Research On Financial Efficiency And Influencing Factors Of Neeq Listed Smes Based On DEA-Tobit Model

Many SMEs are unable to cross the growth bottleneck because of financing difficulties,so the financing problem is very important for SMEs.In order to provide the other channel for main board market and growth enterprises market,provide SMEs that have the characteristic of innovation and growth to enter the capital market and ease the plight of financing difficulties of small and medium enterprises,national equities exchange and quotations arises at the historic moment.NEEQ is an important part for multi-level capital market in China,from the official launch of NEEQ in 2006 to the improvement of the stratification system and make-marketing system,NEEQ plays an important role on the development of the economy.As of December 2017,the number of listed companies in NEEQ has reached 11,630 with a total market value of 3,944.18 billion yuan.NEEQ is an emerging platform to solve the financing problems for SMEs in China,which plays a great role in promoting the development of multi-channel financing for SMEs.The important standard to evaluate the financing quality of SMEs is efficiency,so the analysis and discussion on financing efficiency of SMEs in NEEQ and influence factors of financing efficiency will have very important and practical significance.Based on the review of the literature about the financing efficiency theory,influencing factors and research methods,on the basis of combining the analysis of financing development present situation of listed companies in NEEQ,this paper uses DEA-Tobit model to evaluate financing efficiency and research influencing factors of financing efficiency of listed companies in NEEQ with 627 listed companies in NEEQ as sample.Based on the reference of literature which uses DEA model and input and output index system,this paper selects total assets,asset-liability ratio,financial expenses and operating costs as input index system and chooses increase rate of main business revenue,return on equity,total assets turnover and earnings per share as output index system.This paper uses DEA model to evaluate financing efficiency of listed companies in NEEQ.Then this paper uses Tobit random effect model and combine with efficiency value calculated by DEA model,and this paper makes an empirical study on influencing factors of financing efficiency of listed enterprises in NEEQ.According to the empirical results,this paper draws the following conclusions:(1)the overall financing efficiency of the listed companies in NEEQ is low,and more than 90% of the listed companies in NEEQ are non-effective.(2)According to the empirical results calculated by DEA model,the non-effective listed enterprises in NEEQ can determine the improvement direction and adjust the input index to the effective state.(3)Based on Tobit random effects panel model,this paper draws a conclusion that financing cost and capital structure is negative correlation with financing efficiency,and fund utilization rate,corporation growth,ownership concentration and enterprise profitability are positively correlated to the financing efficiency.(4)According to the conclusions drawn from the DEA-Tobit model,this paper puts forward the measures and suggestions respectively from the two aspects of the enterprise itself and system construction of NEEQ for improving the financing efficiency of the listed enterprises in NEEQ.