Research On The Problems In Equity Financing Of Listed Enterprises On NEEQ In Shandong Province

As an important part of the modern economic and social development,small and medium enterprises(SMEs)play a great role in promoting economic development and social progress.However,the development of SMEs in China are always faced with financing problems,e.g the difficulty in financing,the high cost of financing and the disorder in the financing market,which restrict the development of the enterprises.By the end of 2013,NEEQ had expanded nationwide,which opened new financing ways and financing channels for SMEs.However,different from the main board market,the enterprises using NEEQ for direct financing are still minorities and the financing amount is still limited,showing that now NEEQ plays a comparatively limited role in providing financing services for the SMEs.The problem of imperfect construction of NEEQ market system is also reflected to some extent.Besides,there are also many other problems such as the imbalanced development of SMEs and the immature financing conditions in NEEQ.Therefore,how to serve the SMEs through NEEQ to solve the problem in financing and to enhance the capital development is a problem worthy of study.Due to the short development time and imperfect mechanism of NEEQ market,it has not yet established a comprehensive and effective financing method and channel.Equity financing still occupies an important position in the NEEQ listed companies.However,because there have been no major new policy benefits and lack of market liquidity in NEEQ within the last two years,the development of equity financing is not optimistic.Shandong province has a large population and a large scale of economy,whose GDP and the number of listed companies rank among the top provinces in the country,having more representative in the study of equity financing.Therefore,the paper takes the listed enterprises on NEEQ in Shandong Province as the background,studying and analysing the present situation and existing problems of equity financing is of great significance for further development of financing efficiency and perfecting market mechanism.Firstly,this paper summarizes the domestic and foreign scholars on SMEs financing related concepts and theoretical research.Secondly,it analyzes the development status of the NEEQ listed companies in Shandong province and the actual situation of the NEEQ equity financing.Combining the various factors such as the current macroeconomic environment and the development of the enterprise itself,this paper focuses on the equity financing problems of the NEEQ listed companies in Shandong province from different aspects such as regional environment,industry attributes,trading methods,financial structure,etc.Meanwhile,50 enterprises which have carried out the targeted issuance of the enterprises are selected as the research object,whose financial data and the implementation of the related data in the 2014 are collected,analyzed and summarized in detail.The DEA model is used to analyze the financial indicators that affect the efficiency of the enterprise financing,and the corresponding conclusions are obtained.Finally,in order to give full play to the financing function of the NEEQ market and improve the status of the equity financing of the enterprise,the countermeasures and suggestions are put forward from three aspects: improving the management of the enterprise,perfecting the construction of the market system and providing the support of the government agencies.