Study On Financing Efficiency Of The Small-and-medium-sized Enterprises On The National Equities Exchange And Quotations' Innovation Layer Based On DEA Model

Looking at the course of economic development in various countries in the world,most SMEs play an irreplaceable role in providing employment,activating the market and promoting the efficiency of resource allocation.As our country enters the new normal economy and the economic growth rate slows down,the importance of small and medium-sized enterprises will become even more prominent.The National Equities Exchange and Quotations(NEEQ)was established in 2006 as an indispensable and important part of the multi-level capital market in our country.The innovation-level enterprises are the "Three Health" in the new Third Board market,which represents t he level and direction of the NEEQ.Therefore,researching the financing efficiency of the NEEQ's innovation layer enterprises and exploring the factors that affect its financing efficiency will be of great help to the overall development of the NEEQ.This paper takes empirical analysis as the main research method.Among the NEEQ's innovation layer,71 enterprises from the first half of 2014 were selected as samples to collect and analyze the major financial data from 2012 to 2016 Total assets,asset-liability ratio and cost of main business as input indicators,the main business revenue growth rate,return on net assets and total asset turnover as output indicators to build the DEA model,sample companies before and after the listing of the financing efficiency.The results show that listing on NEEQ has not significantly improved the financing efficiency of sample companies.This is mainly due to the defects of the NEEQ and the poor management of listed companies.According to the result of the theoretical analysis and the empirical research,this paper puts forward corresponding suggestions to regulators,enterprises and government departments.Suggest that supervision departments should continue to improve the system of the NEEQ,enterprises should enhance their comprehensive competitiveness,and the government departments should establish and improve a comprehensive financial service system.