Research On Financial Flexibility And Financing Efficiency Of Listed Enterprises In The NEEQ

In the current stage of development,China has to deal simultaneously with the slowdown in economic growth,making difficult structural adjustments,and absorbing the effects of the previous economic stimulus policies.At the same time,the international financial market is also in turbulence because of the depreciation of ruble and euros,the political instability in European,the Federal Reserve to increase interest rates,which makes China's enterprises in the business environment with huge ambiguity and great uncertainty.On the one hand,middle and small-sized enterprises(SMEs)should maintain the ability to predict the advanced challenges and risks.On the other hand,after adapting to the change of environment,they could seize the great opportunity to get more profits and development when they are in volatile markets.Absolutely,to be survival and become a winner,middle and small-sized enterprises have to make effective financial decisions and be good at financial flexible management.In this way,the enterprises could raise money timely and allocate resources reasonably,which could maximize the value of enterprises and make the business more efficient.The SMEs in China have a lot of problems when they raise money in the market,such as lacking financial opportunities,single finance channel and unbalanced finance structure,and result in large financial cost and low efficiency.With the establishment and development of diversified financing system and a multi-tiered capital market in China,the National Equities Exchange and Quotations(NEEQ)is a great place which can help enterprises solve the problems as mentioned above.For this reason,it is necessary to pay attention to the financial efficiency in the NEEQ.Based on the basic theory of financing efficiency and financial flexibility,the paper sums up the kinds of literature home and abroad firstly.Secondly,the paper describes the current situation of corporate financial flexibility and financing efficiency in the NEEQ by analyzing the characteristic features of financing activities in the NEEQ.Thirdly,on the basis of the analysis,the paper explains the relationship and connection between financing efficiency and financial flexibility.In addition,an empirical analysis is finished by using the Data Envelopment Analysis(DEA)model and regression model in the paper.The paper measures the financing efficiency and financial flexibility and improves the relationship between them from the result of the models.Also,this paper includes the research and innovation capacity,government support,hierarchical management system as moderators,testing if some differences ornot when improving financing efficiency by raising the financial flexibility.Finally,some suggestions are put forward to improving the efficiency of financing and promoting the development of the NEEQ in China.