Research On The Financing Efficiency Of Private Equity And Growth Enterprises In GEM Enterprises

After the establishment of the GEM,it has developed rapidly over the past few years,and SMEs have,to some extent,eased the problem of financing difficulties.However,with the rapid development of the economy,most companies hope to obtain cheap funds again to maintain their need for expanded reproduction.However,at the beginning of the establishment of the GEM,the China Securities Regulatory Commission imposed strict supervision on it and restricted companies from refinancing equity.With the government's emphasis on the development of SMEs,the new rules were issued in 2014,liberalizing the restrictions on the refinancing of GEM equity.The study found that private placement became the first choice among the refinancing methods.However,after this method of refinancing,how is the financing efficiency of the company worth exploring?Based on this research background,this paper focuses on the efficiency of private equity financing for Chi Next companies.Firstly,we integrated domestic and foreign related literature,and combed the development profile,industry distribution,and private placement financing status of the GEM,which provided a theoretical basis for subsequent research.Second,we selected 2014-2016 corporate data based on DEA.-The BCC model and the DEA-Malmquist index model test the efficiency of SMEs before and after private placement financing,and find that the overall financing efficiency is low,and the efficiency of enterprises after the targeted issuance of financing increases significantly,and the main reason for the low corporate financing efficiency is the production technology innovation.Inadequacies;then,from the perspective of case analysis,this paper takes Yihualu,a company represented by the GEM industry,as the analysis object,and analyzes the financing and issuing financing efficiency from both financial and non-financial indicators.The rational use of funds and the improvement of financing efficiency have proved the empirical results on the one hand and the demonstration effect of the refinancing of GEM companies on the other.Finally,on the basis of the above analysis results,the company proposes to improve the enterprise's innovation capability,further liberalize the GEM refinancing restrictions,optimize the financing environment and other policy recommendations from the three levels of the enterprise,the GEM market and the government.