Analysis On The Financing Effect Of The Neeq Of Small And Medium-sized Enterprises In Hebei Province

Small and medium-sized enterprises play an important part of the the national economy.with the development of China's economic,small and medium enterprises also put forward higher and higher requirements,so the financing of SMEs become more and more prominent.At the beginning of 2006,approved by the State Council,China Securities Industry Association in the unified arrangements under the Commission launched the stock quotation transfer system,the NEEQ established.The establishment of the NEEQ is not only one of the important links to improve our capital market system,but also provides a new financing approach for small and medium enterprises,to a certain extent,the NEEQ solves the problem of financing difficulties of SMEs.Hebei Province,close to the Beijing-Tianjin region,is of great significance for China's economic development,therefore,small and medium enterprises in Hebei Province should seize the opportunity to solve the financing problem through the listing of the NEEQ.Based on the current situation of the financing of small and medium-sized enterprises in Hebei Province and the development of the NEEQ,this paper introduces the financing situation of small and medium enterprises in the NEEQ in Hebei Province,focusing on three aspects: liquidity,relative valuation and profitability,and then test the effects of financing.The results show that the liquidity of Small and medium enterprises in Hebei Province in the NEEQ market is still insufficient;in different industries,the price-earnings ratio is different,investors are more rational about corporate valuationthe;enterprises in the NEEQ market financing,the overall market profitability has been improved,but the corporate profitability showed a greater differentiation,the market is lack of effective delisting mechanism.Directional capital increase is conducive to improving the financing effect of enterprises.In view of the above problems,this paper proposes to improve and promote the market maker system,introduct the private institutions,funds,futures companies and other non-brokerage agencies to participate in the market,establish the NEEQ delisting mechanism,companies improve the ownership structure,strengthen internal control,and Hebei provincial governments at all levels to strengthen policy to support enterprises.