The Research Of Financing Efficiency That Small And Medium-sized Enterprise Listed On The New Three Board In Inner Mongolia

Small and medium-sized enterprises have made great contributions to China's economic development,not only promotes employment,improve the efficiency of social resource allocation,but also contribute to a large part of the GDP.because of its small volume,flexible management has become the most ability of innovation and development of the economic subject.Because of the unique position of small and medium enterprises in the development of our national economy,the government of our country also attaches great importance to and encourages its development.The Twelfth National People's Congress held in March 2016 put forward that we should encourage private enterprises to enter more fields according to law and further promote public entrepreneurship and innovation.Under the guidance of the national policy,small and medium-sized enterprises have developed rapidly.But at the same time,small and medium-sized enterprises also have the disadvantages of unstable management,confusion of management system and large risk of bankruptcy and bankruptcy,and there are many difficulties in the development.First,the shortage of funds and the difficulty of financing are the important factors that restrict the development of small and medium-sized enterprises.Banks consider that the profitability of SMEs is unstable,so they will not lend money to them easily,and equity financing has a high threshold.For SMEs,these two financing methods are difficult to use.In this case,the new three board market came into being.The new three boards mainly provide platform for equity transfer to meet the requirements of listed company,which can not meet the listing conditions of the main board,and can be listed on the new third board for equity financing,so as to solve the problem of financing difficulties to a certain extent.Compared with the main board market and the growth enterprise market,the new three boards have less censorship time and easier audit conditions,and there are still some subsidy policies of all provinces and municipalities to reduce the listing fees,which is a good choice for SMEs to finance.Since the founding of the new three boards,it has achieved a rapid development.By the annual report of 2017,there were 11630 listed companies in the new three board,of which 66 were in Inner Mongolia,accounting for only 0.57% of the total.Accountingfor 3.67% of the total number of more than one thousand and eight hundred enterprises in Inner Mongolia,it can be seen that small and medium-sized enterprises in the Inner Mongolia region have not fully utilized this platform.In this paper,three new board listed companies as the research sample,to study the financing efficiency,expect to find the existing problems,and learn from those listed on the financing efficiency of enterprises with high experience,find the correct path,reasonable guide more small and medium-sized enterprises listed on the new board,to solve the problem of shortage of funds to expand.The production,improve the operation.This paper is divided into five parts,the first part is the introduction,describes the research background,research significance,research methods and literature review at home and abroad,the innovation and the insufficiency;the second part is the basis of the theory,including the definition of financing efficiency and financing related theory;the third part is the analysis of current situation of small and medium enterprises in Inner Mongolia three new board listing problems and financing efficiency;the fourth part is the empirical analysis,using DEA model,conducts the research from the overall efficiency,pure technical efficiency and scale efficiency of the three aspects,demonstration of the Inner Mongolia Autonomous Region listed SMEs financing efficiency of three new board and draw conclusions;the fifth part puts forward the corresponding countermeasures for the.