Comparative Study On Financing Efficiency Of NEEQ Enterprises Before And After The Board Transfer

At present,the development of China's economic is facing a lot of downward pressure,many industries are unable to provide impetus for economic take-off,promote national economic growth,alleviate the pressure of employment,optimize the economic structure all depend on the development of small and medium-sized enterprises.The key to the development of small and medium-sized enterprises is whether they can raise the necessary funds to expand production scale and carry out technology research and development.In order to solve the financing problems of small and medium-sized enterprises,China has established the new third board market,hoping that it can play its due role in market financing and solve the small and medium-sized enterprises' financing problems.However,the financing capacity of the new third board has been questioned by the academic circle since its establishment in 2007.In order to improve the financing efficiency and raise more funds,nearly 400 listed companies have been scrambling to prepare for the listing on the new third board to raise funds in the higher capital market.Based on this background,this article basing the perspective of financing efficiency using data envelopment analysis(DEA)method to comparative study the change of financing efficiency before and after listed on the board,on the one hand,can provide reference for listed companies to turn board listed and provide countermeasures and Suggestions for new three board market mechanism perfect,on the other hand can also enrich the new three board market related research.Therefore,the research of this paper has certain practical significance and theoretical value.Whether the financing efficiency of listed companies has changed,and its causes are the main issues of concern and research in this paper.This paper first defines the meanings of related theories such as transfer and financing efficiency,and sorts out the literature on transfer financing and SME financing efficiency and its evaluation methods,and provides theoretical support for the research.Secondly,it briefly introduces the current situation of financing and transfer of the New Third Board market and summarizes the relationship between financing and transfer.Finally,using the 23 companies that successfully transferred from the New Third Board market to the main board market in 2014-2015,choosing the total assets,main business costs and asset-liability ratios as the input indicators,choosing return on net assets,operating income growth rate and total assets as the output indicators.The dataenvelopment analysis model is used to calculate the comprehensive financing efficiency value,the pure technical efficiency value and the scale efficiency value before and after the sample enterprise transfer,and the redundancy of the input and output indicators is used to analyze the causes of financing efficiency changes before and after the sample enterprise transfer,and then indicate the direction of financing efficiency optimization.The empirical results show that: Firstly,the comprehensive financing efficiency of the 23 sample enterprises is low before and after the transfer.Most enterprises have not achieved the technical effective and effective scale at the same time in the utilization of financing funds,and have not fully utilized the financing funds to achieve the maximum output.Secondly,most of the enterprises are not in the best state of scale return before and after the transfer,but the number of enterprises who are in the best state of scale return after the transfer has increased significantly.Finally,there are three kinds of changes of the financing efficiency of the sample enterprises after the transfer,namely: the financing efficiency has improved and reached the effective level;financing efficiency improved but still in ineffective level;financing efficiency getting worse.in combination with the redundancy of input-output indicators the paper analyzes the causes of these three changes and indicate the direction of financing efficiency optimization for those enterprises whose financing efficiency is in inefficient.After empirical analysis,the factors affecting the financing efficiency of SMEs are summarized as internal factors and external factors of enterprises.The internal factors mainly include enterprise management level,enterprise scale and technological progress ability.External factors include Macroeconomic forms and industry characteristics.Finally,the article suggests that enterprises should fully consider their own financing situation before the transfer,and rationally plan financing funds.It is suggested that the market and the government should strengthen financing supervision,hoping to promote the better development of China's SMEs and the New Third Board market.