Research On The Financing Efficiency Of Listed Companies In National Equities Exchange And Quotations

As an important component of Chinese multi-level capital market,the NEEQ has an important strategic significance for promoting Chinese economic transformation and upgr-ading under the new normal,promoting the implementation of innovation-driven develop-ment strategies,and addressing the financing development issues of innovative and growi-ng SMEs.At the end of 2017.the number of companies listed on the NEEQ has exceeded to 11000,and self-expansion has begun to achieve leapfrog development.However,based on the conditions of loose policies,tens of thousands of listed companies are mixed.Whether the funds incorporated into the NEEQ can be truly invested in the management needs.whether the operating level and profitability have been improved,and whether the finan-cing efficiencLy is effective is an issue that this article wants to pay attention to.In order to improve the financing structure of the listed companies and improve their financing efficiency,the paper adopts the DEA-Tobit two-stage model to analyze sample companies that incorporate the comprehensive index of strategic emerging industries.First.the DEA data envelopment model was used to measure the overall financing efficiency and industry-wide financing efficiency of the company from 2014 to 2016.The research results showed that most of the corporate financing was not fully effective;on this basis.the article further analyzed the factors affecting the financing efficiency.Taking CRS and VRS as the explanatory variables,the Tobit restricted dependent variable regression analy-sis is performed,and the explanatory variables are selected from the panel data of the company's financial indicators.The specific financial indicators are the ratio of the large st shareholder's shareholding and the total shares outstanding.The proportion of capital stock,R&D expenditure as a percentage of operating income.cost margin,and interest bear-ing debt as a percentage of total input costs,regression analysis of the marginal impact of various factors on the financing efficiency of the NEEQ and its significance,combined with the current market and the actual situation of the company is analyzed.Based on the results of empirical analysis,the article concludes that the overall financi-ng efficiency of the new NEEQ listed companies is low,and the comprehensive technical efficiency of the companies in various industries shows different trends.Although the ave-rage scale efficiency is higher,it is due to technological innovation.but overall efficiency has been difficult to improve.In the future,the NEEQ listed companies need to pay atten-tion to the following issues,including adjusting the ownership structure,paying attention to the delay effect of R&D investment and cost,and implementing debt financing at a sui-table cost within the scope of risk control,further improve the financing structure,and reduce financing.Improve the core competitiveness of enterprise technological innovation and management level,and make rational use of funds.On the policy recommendations,improve the trading system and information disclosure system in the NEEQ,broaden the financing channels for the NEEQ,develop multiple financing instruments,and explore more scientific and reasonable equity structures and financing models to effectively enhan-ce the financing efficiency of the NEEQ companies,and realize mature development of the enterprise win-win situation.