Empirical Study On Financing Efficiency Of Small And Medium-sized Enterprises In NEEQ Market

For a long time China's capital market has focused on large enterprises too much,which shows a inverted triangle structure and results in the problem of financing difficulties of SMEs not been resolved.China's small and medium-sized enterprises(SMEs)each year contribute more than 50%of the tax,more than 60%of GDP,and provide more than 80%of urban jobs to the country,they are the most important enterprises.The NEEQ is the only national platform for equity financing of SMEs.It put the planing ideas of "the diversification of capital market,diversification of capital market variety and diversified planning of capital market" into practice.And it is a key of breaking in two exchanges monopoly capital market.But in the actual operation of the NEEQ,it appeared a lot of problems.Therefore,studying on the financing efficiency of SMEs in the NEEQ market is a foundation of exploring the future direction of the NEEQ's development,which contributes to norm and perfect the NEEQ market.On the basis of the existing literature,this paper summarizes the influencing factors and evaluation methods of the financing efficiency,summarizes the development status from the listing of the NEEQ,the market stratification,the market liquidity,the private placement and the transfer situation,we found that the NEEQ market transactions are not active enough,direct financing chaos,transfer mechanism is not perfect,listed companies are not standardized and other issues.Based on the DEA model,the paper established the financing efficiency evaluation system,and anlalyzed the selected 100 sample enterprises before 2012.The empirical results show that the NEEQ financing efficiency has risen over the years,but the overall financing efficiency is not ideal.Through comparing the NEEQ financing efficiency in different regions,industries and classes,we found that the gap is obvious between the various regions and industries,and the financing efficiency is ranked as Shanghai,Beijing,Hubei and Tianjin,among which the financing efficiency of the Internet and related services is the best.The financing efficiency of the manufacturing sector is the worst,the financing efficiency of the base layer enterprise is better than the innovation layer.Combined with the emprical results,the paper thinks that the reasons for the existence of the above problems are the NEEQ development time being short,the system being not yet perfect;regulatory level and the rapid development of the market being not supporting;the SMEs being not ready to enter the capital market.Aiming at the above reasons,this paper puts forward some suggestions on how to improve the NEEQ market,improve the supervision level and strengthen the enterprise construction.