Research On The Measurement Of The Neeq For The Financing Efficiency Of Small And Medium-sized Enterprises Of Henan Province

All along,Small and Medium Enterprises(SMEs)have a significant force of promoting a country's economic growth.SMEs accounted for more than 99% in our station.The GDP and tax contribution rate of SMEs are all above 50%.It has always been the world concerned problem to solve the financing problems of SMEs and help them get money efficiently.However at present,allocation of resources for SMES is not equal to their contribution to the national economy.SEMs have been on a sticky wicket in financing for a long time.Financing problem has become one of the biggest problem which restrict the development of SMEs.More than 80% of SMEs in China still rely on the indirect financing model such as bank loans.Few enterprises can financing through direct financing model such as issue corporate bonds and equity financing.The reason is that majority of SMEs can not meet the requirements of entering the motherboard market or second market conditions.However,due to the limit of area and investors,currently trading in the regional equity trading center is not active and lack of marketed liquidity.It can't meet the financing needs of SMEs.National Equities Exchange and Quotations(NEEQ,the New third panel market)is an important part of constructing a multi-level capital market and a bridge of commuting financing market and SMEs financing need.SMEs is the main service object of NEEQ.Since the expansion of NEEQ after 2014,it can view a rapid development of the NEEQ.By the end of 2016,the number of listed enterprises on NEEQ has over 10000 and the turnover also made a fast increase.To Henan,a province of a large population,SMEs have a great contribution to increase the employment rate,income of the people and so on.Since the expansion of NEEQ,there are a rapid development the New third panel market of Henan Province,listed companies are also increasing fastly.Study on the financing efficiency of listed SMEs of Henan province changes before and after the new board,looking for the existence of the problem and searching a solution can help improve the financing situation of SMEs and promote the healthy development of SMEs in Henan province.This essay aimed at analyzing the influence of the financing situation of NEEQ on SMEs in Henan Province from the perspective of financing efficiency.By building up a judging system of SMEs financing efficiency,I can figure out the tendency of financing efficiency of listed SMEs through DEA method.First of all,based on the domestic and foreign literature on financing efficiency and the theoreticalbasis of the financing structure theory,the author defines the concept of corporate financing efficiency.Then,I make a simple introduction of the development of NEEQ of Henan province and select 55 enterprises in Henan province which listed on the NEEQ in 2014.By choice net assets,earnings per share and operating income growth rate as the index of comparative analysis,I put forward the existence problem of SMEs of Henan which listed on the NEEQ.Additionally,constructing a financing efficiency rating system which use the total assets,quick ratio,asset liability ratio as input index and the rate of return on net assets,total assets turnover,earnings per share as output indicators.Using DEAP2.1 to estimate the overall efficiency,pure technical efficiency and scale efficiency of the 55 listed corporate financing by DEA method.Based on Research of measurement,we can get the tendency of the financing efficiency of SMEs during the period which SMEs before and after.Finally,I put forward some suggestions which may help improve the financing efficiency of SMEs in Henan province.