Research On The Influence Of Market-making System On Financing Efficiency Of NEEQ Listed Enterprises

As an important financing platform for medium-sized and small enterprises in China,the NEEQ can help solve the problem of financing for medium-sized and small enterprises to some extent.However,the attention of the NEEQ market is very low,the volume of market transaction is not as good as expected,and the liquidity is not good,which leads to the inefficient financing of enterprises.In August 2014,the NEEQ formally introduced the market-making system.There are many opinions about the advantages and disadvantages of the way of making market,and scholars have been arguing from various angles.But most scholars analyzed how the market-making system impact on the liquidity,volatility and firm pricing,researches from the perspective of financing efficiency are few.Therefore,it is necessary to scientifically evaluate the influence of market-making system on the NEEQ listed enterprises.It is of great significance for fully releasing the superiority of the market-making system and promoting the healthy development of the NEEQ listed enterprises.In order to investigate the effect of the market-making system,this paper takes the NEEQ listed market-making enterprises as the sample,uses the DEA model to calculates the financing efficiency of the enterprises before and after choosing the market-making system.Then,we compare the results to analyze whether the market-making system has optimized the financing efficiency of the NEEQ listed enterprises,and take the market-making enterprises as the research object to further study on how to improve the financing efficiency of the NEEQ listed enterprises.It has certain significance in theoretical research and practice.Firstly,this paper reviews and analyzes the related literature,the financing theory,the DEA model theory and the current situation of the NEEQ listed market-making enterprises.As for the empirical study,this paper selects 50 NEEQ listed enterprises as sample,take the market-making system start time as a node to obtain the relevant data for one year before and after.Then using the DEA model to analyze the financing efficiency of the sample enterprises before and after choosing market-making system,take the enterprises after making market as the research object for in-depth study.The main conclusions of this paper are as follows:(1)Market-making system has a positive effect on financing efficiency;(2)The overall financing efficiency of the NEEQ listed enterprises is still low;(3)There are differences in the financing efficiency of NEEQ listed enterprises in different economic regions;(4)There are differences in the financing efficiency of NEEQ listed enterprises in different industries.Combining the theoretical analysis,the current situation and the empirical results,the paper puts forward relevant suggestions:For the NEEQ listed market-making enterprises,they should rationally plan their own financing needs and strive to improve corporate governance;for the NEEQ,we should improve the market mechanism and expand the financing channels;for the overall economic development,the industrial structure should be adjusted to accelerate the transformation and upgrading.