The Research Of NEEQ Listed Companies Financing Efficiency And Influencing Factors

Development of multi-level capital market is the necessary means of developing the financial market in China,at present our country main board market of Shanghai and Shenzhen stock market and the growth enterprise market has been developing for many years,and corresponding rules and regulations and supervision measures,is very perfect,for medium enterprises financing development provides a great development in our country.But in recent years,the international economic downturn,a large number of low efficiency of excess production capacity of enterprises in losses,leads to a large number of bad loans from Banks in.However,the enterprise that are creative ability of small and medium-sized is difficult to get Banks or capital market financing,can only rely on private lending or peer-to-peer lending,which cost is very high,once the enterprise financing problems,will go bust because of difficult to heavy burden of debt.So the NEEQ market and regional equity transfer center to these small and medium enterprises provides a good capital platform,let its access to the funds needed for the enterprise production and management.The NEEQ market as the most rapid development of capital market,its bearing for our country accounted for more than 90% of the small and medium-sized enterprise financing function.Its importance has been written to the government work report in 2017,the CSRC and the relevant government departments have for their attention.The NEEQ market is developing very rapidly in recent years of China,the number of listed companies of NEEQ market has reached more than ten thousand,far above the number of enterprises of Shanghai stock market and Shenzhen stock market,but the supply of listed enterprises is far greater than the demand of investors,so far only 20% to 30% of corporate financing,no after a large number of enterprises are still listed as the,just to get some of the local government for subsidies,and have no incentive to hold business roadshows,industry strategy will promote own enterprise strength behavior.And NEEQ listed companies fail to provide all the required quality level is still in the annual loss of enterprises,which have already reached the mainboard or body of the gem listing enterprise,and enterprise operation and management capacity is large,the NEEQ market in similar registration system is very vulnerable to big shareholders occupy secretly financing and enterprise of pledge financing irregularities,real-time disclosure,and not the broker for its continuous supervision responsibility,also let enterprise appear a large number of violations,it makes the image of the NEEQ market in the minds of investors.In today's NEEQ market liquidity is more and more low,I'm afraid that the weak supervision of NEEQ market is difficult to improve.In 2016 and 2017 is the rapid development of NEEQ is also change more two years,many NEEQ market reforms over the past two years events are,or is about to occur,such as the launch of the hierarchical system in 2016,a new layer and base layer is divided into NEEQ market innovation,let the market more have administrative levels feeling,at the same time more clear investment opportunities to investors.At the end of 2016 passed 10 private-equity firms do pilot city,this will break the monopoly of the securities company,let the market valuation levels and liquidity are to return to the correct level.Imitate the NASDAQ market emerged in the 2017 selected layer,the news of the NEEQ investors put back to the line of sight to the NEEQ.So for the NEEQ need to do in-depth research and analysis of the problems exposed by the rapid development and put forward the corresponding solutions.Abroad study of OTC market financing efficiency is less,and the domestic research for NEEQ is also starting from the last two or three years,and many of them are qualitative analysis for NEEQ market,is a valuable research mainly has two kinds,the first NEEQ is to use data envelopment analysis method to calculate the technical efficiency of enterprise financing,and then analyze whether has the efficiency.There is a way to use multiple regression empirical model to analyze the factors affecting the NEEQ enterprise financing efficiency.This article to study the NEEQ listed companies financing efficiency as the core,according to the development of the NEEQ,introduces the history of its development,separately from the quality of listed companies,regional,industry,ownership structure four dimensions to introduce NEEQ characteristics of listed companies,but also for the NEEQ market and main board market in our country and the United States NASDAQ market comparing their respective characteristics,which is worth reference.This paper reviews the existing research about the NEEQ enterprises' financing efficiency theory,the innovation of comparative analysis,before and after the analysis of enterprise in the financing efficiency is obtained,and also to the traditional manufacturing industry,modern service industry and the new strategic industry made a comparative analysis of the financing efficiency found new strategic industry financing efficiency is highest,it also coincides with much starker choices-and graver consequences-in planning in our country vigorously foster strategic emerging enterprises.This paper also uses multivariate regression model of seven factors that influence efficiency of enterprise financing has made the significant analysis,found that seven factors have a significant influence on corporate financing efficiency.Finally,the paper on how to improve the efficiency of the NEEQ enterprise financing,respectively,from the enterprise itself,the NEEQ market and the government level put forward their valuable advice,think that enterprises should constantly improve the normative,and reasonably reduce the asset-liability ratio,and the NEEQ market should actively promote the reform of the system,in accordance with the current rapid development of the market situation,the government should vigorously support strategy of emerging enterprises,the introduction of industrial capital into the NEEQ investment,rather than just to take care of the local state-owned enterprises.These recommendations are based on the empirical analysis of previous chapters,has certain reference significance.