Research On Financing Efficiency Of Heilongjiang OTC Market Based On Data Envelopment Analysis

The OTC market is an important part of multi-level capital market development in China,which not only offering channels for financing of small and medium-sized enterprises,but providing the excellent underlying assets for the main board,the GEM and the small and medium-sized board.Northeast provinces had a slow speed of economic development recent years.Northeast Area Revitalization Plan has been an important strategic plan for the country all this time.After the expansion of OTC,these enterprises in OTC market in Heilongjiang Province have a rapid development.In order to find out the gap and deficiency between listed companies in Heilongjiang Province and other listed provinces,autonomous regions and municipalities,this paper will compared the OTC market in Heilongjiang with other provinces,autonomous regions and municipalities in China based on the scale,quantity and development speed.At present,the related research on this aspect is relatively few,in this context gave birth to the study of this article.This article from the scale,quantity,development speed of Heilongjiang and other provinces,autonomous regions and municipalities of the OTC market were compared And it generalizes these listed issues,which including single structure for financing,lacking of liquidity,uneven quality of enterprises and the lack of transfer mechanism for the OTC enterprises listed in Heilongjiang Province.This paper chooses the enterprises listed in the OTC market before July 2015 as samples,and analyzes the contents of the business income,asset scale,return on net assets,total assets turnover rate and asset liability ratio.At last we have carried on a statistics description.Through the comparison,we found that the OTC markets in Shaanxi,Chongqing and Jiangxi provinces are similar to the OTC market in Heilongjiang based on the number of companies and average total assets scale in the market.As a comparison group,it selected the OTC market in Guangdong and Peking as the representative of the country's most active areas of the OTC market.In order to understand the impact of the OTC mechanism on the financing efficiency to listed companies in Heilongjiang,this paper divides the financing and profit business process of OTC enterprises into output stage and profit stage.According to the two time points in 2015 and 2016,the CCR and BCC models are applied to study the comprehensive technical efficiency and pure technical efficiency in two stages,and calculate the scale effect at each time point and each stage.In order to understand the financing efficiency of the OTC enterprises in Heilongjiang Province further,this paper compares the efficiency of the two stages of the OTC enterprises in Heilongjiang with the OTC active areas and the OTC scale areas.Through the analysis we see that the overall financing efficiency of the OTC enterprises in Heilongjiang Province is not high,however,there is a tendency to change well.In the process of comparison with the active areas of the OTC in Beijing and Guangdong provinces,based on the both aspects of the output stage and the profit stage,we can find that the overall financing efficiency of the OTC enterprises in Heilongjiang Province is better than that in Beijing and Guangdong provinces.In the comparison process with other provinces which have similar OTC market scales,it can be found that the output efficiency of the OTC enterprises in Heilongjiang Province is lower than Chongqing only but higher than other provinces.However,the profitability and scale effect of the OTC enterprises in Heilongjiang Province on profitability stage,these provinces and cities are better than Heilongjiang Province.Through the study we found that the OTC financing enterprises in Heilongjiang Province should improve the technical and technological content of enterprises and management capacity to enhance the technical efficiency of enterprises;and they should improve the scale of enterprises at the same time.