A Research On The Financing Efficiency Of SMEs Of The NEEQ Innovation Layer And Its Influencing Factors

Small and medium-sized enterprises(SMEs)in all countries have the characteristic of "great effect but weak position".SMEs play a huge role in the development of the national economy.However,financing difficulties and financing problems always perplex and restrict the development of SMEs.Coupled with China's capital market started lately,in the early days the development of small and medium-sized enterprises have not been paid enough attention,and the financing difficulties have been constraining the development of the SMEs in our country.National Equities Exchange and Quotations(NEEQ)was established to solve the financing problem of SMEs.Although it has grown rapidly since its establishment in 2006,the liquidity of the listed companies is very poor.In June 2016,it was implemented Hierarchical system reform and was divided into The Innovation layer and the Foundation layer to revitalize the NEEQ and solve the financing problems of SMEs.Based on this,it is novel and significant to study the financing efficiency of the enterprises of the Innovation layer in NEEQ.First of all,this paper presents an overview of financing problem of small and medium enterprises,OTC,financing theory and financing efficiency at home and abroad.Then it analyzes the general situation of the NEEQ and innovation layer and the financing status of small and medium-sized enterprises.In the empirical research,the Innovation layer enterprises are selected as the research object,select the total assets,and asset liability ratio,and operating costs are selected as input indicators,the rate of return on total assets,and the total asset return rate,total asset turnover rate,and operating income growth rate are selected as output indicators.Then using Data Envelopment Analysis(DEA)to measure and evaluate the effectiveness of financing of the enterprise in the Innovation layer,and found that most of the sample enterprises are inefficient in financing efficiency.Then I studied the factors that affect the financing efficiency of SMEs using regression analysis,and find the size of the company,profitability(ROA),growth capacity and operational capacity have a positive effect on the financing efficiency of the company,and operating cost rate has a negative effect on it,and the capital structure,quality,and ownership concentration have no impact on financing efficiency.Finally,from the two aspects of the enterprise and the policy system,suggestions are put forward to improve the financing environment of SMEs and their financing efficiency.