The Research Of NEEQ-Listed Enterprises Financing Efficiency

Under the circumstances of challenging international economy and China's industrial structure reform,it is important and pressing to support and develop innovative high-tech start-ups.Thus,with no doubt,National Equities Exchange and Quotations,which attracted a plenty of such enterprises,will be the key area of building China's multi-level capital market.As an emerging market,it is bringing not only high attention,but also numerous problems to be solved such as how to improve the market system,stimulate the function of financing,and finally support the real economy.From a perspective of enterprise financing efficiency,this paper analyses NEEQ-listed enterprises to present the change,status and efficiency after financing,and the way to improve.Finally,according to the research,the paper provides several suggestions to make a better NEEQ market.This paper consists of five parts: Introduction,Literature Review,The Status Analysis of NEEQ-listed Enterprises Financing Efficiency,The Empirical Research of NEEQ-listed Enterprises Financing Efficiency,and Foreign Experiences and Policy Suggestions.First,the paper states both international and domestic economic environment,which leads to the importance and urgency of developing NEEQ market.And through literature review,the structure of this paper becomes clear.From the perspective of enterprise financing efficiency,DEA models are used to calculate the efficiency of enterprises in order to have an entire view of the NEEQ market.Secondly,in the part of literature review,the paper sorts out the main relative theories of foreign scholars and takes them as the basis for the selection of the model indicators and the following analysis.At the same time,the former studies on relative topics are also presented,most of which discuss about the choices managers made on financing methods in the process of development and state the fact that most enterprises get lower efficiency after they are financed.Then,the paper presents the current scale and activity of the NEEQ market and the status of listed companies through gathering relative laws and regulations and market data.It seems that the surge of listed companies brought prosperity to the market,but it also made a plenty of troubles such as gap between good enterprises and the bad,poor liquidity,and lack of trading mode.In the empirical research section,333 financed enterprises are chosen as samples,total assets,asset-liability ratio and total operating cost are chosen as input indicators,return on equity and earnings per share are chosen as output indicators.Two DEA models are used to process panel data and cross-sectional data respectively to compare the enterprise efficiencies before and after the financing and get inefficiency analysis.The research shows that the enterprise financing efficiency is sensitive to the funds;the NEEQ-listed companies still have urgent need to the funds;the enterprises have strong ability to improve technological change through funding;the enterprises have problems of their production scale and internal management system.Finally,through the above research,along with experiences of DEA efficient companies and foreign market,the paper lists several main problems of the market,and provides conclusions and suggestions in order to make a more sufficient NEEQ market.