Research On The Financing Efficiency Of The Small And Medium-sized Enterprises In The OTC Market

At present,China's economy is facing the challenge of adjusting its industrial structure and changing its economic development mode.Therefore,it inevitably puts forward higher requirements on the development of small and medium-sized enterprises,which makes the status of SME financing has become increasingly prominent.So the purpose and innovation of this paper is to explore and study the financing efficiency of small and medium enterprises in China's new third board market in the unreasonable situation of the current social resource allocation system.Firstly,we described the theory of Chinese and foreign classics,related to the enterprise financing efficiency.Secondly,we introduced the new third market in China SMEs financing situation.Thirdly,we used the DEA method,especially the CCR model and BCC model,constructed mathematic model,synthetically investigated multiple input and output indicators(that is,the comprehensive technical efficiency,the pure technical efficiency and the scale technical efficiency),so that we could contrapuntally analyze financing efficiency of small and medium enterprises listed in the new third market.According to the study,we founded that only a small number of enterprises in China's new third board market achieved the efficiency of financing DEA effective,however,most of the enterprises were non DEA effective,and there existed an excess of investment or production shortfalls problem.In the end,according to the conclusions of the analysis,we put forward some countermeasures and suggestions from three aspects: the enterprise itself,the market and the government.We hope this paper,to a certain extent,will be helpful to the enterprises on the new third market to improve their financing efficiency.