Research On Financing Efficiency And Influencing Factors Of The New Third Board Enterprises

The new third market as an important part of Chinese capital market level,development is very slow in our country,With the new third board market expansion in 2013 and in 2014 the introduction of market-maker system,providing the new third board market with the rapid development of certain conditions,At the same time,allowing SMEs around the country to see the hope to solve their own problems.In recent years,the rapid development of market economy in our country is in the steady state,The new third board market enterprises also show explosive growth pattern.However,the development of small and medium-sized enterprises is also an important factor affecting the healthy development of Chinese market economy.In order to ensure the development of Chinese market economy to maintain a long-term healthy and stable state,the development of small and medium-sized enterprises also need to maintain a healthy and stable development.As of the end of 2016,the new third board listed companies have reached 10163,the development of the new third board companies and financing conditions also have a more obvious growth trend.Therefore,the new third board enterprise financing efficiency factors become one of the important issues to be solved.With the establishment of the new third board market,it is not only providing a platform for the financing of SMEs in China,but also for the development of Chinese small and medium enterprises to provide a certain amount of funds.Based on the new third market in 2014 third new board of listed companies as the research object,influencing factors by correlation analysis,comparative analysis and multiple regression analysis to test the financing efficiency of the new third board,the research method is as follows: Firstly,introducing an overview of the new third market and small and medium-sized enterprises in the current research background in the significance of China,through by the domestic and foreign scholars research literatures about the influencing factors of the financing efficiency of enterprises,founding its advantages and disadvantages in study,in order to lay the foundation for the research on financing efficiency of the new third board companies about the influencing factors.Secondly,this paper expounds the theory of financing efficiency and financing efficiency,which lays the theoretical foundation for the following empirical research.And,it introduces and analyzes the current situation of financing and financing efficiency of the new third board market,and deepens the understanding of the current situation of financing and financing efficiency of the new third board market.Then,affecting factors the financial data of 737 companies selected the new third market in 2014 third new board listed on the new board of enterprise financing efficiency by empirical analysis,according to the selected variables by regression analysis and distinguish by Houseman is selected to test the model and distinguish the different ways of transfer of the new third market the market maker transfer and transfer agreement enterprises respectively affecting the financing efficiency factors.Finally,summarizes the research results,and puts forward some countermeasures and suggestions to improve the financing efficiency of the third new board companies.