Study On The Financing Efficiency And Its Influencing Factors Of The New OTC Market Listed Companies In China

Small and medium-sized enterprises are the important force to promote the rapid development of the economy all over the world.To solve the problem of small and medium-sized enterprises' financing and realize effective financing of enterprises is an important topic which all countries in the world pay close attention to and study.In China,in order to alleviate the financing pressure of SMEs,new OTC market,which is an important supplement to China's multi-level capital market,came into being.It provided financing places for many growth oriented,innovative and entrepreneurial enterprises.With the development of new OTC market activities,whether the financing situation of SMEs has been effectively improved,and which level of corporate financing efficiency is,has attracted wide attention from theorists and practitioners.Based on this,this article carries out a comprehensive study on the financing efficiency of new OTC market listed companies,which has both theoretical significance and practical significance.On the basis of the existing research results at home and abroad,this paper mainly studies in the following aspects:(1)Based on the actual situation of new OTC market listed companies in China,this paper analyzes the current situation of China's new OTC market listed companies from two levels of development situation and financing situation.Finally,according to the results of the present analysis,this paper summarizes some problems existing in the financing of the new OTC market listed companies.(2)In order to analysis the financing efficiency of the new OTC market listed companies in China,this paper creatively constructs three stage DEA model,which choose the companies of substantial financing behavior from 2014 to 2016 years as the research object,financing scale,financing cost and financing structure as input variables,capital operation ability,capital income ability and enterprise growth as output variables,the scale,efficiency and competitiveness of enterprises as environmental variables.Finally,according to the results of the empirical analysis,this paper evaluates the financing efficiency of the new OTC market listed companies in China.(3)To explore the reasons of low financing efficiency,based on the results of efficiency evaluation,this paper select the financing efficiency,allocation efficiency and scale efficiency as explanatory variables,financing scale,financing cost,financing structure,capital operation ability,capital income ability,enterprise growth,enterprise debt paying ability and enterprise governance structure as explanatory variables,and use panel data Tobit model to study the factors affecting the financing efficiency of enterprises listed.According to the study,this paper gets the following conclusions:(1)Although the financing scale of the new OTC market is expanding,the market attention and activity is not enough.There is a series of problems affecting the corporate finance,including the lack of market liquidity,single financing channel,uneven quality of listed companies,imperfect rotating plate mechanism etc..(2)The financing efficiency of new OTC market listed companies is not only influenced by their own management level and technological innovation ability,but also by environmental factors and random interference factors.Based on the traditional DEA model,the stochastic frontier function is introduced to eliminate the impact of random factors and environmental factors on the enterprise financing efficiency,and then construct the three stage DEA model to evaluate the efficiency of corporate finance comprehensively and accurately.(3)From the overall financing efficiency evaluation,the financing efficiency of China's new OTC market listed companies is generally low,which is inefficient in pure technical efficiency or inefficient in scale efficiency.In terms of scale compensation,most enterprises are in the stage of increasing returns to scale.From the view of industry distribution,the financing efficiency of listed companies in different industries has different characteristics.From the trend analysis,the financing efficiency of the new OTC market listed companies in China is on the rise,but the increase is not significant,which shows that the ability of the enterprise management ability and technical innovation constantly improve.With the reform of the new OTC market,can be predicted that the financing efficiency of enterprises will continue to improve.(4)According to the results of the influence factors of the financing efficiency of enterprises,this paper draws a conclusion that there is a positive correlation between financing scale,financing structure,capital operation ability,capital income ability,enterprise growth and debt paying ability and financing efficiency.The financing cost is negatively related to the efficiency of enterprise financing,and the influence of corporate governance structure on listed companies' financing efficiency is not obvious.According to the purpose of this study,combined with the results of this study,this paper puts forward the policy suggestions to improve the efficiency of enterprise financing.In the micro level,enterprises should enhance management level,improve the capability of capital operation,adjust of enterprise financing structure and reduce financing costs.In the macro level to strengthen the new OTC market construction and increase government support.