The Impact Of Neeq Listing On Financing Efficiency

As an important part of China's market economy,small and medium-sized enterprises have become an important driving force for economic growth.However,under the macro environment and the joint role of the enterprise itself,most small and medium-sized enterprises are facing the difficulties of management and development,the demand for funds can't be met,and the future growth space is limited.The emergence of the new three board market provides a new way to solve the financing difficulties for innovative and growing SMEs.Enterprises can acquire funds through multiple channels such as equity pledge and private placement,so as to support the development of enterprises.After listing,whether the financing situation of the enterprise has been improved,whether the financing can be fully utilized and whether the financing efficiency has been promoted has become the focus of the general concern.Therefore,this paper attempts to use the DEA model to compare the financing efficiency of the SMEs before and after the listing,in-depth analysis of the financing efficiency of different industries and different levels,and select the Tobit model to analyze the influencing factors of the financing efficiency.The research content of the article is divided into the following parts.First,through the first two chapters of the article,it expounds the basic definition of financing efficiency,collate the related literature research,and briefly describe the common theories and evaluation methods,which lays the foundation for the writing of the later chapters.Second,this paper introduces the development of the new three boards from the perspective of market scale,trade situation and industry distribution,and analyzes the market conditions of several common financing methods.Third,in the fourth,fifth chapter,the DEA model is used to compare the change of the financing efficiency of the sample enterprises before and after the listing.The overall financing efficiency of the new three board market for 2014-2016 years is analyzed,and the financing efficiency level of the enterprises under different industries and different layers is deeply studied.Fourth,the Tobit model is constructed to analyze the influencing factors.At the same time,from the macro economic level and microeconomic level,we can understand the reasons for restricting the efficiency of enterprise financing.Fifth,summarize the previous chapters of the research results,combined with the actual situation of the market enterprises,from the government,the new three boards,small and medium-sized enterprises three aspects of relevant policy recommendations.The main conclusions of this paper are as follows: the growth momentum of enterprise size and financing scale in the new three board market is remarkable,the market activity is rising obviously,in the stage of rapid expansion;the change of financing efficiency before and after the listing of the new three board market is not obvious,the level of financing efficiency is not high,and the financing level of the enterprises after listing is slightly lower than that of hanging.Before the card,the overall financing efficiency of the sample enterprises in the 2014-2016 years is relatively ineffective and has little change.The overall financing efficiency of the service industry in the sample is slightly higher than that of the manufacturing industry,but both of them are relatively ineffective or relatively effective,and the financing efficiency of the basic and innovative layers is basically in the same phase.For the more invalid state,and the basic layer is lower than the innovation layer;the factors affecting the enterprise financing efficiency involve a wide range of factors,both the macroeconomic environment and the enterprise's own conditions.Based on the description and empirical analysis of the current situation,this paper puts forward three policy recommendations for improving the financing efficiency of the new three board enterprises.First of all,the government should give a certain incentive mechanism and policy environment to create a good atmosphere for the growth of small and medium-sized enterprises,and lead the enterprise to improve the goal of the total factor productivity.Secondly,the new three board market needs to encourage innovative financing methods,steadily promote the reform of the stratified mechanism,strictly regulate the financing regulatory system,and constantly improve the system of the new three board related systems.Finally,small and medium-sized enterprises should constantly improve their management level,increase investment in technological innovation,rationally regulate and standardize financing,and stabilize and coordinate the scale of enterprises.From these three subjects,we should jointly enhance the financing level of new three board enterprises and help the new three board SMEs grow healthily.