Research On The Financing Efficiency Of Enterprises Of Different Layer In NEEQ Market

China has established a multi-level capital market system to serve large,medium and small enterprises,to solve the problem of financing dilemma.As an important part of the multi-level capital market system in our country,the NEEQ market provides a new financing platform for majority of small and medium-sized enterprises.On May 2016,the NEEQ market begins to implement new layered management system.Those enterprises which match with the corresponding standard could be selected to the innovation layer.What is the difference of financing efficiency between this two layers?Is the financing efficiency of every enterprise effective?This paper takes the listed companies in NEEQ market as the research object and studys the financing efficiency of enterprises of innovation layer and the base level.The result shows that:In the static DEA model,the enterprises whose financing efficiency are ineffecitive account for less than 20%.The relatively effective ratio of innovation layer enterprises financing efficiency is higher than the base layer,as a result of their management level.And the mean of base layer enterprises financing lefficiency is higher than innovation layer because of the financing efficiency distribution.In the danamic DEA model,both of the two layers have a drop in technology progress which results in the decrease of the total factor productivity,as a result of the low level of technology.This paper analyzes the DEA non-efficiency and concludes the factors which results in the low financing efficiency in NEEQ market and then puts forward some suggestions from three aspects:the NEEQ market,the small and medium-size enterprises themselves and the government:to improve the construction of the NEEQ market;to strengthen the small and medium enterprises competence;to improve the construction of the financial service system and the policy protection.