Research On The Financing Efficiency Of The NEEQ Listed Enterprises

As the representative of small and medium-sized enterprises,listed companies on the NEEQ play an increasingly important role in the national economy.However,due to the lack of their own conditions and the asymmetry of information between banks and enterprises,the financing difficulties faced by enterprises are still prominent.The indicators of the NEEQ have declined.Under the current situation of the strong attack of the Science and technology innovation board,how about the financing efficiency of the new three-board listed companies and how to improve the financing efficiency of the NEEQ listed companies have become the focus of attention.This paper chooses the enterprises listed on the NEEQ in 2015,which completed the directional additional issuance in that year,and not implemented the directional additional issuance in 2016 and 2017 as the research object.This paper studies the financing efficiency of the NEEQ from the perspective of input and output.This paper uses DEA method and Malmquist index to make a static comparison and dynamic analysis of the financing efficiency of Listed Companies in the new three-board market and its main subdivisions,and uses Tobit model to analyze the influencing factors of the financing efficiency of Listed Companies in the new three-board market.The results show that the financing efficiency of the new three-board listed companies is relatively high,but the proportion of enterprises that reach the best stage of efficiency is not high.The results of industry-specific research show that although the financing efficiency of information transmission,software and information technology services is in the leading position,the decline is more serious during the observation period.In terms of influencing factors,there is a negative correlation between the proportion of liabilities in the financing structure of enterprises and the financing efficiency of enterprises;a moderate concentration of equity is conducive to the improvement of the financing efficiency of enterprises;there is a significant positive correlation between the profitability and operating capacity of enterprises and the financing efficiency of enterprises,but there is no significant relationship between the development capacity of enterprises and the financing efficiency of enterprises.Based on the research results,this paper puts forward some relevant countermeasures and suggestions on how to improve the financing efficiency of the new three-board listed companies.