Analysis And Evaluation Of Enterprise Value Of Enterprises Listed In NEEQ Based On Financing Efficiency

The establishment of NEEQ broadens financing channels for SMEs and greatly facilitates the entry into the capital market.Since the establishment of NEEQ,the number of listed enterprises,the issue of shares and the size of the transfer have increased substantially.Therefore,under the function of NEEQ,it is worthy studying that how is the financing efficiency of listed enterprises,whether the listed enterprises’ value has been promoted and how to evaluate the enterprise value of listed enterprises reasonably.The results will have profound theoretical and practical significance.There is few research studying enterprise value based on financing efficiency,and most of them are based on the relationship between financing method and enterprise value.This paper gets the possible relationship between financing efficiency and enterprise value under the financing method by reading and summarizing the literature referred to financing efficiency,financing method and enterprise value.Then take enterprises’ financing activities and the main characters of NEEQ into consideration,the financing process is divided into two stages as funds absorption and funds application.This paper uses two stage DEA model to analysis and evaluate financing efficiency.Then this paper uses panel data model to study the relationship between financing efficiency and enterprise value by regarding the total financing efficiency calculated through DEA as the index of financing efficiency and obtain the mathematical model of financing efficiency and enterprise value.Finally,the mathematical model above is applied to evaluate the enterprise value of case enterprises in NEEQ to test the validity of the model.Through the results of analysis,it can be found that there is obvious relationship between financing efficiency and enterprises value,and obtain the mathematical model of the relationship between them.It shows that the error between the theory enterprise value by using the mathematical model and the actual value is within an acceptable range,indicating that it is feasible and effective to evaluate the enterprise value from the perspective of financing efficiency.This paper provides a new direction for the further study about the evaluation of enterprise value in NEEQ.