Study On The Financing Efficiency Of New OTC Market SEMs Of Liaoning Province Based On DEA Model

Small and medium-sized enterprises(smes)play a very important role in promoting the development of China's national economy and social progress,and play a great role in promoting the growth of the national economy,enhancing the ability of scientific and technological innovation,providing employment and improving people's livelihood.However,with the development of small and medium-sized enterprises,the demand for funds is increasing,and small and medium-sized enterprises are still faced with the problems of lack of access and high financing costs in the process of obtaining the required funds,which are all huge obstacles to the development of small and medium-sized enterprises in China.The establishment of the National Equities Exchange and Quotations(New OTC Market)provide a new way of thinking for China's small and medium-sized enterprises in the choice of financing mode,and is the starting point of promoting the development of China's small and medium-sized enterprises to high-quality and normalized enterprises.Since the market access scope of the new OTC market was expanded to the whole country in 2013,there have been more and more listed enterprises and the financing scale has increased year by year.However,due to the short development time of the new third board market and the unsound system,small and medium-sized enterprises still encounter some problems in the process of financing with the help of the new third board market.Based on the above background,this paper starts with the analysis of relevant financing theories and conducts an empirical study on the basis of financing theories to measure and evaluate the financing efficiency level of smes in the new OTC market.Firstly,this paper reviews the research status of domestic and foreignscholars on financing efficiency,and introduces the theory of enterprise financing structure and efficiency theory based on this,laying a theoretical foundation for the whole paper.Secondly,this paper selects small and medium-sized enterprises on the new OTC market in Liaoning province as the research object,analyzing the size of the market development,industry distribution and stratification of the new OTC market listed companies in Liaoning,and the current financing state of the new OTC market enterprises in Liaoning province,such as the rotating plate,directional found and equity pledge,and find problems existing in the financing process of the new OTC market small and medium-sized enterprises in Liaoning province.Then,the pure technical efficiency,scale efficiency and Integrated technical efficiency value of60 sample companies from 2015 to 2017 was calculated by applying data envelopment analysis(DEA)through three indicators,4 input-output index.And then the situation of the listed small and medium-sized enterprises' financing efficiency in Liaoning province is analyzed as a whole on this account.In addition,comparative analysis of new OTC market enterprises' financing efficiency between Liaoning province and Heilongjiang,Jilin and Beijing is conducted.Finally,based on the existing problems and empirical conclusions in the financing of new OTC market enterprises in Liaoning province,this paper puts forward relevant suggestions on how to further optimize the financing efficiency of new OTC market enterprises in Liaoning province from the three aspects of system construction,improvement of enterprises' core competitiveness,and support from the government and financial institutions.