Research On The Financing Efficiency Of China’s New Three Board Enterprises Based On Market Maker System

As the main force to promote economic growth,small and medium-sized enterprises can promote the economic development of our country,and have the advantages of economic innovation in leading the richly endowed by nature,but because of the small and medium-sized enterprises are small,relatively have few fixed assets,and management risk is big,so lead to the relative lack of operating funds and restricting the development of small and medium-sized enterprises.So how to solve the financing difficulties of small and medium enterprises is the focus of attention and research.Therefore,through the analysis of three new board of enterprises’ financing efficiency of the implementation of market maker system(hereinafter referred to as the new board making enterprises)can help for small and medium-sized enterprises to choose the suitable financing mode for reference and also help promote the development and perfection of the new third market maker system.First of all,based on the financing efficiency and the market maker system of enterprises as the theoretical basis,sum up the efficiency of enterprise financing in our country defined standards,operation mechanism and the analysis of the market maker system as the trading mechanism to affect financing efficiency of enterprises.Secondly,this paper analyzes the current situation and the efficiency of the new three board market in china.Then,the paper introduces the main factors that influence the efficiency of corporate finance,and establishes the input and output index system.Finally,use the new three board market making business sample data,use data envelopment analysis method as the theoretical basis,and introduce Malmquist-DEA evaluation index method to analyze the financing efficiency of three new board market making business and the financing efficiency of listed companies the city before and after analyzed the static measurement and dynamic efficiency change,also analyze the efficiency of the implementation of market making transfer and transfer of corporate finance in horizontal,and dig the main reasons affecting the financing efficiency evaluation object.According to the empirical results,this paper puts forward the corresponding countermeasures from the perspective of the enterprise itself,the market maker and the market environment.The research shows that China’s new board listed companies trading in the agreement to transfer the transfer market,the decline of the financing efficiency of enterprises,promoting the efficiency of enterprise financing efficiency did not reflect the majority of enterprises,the decreasing returns scale,the efficiency of the use of funds is relatively low,and the technical level also has some shortcomings,there is obvious difference in the changing trend of financing efficiency between industries.Based on the theoretical and empirical analysis,improve our country’s new third market maker system,put forward three countermeasures and suggest to improve the financing efficiency of small and medium sized enterprises in China: One is from the angle of enterprises,improve the management level,guide channels for the right use of funds,increase the enterprise research and development investment,and improve the level of enterprise technology innovation to play the capital utility maximization and to improve the efficiency of enterprise financing;Two is from the angle of market maker,actively expand the market maker body size,increase the role of market makers in the new third market,develop the market maker real service to small and medium-sized enterprises,and improve the financing efficiency level of small and medium-sized enterprises;Three is from the stock market perspective,strengthen the external supervision of the new third board market,build a new third reasonable stock market,actively guide the health financing environment,and give full play to the new three Board market to promote the function of SMEs capital platform.