Research On Equity Financing Efficiency Evaluation Of NEEQ On DEA-Malmquist-Tobit And SD Model

Small and medium-sized enterprises(SMEs)are important forces in China's economic development,but SMEs have been facing difficulties in financing for a long time.Since the establishment of National Equities Exchange and Quotations(NEEQ)in 2013,in the end of 2016,the number of listed entrepreneurs exceeded 10000,and the scale of financing was 128 billion 100 million.NEEQ has became an important place for the equity financing of small and medium-sized enterprises.Even so,compared with non-three-board equity financing projects,the new three board projects,despite the regulation and transparency of information,still existing undervalued valuations and still facing difficulties in financing.Therefore,in order to promote the development of small and medium-sized enterprises and improve the efficiency of equity financing of NEEQ,based on the previous research,the data of NEEQ enterprises in Guangzhou are taken as samples,and the method of data envelopment analysis(DEA)was used to evaluate the equity financing efficiency and change trend of listed companies by Malmquist index analysis.Analysis,Tobit regression analysis and System Dynamics(SD)analysis of the impact of equity financing efficiency and direction of influence.In the evaluation of the efficiency of equity financing,this paper analyzes and finds out the reasons of the low efficiency of equity financing,also enriches and improves the evaluation of the existing equity financing efficiency.Moreover,it provides suggestions for the new three board enterprises to improve the efficiency of equity financing itself.This paper will be extended from the following aspects:First of all,this paper constructs the evaluation index of equity financing efficiency,and selects the main contribution indicators and determines the final index system through principal component analysis.Secondly,this paper constructs the evaluation model of equity financing efficiency: DEA combined with Malmquist index to evaluate equity financing efficiency and total factor efficiency;Tobit regression analysis and system dynamics are used to analyze the direction and effect of equity financing efficiency.Finally,the model is applied to the evaluation of equity financing efficiency of new three board enterprises in Guangzhou.The results show that the efficiency of equity financing of new three board enterprises in Guangzhou is low,and the efficiency of equity financing is decreasing year by year.In terms of the influencing factors,the total assets,the corporate asset liability ratio,the liquidity ratio and the tax rate have a negative impact on the equity financing efficiency,and the corporate profitability and the ownership concentration have a positive impact on the equity financing efficiency.At the same time,based on the evaluation results,this paper puts forward corresponding suggestions for the financing difficulties of small and medium-sized enterprises,so as to improve the financing efficiency of SMEs.