Research On Financial Efficiency And Influencing Factor Of NEEQ Based On DEA-Tobit Model

NEEQ is an important part of China's multi-level capital market and plays an important role in promoting the development of national economy with the introduction of market making and other systems continue to improve since 2006.In 2016,the NEEQ listed companies has already amounted to 10163,which the manufacturing enterprises accounted for 50.40% of the market and market value of manufacturing enterprises accounted for 40.92% of the market.The transformation&upgrading and innovation of manufacturing enterprises development in national entity economy plays a vital role in the context of "made in China 2025".But most of small and mediumsized manufacturing enterprises have to face with the high financing costs and low capital utilization efficiency.In another words,the problem of financing efficiency increasingly prominent.So it has become a common cognition of how to objectively evaluate and analyse the financing efficiency and the influence factors of the manufacturing enterprises in NEEQ.We find that it's applicative in manufacturing enterprise's financing efficiency evaluation with the data envelopment analysis method,based on the concept of financing efficiency,influencing factors and researching methods as the prerequisite.So finally,we decide to use the way of DEA-Tobit two step to reach 55 manufacturing enterprises' financing efficiency and influential factors.Refer to many previous scholars in DEA input-output index system,this paper selects the enterprise value of assets,asset-liability ratio,financing costs,operating costs as input indicators of DEA,return on net assets,revenue growth,total asset turnover and current ratio of output indicator of DEA,which combines with the definition of the financing efficiency,using DEA model to evaluate manufacturing enterprise's financing efficiency analysis of NEEQ.Then combined with the DEA efficiency value,this paper uses the Tobit model to research the influence factors of the NEEQ manufacturing enterprise financing efficiency.According to the results,the financing efficiency of NEEQ manufacturing enterprises is low in the overall level,which only 18.18% of the enterprise is in a state of relatively effective,more than 80% of the enterprise isn't a valid state.Of course,it's able to adjust input indicators to the valid state according to the measure results to determine the improvement direction of DEA efficiency.Finally,we found that it has the obvious negative correlation relationship between the rate of asset-liability ratio,the cost of financing and financing efficiency,relatively weak negative relationship between firm size,cost rate and the financing efficiency,but ownership concentration can't through the test of significance.It's objectively evaluate the financing efficiency of NEEQ manufacturing enterprises by using DEA-Tobit two-stage model and effectively promote the construction of NEEQ with improving the financing efficiency of enterprises.