobile,steel,petrochemicals and so on is the pillar industry in Hubei.Manufacturing is not only established industry but also the pillar industry in Hubei province,which have the broad development space.The new three board enterprises in Hubei have the largest proportion of manufacturing.Thus,we regard manufacturing industry in Hubei of new three board as our research object by all kinds of methods,including qualitative and quantitative analysis,theoretical and practical analysis.The research hypothesis is put forward basing on reviewing the previous relevant theory of corporate financing efficiency,choosing ROE as dependent variable,and we choose indicators of research hypothesis as independent variables,and building a panel model of multivariate regressing analysis,working out the correlation between the influencing factors and financing efficiency.Finally,make recommendations to improve financial efficiency of manufacturing companies listed on NEEQ in Hubei.