Research On The Financing Efficiency Of The NEEQ Enterprises In Inner Mongolia

After the launch of the NEEQ,it has been played an important role in improving the financing environment for small and medium-sized enterprises(SMEs)and enriching financing channels.With the continuous improvement of the NEEQ system,more and more SMEs have chosen to finance from the NEEQ.In this context,the issue of financing efficiency of listed companies has attracted widespread attention among scholars.However,past scholars have frequently studied the financing efficiency of listed enterprises from the whole market or a certain industry,and have not subdivided different provinces to study the efficiency of financing.In this paper,the research objects are the enterprises which are listed in the NEEQ.Moreover,these enterprises are all located in the Inner Mongolia.The overall financing efficiency and its influencing factors of these enterprises are discussed,and relevant suggestions for improving the financing efficiency are put forward.Based on the theoretical basis of efficiency theory,capital structure theory,economies of scale theory and signal transmission theory,this paper reviews the development situation and financing status of these enterprises and finds out the existing problems.On this basis,the DEA model is used to calculate the financing efficiency of these enterprises and the Tobit regression model is used to analyze theimpact of the total assets,the asset liability ratio,the total asset turnover rate,the management cost and the liquidity ratio on the financing efficiency.The research shows that the value of financing efficiency of these enterprises is relatively low,and most of the enterprises are in the stage of increasing returns to scale,The total assets and asset-liability ratio have a significant negative correlation effect on the financing efficiency,and the total asset turnover rate has a significant positive effect on the financing efficiency.Therefore,this paper puts forward suggestions on the construction of the enterprise itself.The listed companies should rationally expand the scale of the enterprise,optimize the capital structure,and improve the level of capital utilization and management capabilities.