Study On Market Value Management Performance Evaluation Of New Over-the-counter Market Listed Companies Base On Dea Method

With the strong support of the state and the increasing number of the New OTC Market,it has become an significant components of our country's multi-level capital market.Market value is increasingly becoming an important index of investors' market and capital market evaluate enterprise value and investment decision.And market value management is increasingly becoming the guiding ideology of enterprise strategic management engineering and system decision engineering.The market value performance of the New OTC Market listed enterprise is different from that of the main board,medium and small board and creative board,and how to evaluate the market value management performance of the New OTC Market listed companies scientifically?It has an important leading and guiding significance for the healthy and sustainable development of the New OTC Market listed companies,effectively attracting more extensive social resources support,and improving the value of the New OTC Market listed companies.It is also an important exploration of the market value management mode of over the counter capital market enterprises.In this paper,the BCC model of data envelopment analysis(DEA)is selected to evaluate the market value management of new third board enterprises.At first,preliminary selection of input index and output index on the basis of existing research,and through the questionnaire survey and analytic hierarchy process(AHP)to determine the market value management performance evaluation index system,main business cost,shareholders' equity,total liabilities as input index,earnings per share,market capitalization,Towbin Q as output index.Then,selects nearly three years'(2014-2016)annual date of 96 companies in information technology industry as research subjects to studies the market value management performance by horizontal analysis and vertical analysis.The results show that the New OTC Market listed companies in information technology industry,the overall efficiency level is low,most companies are DEA-noneffective,the pure technical efficiency value is low,the scale efficiency is relatively high,but most enterprises are in a stage of increasing returns scale,the actual level of output there is a big gap between the optimal,according to the result of model calculation put forward the improvement scheme to enhance the market value management performance of sample enterprise.The result proves that there are four change trend principle types of market value management performance,and the largest proportion is the type of decrease after first increased.Finally,the paper puts forward some suggestions on enhance market value management performance for the New OTC Market.