Study On Financing Efficiency Of Enterprises On NEEQ Of Anhui Province

Small and medium-sized enterprises(SMES)is an indispensable part of the national economy which play a important role in promoting the development of national economy and social stability.However,financing difficulties,high cost of financing and disorder of financing have been a bottleneck restricting to their development.The establishment of National Equities Exchange and Quotations(NEEQ)in 2006 has provided a new financing channel,which is a important turn in the course of development for the majority of SMES.With the expansion of NEEQ to the nation in 2013,the number and trading volume of listed enterprises is increasing greatly.However,the related construction of the NEEQ market is not yet perfect,and there are still many problems in the process of financing.In this context,via relating theoretical and empirical analysis,this text intend to texting the financing efficiency of SMES in the NEEQ market.Firstly,based on the relating research of domestic and foreign scholars,this text classifies and sorts influencing factors and evaluation method of financing efficiency in the form of of the literature review,and then introduces the theory of enterprise fianancing structure and efficiency theory in order to lay the foundation for the entire study.Secondly,this text selects listed enterprises on NEEQ of Anhui Province as object.And then this text analyses current financing status of listed enterprises and the impact to financing efficiency from private equity placement,the status of the transfer and pledge of stock rights.Combining with actual situation of Anhui Province,we can find four listed problems of financing efficiency as follows:irregularity of listed enterprises in quality,incomplete transfer mechanism,limited direct financing function,lack of market liquidity.On the basis of these analyses,we analyse financing efficiency with qualitative evalution.Thirdly,this text uses Data Envelopment Analysis(DEA)method,and selects 56 listed enterprises of Anhui Province as object,and chooses total assets,asset-liability ratio and business cost as input indicators,and chooses the business income growth rate,total asset turnover,earning per share and net profit growth as the output indicators,which aims to measure the pure technical efficiency,scale efficiency and comprehensive technical efficiency of sample enterprises in 2004 and 2005.On this basis I analyze overall efficiency.And then I analyze the financing efficiency of listed enterprises for a different line of business and compare financing efficiency of listed enterprises on NEEQ of Anhui Province with financing efficiency of listed enterprises of Shanghai from industrial and geographic perspective.The empirical results show that although scale efficiency's mean of listed enterprises on NEEQ of Anhui Province is high,which turns out that most of SMES are in the stage of scale increasing returns,the pure technical efficiency is low,which result in overall efficiency is low,which turns out input don't acquire the biggest output.In the sight of the financing efficiency for a different line of business,the higher financing efficiency's listed enterprises come from "information transmission,soft and information services industry","science and technology service industry" and"financial industry".Comparing to shanghai,comprehensive technical efficiency and pure technical efficiency of listed enterprises of Anhui province are lower.And the majority of listed enterprises are in the stage of inefficient financing in Shanghai and Anhui province.At last,through the problems of financing and conclusion of empirical research,this text comes up with measures and suggestions respectively from the perspective of institutional improvement,enterprise,government and financial institutions' support to promote the financing efficiency of SMES of Anhui province.