The Impact Of NEEQ On Corporate Financing Constraints

SMEs play an important role in solving employment and raising social output,which is an important driving force for China's economic development.However,indirect financing is Chinese enterprises' major financing method.Due to small-scale,business risks,the lack of collateral and other reasons,SMEs have subjected to financing constraints.In order to solve the financing difficulties of small and medium enterprises,so that SMEs can enjoy the capital market financing facilities,China vigorously promote the development of NEEQ.As an important part of China's multi-level capital market system,the NEEQ provides innovative financing platform for innovative and entrepreneurial small and medium-sized enterprises.The original intention is to solve the problem of financing of the small and medium-sized enterprises.With the introduction of two rounds of expansion and market maker trading system,the NEEQ has achieved a leap-forward development,the number of listed companies in 2015 exceeded the Shanghai and Shenzhen Stock Exchange and become China's largest basic securities market.However,in the process of rapid development,it also accompanied by a number of issues,such as the small scale of financing,direct financing ratio is low,the quality of listed companies varies greatly,the transaction is not active and other issues.Therefore,whether the NEEQ can relax the financial constraint of SMEs become a hot spot.We first studies the background,significance and innovation of this paper.Then we summarizes the research on financing constraints index at home and abroad and the impact of capital market on corporate financing constraints.The second chapter is the theoretical analysis,we combine the capital market function,the causes of financing constraints and the status of NEEQ to analyze which ways to ease the financing constraints of enterprises.Then we analyzes some problems existing in the NEEQ to weaken the financing function.The third chapter is the research design.This chapter first proposes the hypothesis,and then we build investment cash flow sensitivity model as the research model.The fourth chapter is the empirical analysis.In this paper,the enterprises list in the NEEQ from 2012 to 2014 are selected as the research samples,and further divides the samples into two sets of sub-sampleswithout directional issuance after listing.We use the first two years data of before and after the listing to study the impact of NEEQ listing through the investment cash flow sensitivity model.Through the empirical analysis,we find that the financing constraints faced by NEEQ enterprises are eased after listing.In our further study,the enterprises who has directed issuance face with smaller financing constraints,while the enterprises who hasn't directed issuance face with more serious financing.Through further research,we find that the latter's debt financing costs have no difference after the listing.Finally,this paper puts forward some suggestions on the future development of the new board according to the research results.