The Study On Financing Efficiency Of New Three Board Listed Companies

Small and medium-sized enterprises(SMEs)play an irreplaceable and important role in promoting economic development.However,China’s "inverted pyramid" type of capital market system led to direct financing of SMEs has been greatly limited.Since 2013,the state has accelerated the pace of the construction of the NEEQ market.The NEEQ market has gradually developed into China’s most important OTC capital market,It provides many ways of financing for SMEs,companies can choose the appropriate financing according to their own situation,some companies depends on capital markets has expended rapidly.At present,the construction of the relevant system of the NEEQ market is still in progress,there are still many problems in practical operation,the financing support and financing effective enterprises also need to be studied.The main contents of this paper are as follows:firstly,it introduces the research background,purpose and train of thought,and combs the domestic and foreign literature about the theory of corporate finance,the concept of financing efficiency,and the empirical research on financing efficiency.Secondly,this paper expounds the financing structure theory and efficiency theory related to the financing efficiency of SMEs,and then establishes the analytical framework of the research on financing efficiency.Third,analysis of the NEEQ market financing situation,including the NEEQ market overview,the main statistical indicators,financing methods and problems.Fourth,using data envelopment analysis(DEA)of CCR,BCC and SE-DEA models,select the financial data of 100 listed companies in 2013-2016 had measured the financing behavior and financing efficiency,the efficiency of all aspects of the detailed analysis,and then gives the optimal path of financing efficiency rate of some enterprises.The empirical results show that China’s listed companies comprehensive technical efficiency is low,but the efficiency value showing showing the rising trend of enterprises;pure technical efficiency is the main reason which leads to the low level of technical efficiency;the financing efficiency efficiency gap between different industries is larger;the majority of enterprises in the financing efficiency of increasing returns to scale stage.Finally,according to the conclusions of the study,the paper gives some recommendations to improve the financing efficiency form two aspects of macro and micro.