Research On The Financing Efficiency Of The New Third Board Listing Companies

Small and medium-sized enterprises(SMEs)are an important part of China's economic activities and have made tremendous contributions to China's economic growth and the promotion of national employment.However,the financing problem of SMEs has always been a problem that bothers and limits its rapid development.With the continuous improvement of China's capital market,the New Third Board market plays an important role as an important platform for financing SMEs.How the financing efficiency of the New Third Board listed companies has also received increasing attention.The research on the financing efficiency of the New Third Board can not only supplement the research related to the theory,but also guide the SMEs to improve the financing efficiency in reality.For the research on the financing efficiency of the New Third Board,most of the scholars are studying the research methods of the listed companies on the Main Board.The most common method is the traditional DEA model to measure the financing efficiency of the company.However,the traditional DEA model does not consider the impact of external environmental factors on corporate financing efficiency,and there is a certain deviation from the true financing efficiency of the company.This paper refers to the three-phase DEA model.In the second phase,it uses the SFA model,selects regional GDP,regional social financing scale,and government-subsidized corporate amount as environmental factor variables,and decomposes the value of the enterprise input redundancy value obtained from the traditional DEA model into the environment.For the factor and random error terms,the input variable after the environmental impact and the random error term is removed as the input variable of the third stage DEA model,and a new DEA model is constructed.Compared with the traditional DEA model and the three-phase DEA model,the research shows that the environmental factors have a significant impact on the financing efficiency of the company.After removing the environmental factors,the financing efficiency of the company declines.From different industries in different regions and enterprises with different levels of transfer methods,static financing efficiency was analyzed.The results show that the financing efficiency of different types of companies varies.In order to further analyze the impact of corporate microcosmic factors on financing efficiency,taking the corporate financing efficiency as the explanatory variable,selecting the total assets,current ratio,asset-liability ratio and total asset turnover rate of the company as explanatory variables to construct the Tobit model,the results show that the total assets,the current ratio and total asset turnover rate have a positive relationship with financing efficiency,while the asset-liability ratio has an inverse relationship with financing efficiency.In view of the low financing efficiency of the listed companies in the New Third Board,combined with the empirical results,the existing problems were analyzed from the microscopic and macroscopic perspectives,and corresponding suggestions were put forward from this perspective.At the micro level,enterprises should reasonably adjust the financing structure according to the development situation and strengthen the management of financing resources;macroscopically improve the new three-board financing mechanism,optimize the stratification system,and increase targeted government support.