| The new three board occupy a very important position in China's diversified capital markets.Small to medium-sized enterprise financing is also more convenient because of the new three board market.The software service industry is the second-tier industry with the largest number of new board listed.Under the country's policy support and focus,the software service industry has developed into the most basic and strategically oriented industry that affects the national economy and people's livelihood.The proportion of new three board will inevitably continue to rise.In the new three board software service enterprise financing method,the largest proportion of funds is obtained by issuing targeted additional shares to specific investors.Therefore,whether they have effectively allocated and used the funds after acquiring private placement funds.,whether the use of funds has reached the optimal efficiency has important practical significance.Through the relevant theoretical research on Pareto efficiency and input-output efficiency in efficiency theory,the concept of financing efficiency is defined.Analyze the prominent characteristics of the new three-board software service industry compared with other industries and the status of private placement financing from the scale of the listed companies,the geographical distribution of the listed companies,the status of the transfer,and the private placement.Select a software service company with a new three board listed in 2015 and a private placement in the same year as a sample,and select input and output indicators for the factors that affect the private placement financing efficiency of the new three board software service industry.Using the principal component analysis method,input and output indicators are summed up into principal components with certain economic implications.Then the BCC model and CCR in the DEA model are used to measure the efficiency values of the sample enterprise scale,pure technology,and comprehensive technology.At the same time,it also measures the stage of scale compensation,measures the financing efficiency of the sample companies after the private placement,and then evaluates the financing efficiency of the software service companies in the new three board market.According to the "projection"principle in the DEA method,input redundancy and output shortage are provided for the financing of non-effective enterprises to provide recommendations.Most of the company's efficiency is distributed in the medium efficiency level,and there is room for greater efficiency improvement;The pure efficiency of corporate finance is better than the efficiency of scale,and the distribution is more concentrated than the scale efficiency.The new three board software service companies need to reasonably control the scale of corporate financing,further improve the efficiency of capital utilization,and effectively promote the efficiency of financing;most companie.The research shows that the overall financing efficiency of the new three board software service companies is not high,has the scale of financing compensation.At the increasing stage,most of the new three-board software service companies have not been established for a long time,and financing is relatively difficult.Therefore,enterprises should further expand their financing channels,expand the scale of financing,and at the same time enhance the ability of enterprises to allocate funds,effectively absorb the scale of dividends,and thus increase the efficiency of corporate financing. |
