Research On The Financing Efficiency Of The New Third Board Listed Companies Applying To The China Securities Regulatory Commission (CSRC) For IPO Application

In our country’s economic system,small and medium-sized enterprises are the important driving force to support the development of the national economy and promote the continuous growth of the economy.Small and medium-sized enterprises play a decisive role in the economic development of our country,but financing is a problem that cannot be ignored in the development of SMEs.In this context,the new third market came into being,and set up time relatively early compared to the Shanghai and Shenzhen motherboard market,it is an important bridge between the capital market and financing needs of SMEs,but also an important part of the construction of multi-level capital market in china.By 2017,a total of 11630 small and medium-sized enterprises were listed in the new three boards,with a turnover of 43 billion 322 million shares,and the transaction amount was up to 227 billion 180 million yuan.With the gradual development of the new three board market,there are more and more enterprises in IPO queuing in recent years,and many three board listed companies are also on the market guidance.At present,there are about 625 enterprises in the new three board listing enterprises.IPO has great significance in studying the financing efficiency and influencing factors of IPO new three board listed companies under such a background.In this paper,195 listed IPO new three board listed companies are selected as research samples.According to the relevant financial index data of sample companies from 2015 to 2016,three input indicators and output indicators were selected.First,by using DEA model to evaluate its financing efficiency,we get the comprehensive technical efficiency,pure technical efficiency and scale efficiency of the sample companies respectively,and compare and analyze the relative efficiency values.Then,we take the comprehensive technical value calculated as the explanatory variable and the influencing factors of financing efficiency as explanatory variables,and build Tobit model to get the correlation and influence degree of various factors and financing efficiency.Thus,it can objectively evaluate the factors that affect the financing efficiency of the listed companies in the new three board market of China at present.It can affect the financing efficiency ofthe listed companies in the new three board market of China.Finally,according to the analysis results and the selected influencing factors,this paper proposes policy recommendations to improve the financing efficiency of the three board enterprises,and provides decision-making basis for the development of the IPO listed companies.So as to promote the construction of the new three board market and improve the financing efficiency of the IPO listed companies.