An Empirical Study On Financing Efficiency Of New Third Board Enterprises Based On DEA Model

Small and medium-sized enterprises have played an important role in the sustained and steady growth of China's economy and have become the backbone of China's economic development.Even so,the vast majority of small and medium-sized enterprises in financing process still encountered various problems,especially the market environment dominated by indirect financing in China.The Banks out of consideration for asset quality and risk income,the financing support for small and medium-sized enterprises is very cautious.Therefore,the problems of financing of small and medium-sized enterprises are becoming more and more serious.In order to improve the financing difficulties of small and medium-sized enterprises,and to raise the proportion of direct financing in China's capital market,the new third board market emerged.However,the new three board market in our country is only more than 10 years of development.The relevant system construction is still not perfect,whether it is market access or supervision that needs to be further improved.There are many problems in the actual operation,especially for the financing support and financing effect of listed enterprises.Therefore,on the basis of summarizing and referring to the existing literature,this paper makes an empirical analysis on the financing efficiency of small and medium-sized enterprises listed in the new third board.First,this article selects 120 new three board listed companies as the research object.Then the total assets,asset-liability ratio,operating cost,return on net assets,growth rate of operating income and turnover rate of total assets were selected.Next,by choosing the corresponding index data of the four years from 2013 to 2016.Finally,the DEA model is used to evaluate the financing efficiency of these companies from the four aspects of comprehensive technical efficiency,pure technical efficiency,scale efficiency,and scale of compensation.The research results show that the financing efficiency of the enterprises before and after the new third board is not significantly improved.In terms of the distribution of financing efficiency,the financing efficiency of most listed companies is still low.In addition to the improvement of scale efficiency,comprehensive technical efficiency and pure technical efficiency change are not obvious.It can be seen that most of the sample enterprises are in a state of increasing scale compensation through the analysis of the scale compensation.In other words,most companies need more money than technology.Finally,in view of this situation,it is proposed to continuously improve the market system and enterprise level of the new third board in order to help small and medium-sized enterprises improve their financing efficiency and solve financing problems.