Research On The Financing Efficiency Of Private Placement Of New Three-board Enterprises

NEEQ is an important part of the multi-level capital market in China.In recent years,with NEEQ expanding to the whole country and the gradual improvement of the system,the number of listed companies and the size of the market have gained explosive growth.In 2016,the total number of NEEQ listed companies has exceeded 10,000,the market's total market capitalization has exceeded 4 trillion yuan.NEEQ Committed to providing financing,equity transfer and other financial services for the "technical,innovative,entrepreneurial" small and medium enterprises(SMEs).The rapidly growth,the increasing of liquidity,the number of shares issued and the amount of equity transfer,the expanding of the scale,have the great significance to broaden the financing channels for SMEs to promote financing.At the same time,NEEQ can create a good financial environment for SMEs and promote the level of business management,technical level,NEEQ is the birth of China's emerging industries and high-tech enterprises.As NEEQ is OTC market,the most important way of financing for the current listed companies is private placement.That is the way that non-public offer shares to the specific object to raise the funds needed.Private placement has many advantages,just like fewer restrictions,more simple and convenient,the right to choose,etc.In 2016,NEEQ raised funds nearly 140 billion yuan through the issuance of a total of 2940 shares issued,helping the development of listed enterprises.More and more listed companies obtain the necessary funds for enterprise development through private placement.Now more and more SMEs listed in NEEQ obtained the necessary funds for enterprise development through private placement and other financing methods.Therefore,it is of great practical significance to study the financing efficiency and its influence factors of SMEs financing in NEEQ,and to find a way to promote the effective financing of enterprises and improve the market financing function.Combined with the existing research at home and abroad,this paper discusses the current situation of NEEQ,the current situation of financing and the existing problems in the financing,and analyzes the factors that affect the financing efficiency of NEEQ listed companies.This paper firstly uses the DEA method to select the total assets,the proportion of the largest shareholder,the asset-liability ratio and the operating cost as the input index,the ROE,the growth rate of the main business income,the total assets Turnover rate,earnings per share as output indicators.This paper takes the 173 enterprises that listed in NEEQ and set the financing in 2014 as a research sample,analyzes the changes of the financing efficiency before and after the financing of the sample enterprises.The study found that SMEs listed in NEEQ to finance,their financing efficiency as a whole has been improved,but still generally low,most enterprises failed to achieve effective financing.Then,this paper selects whether effective financing as the dependent variable,and the factors as the independent variables,uses the logistic regression model to analyze the correlation between the influencing factors and the financing efficiency.The study finds that the capital structure,the proportion of the largest shareholder and the financing efficiency of enterprises are negatively correlated,the utilization rate of funds,the growth of enterprises,the profitability of enterprises and the financing efficiency of enterprises are positively related.Finally,on the basis of the previous research,this paper puts forward some policy suggestions to improve the financing efficiency of the enterprises and play the function of market financing from three aspects:the improvement of enterprise itself,the improvement of market system and the policy support.