Study On Financing Influence Factors And Operating Efficiency For Enterprises In The Neeq Based On Transaction Modes

In order to solve the financing problems of small and medium-sized enterprises(SMEs),the government has established a new platform to provide financing services for the SMEs.In recent years,the new board has become an important financing platform for the SMEs.By marketing and by agreement are main transaction modes in the NEEQ(National Equities Exchange and Quotation,NEEQ).Enterprises under the market making transaction mode has stronger liquidity.With significant growth of the emerging services industry related to Internet and its urgent need of funds,it is essential to study the influence factors of the market making financing.Firstly,summarize financing theories of the SMEs and the viewpoints of the scholars.Secondly,describing the current financing status of the SMEs in the NEEQ.Thirdly,Based on the sample data from 219 enterprises,the dependent variables is whether the firms choose market making transaction mode,use the factor analysis to reduce dimension of the original explanatory and then based on the binary Logit model analyzed the influence degree of each operation factor for NEEQ enterprises on choosing market making financing.The result shows that corporate ownership structure and the results of the choice of market making transactions are negatively related,the size of the assets and the ability to resist risk and the results of the choice of market making transactions are positively related.Fourth,establish SBM super efficiency model,analyze the operational efficiency.The result shows that Services Industry related to Internet in the NEEQ should increase the operating stability and reliability of R&D returns and anti-risk ability for further development.Finally,put forwards relevant policy recommendations and summary and out looking.