Financing Efficiency Research For SME Of New Tertiary Board Base On Bounded Rationality

The problem of financing difficulity for small and Medium Enterprises(SME)is becoming increasingly prominent,during their growth and expansion,while they play a very important role in our country's economical system of enterprises owned by the whole people.As the new tertiary board is becoming an important financing platform for SME after the capacity extension wholly from December 12~thh 2013,the financing efficiency reasarch will have a significant referential meaning for SME which is interested in IPO,and for the further improvement of new tertiary board market as well.Base on the research of SME's financing efficiency and analysis for current situation of new tertiary board,we discovered that the project personnel's cognition,behavior and environment are all very complicated and not perfect rationality,which was neglected in the last related reasraches.Therefore,in this thesis,we will quantitatively and qualitatively analyse the SME's fianacing efficiency in theory and the current status of financing with systematic science method and under the angle of bounded rationality.We will set up a bounded rationality fianacing efficiency evaluation system base on the macro factors of economic environment,micro factors of enterprises and other factors influenced,from which we can evaluate the financing efficiency more comprehensively and objectively,and make the analysis with more scientificity and reliability.Meanwhile,we will improve the DEA model with new variates,use the price momentum and book-to-market as cognitive bias(bounded rationality variates)to analyse financing efficiency empirically in deep level.Through the empirical analysis,this thesis reveals that the SME's financing efficiency will be improved after the IPO on new tertiaty board,but not too much,and raise the reasonable proposals for perfecting new tertiaty board,enterprise's financing and country's financial policy supporting.