Research On The Financing Efficiency Of NEEQ Under The Stratification System

As an important bridge between capital market and medium-sized enterprises(SMEs),the New Third Board Market provide a new external financing channel for the medium-sized enterprises.By of the end of December 2017,there are a total of 11,613 listed companies in the New Third Board market with a total market value of RMB494,456 million.With the continuous increase of listed companies,the scale of the New Third Board market has been continuously expanded.During this period,due to relatively low entry standards in the New Third Board market,the listed companies differed greatly in terms of asset size,technology management level and profitability,making it difficult to link investment and financing,and resulting in a relatively low financing efficiency.Aiming at this problem,our country began to implement the New Third Board listed company stratification management in 2016,which has played a great role in promoting market supervision,raising the financing efficiency of listed companies,and reducing market investment risks.Therefore,it is of great significance to study the financing efficiency of listed companies based on the New Third Board hierarchy system.Based on this,this article starts with the background and significance of the implementation of stratification management in the New Third Board,introduces and analyzes the development status of the New Third Board market and the financing status of listed companies in China.Through sample selection and data processing,the classical DEA method is used to measure the technical efficiency,pure technical efficiency,and scale efficiency of the listed companies,and a comparative analysis of the financing efficiency of the listed companies at the innovation level and the basic level is conducted.At the same time,in order to make up for the failure of the classical DEA method to effectively solve the problems of multiple decision units and to examine the factors affecting the financing efficiency of listed companies more comprehensively,this paper builds a multi-level evaluation index system for corporate financing efficiency,and uses a multi-level structure DEA model to compare the listed companies from four aspects---profitability,capital structure,debt repayment ability and operational capacity.In the end,this paper uses the Malmquist index model to conduct a longitudinal study on the financing efficiency before and after the introduction of the stratification system to analyze the changes in the financing efficiency of the listed companies since the implementation of stratification management.The research shows that the New Third Board hierarchy system has effectively improved the comprehensive technical efficiency of listed companies.The overall financing efficiency of innovation level companies is generally better than that of basic level companies.At the same time,the layered incentive effect has promoted a substantial increase in the efficiency of the basic level enterprises and prompted more companies to increase their returns to scale.In terms of corporate development indicators,it has been found that innovative companies have more advantages in terms of profitability and solvency than the basic tier,and in terms of capital structure and operational capabilities,both innovative and base-tier listed companies have deficiencies,and further adjustments are needed to promote the rapid development of the company.In the longitudinal study of corporate financing efficiency,it was found that after the introduction of the stratification system,the total factor productivity of the listed companies has steadily increased,but the New Three Boards listed companies have shown a weak technological innovation on a whole,especially in the basic level companies.It weakens the role of the stratification system in improving financing efficiency.Therefore,under the trend of favorable stratification policy,it is necessary to continue to promote institutional innovation,improve the stratification system,increase government support and smooth the transfer mechanism,while SMEs should continue to actively seek technological innovation and upgrade their technological level.At the same time,according to the company's own development,it is necessary to adjust the production scale reasonably,optimize the capital structure of the company,and enhance the company's own operational capacity.