The Impact Of Financing Structure On Growth Under The Background Of National Equities Exchange And Quotations Stratification

On January 16,2013,with the formal operation of the national SME share transfer system,China's OTC market construction has entered a new stage of development.The National Equities Exchange and Quotations(NEEQ)market is another national equity trading place after the main board and the GEM.The difference between the NEEQ and the main board and the GEM is that the NEEQ is an on-the-spot trading market while the main board and the GEM are off-the-counter trading markets,which together constitute an important part of the multi-level capital market.The NEEQ listed companies are mainly small and medium-sized enterprises with high and new technology.Although they are small in scale,they have good prospects for development.Through the study of their growth,they not only provide a basis for the optimization and perfection of the off-site market,but also provide a reference for SMEs in science and technology how to make full use of the capital market for the development of enterprises.Firstly,through the elaboration of the research background,this paper points out the theoretical and practical significance of the research,points out the existing problems and deficiencies of the existing research through the combing of the existing research at home and abroad,then points out the research purpose,and defines the research object clearly;secondly,through the literature review,combs the different growth theories,and reviews the relevant enterprises at home and abroad.In the aspect of industry growth research and financing structure,then,according to the research purpose,the growth evaluation index system and regression analysis system are constructed.This paper takes the new three-board listed companies as the research object,and selects 200 financial data for three years as samples for empirical research.For the first time,under the background of the NEEQ stratification.Comprehensive scores,and through comparison,found that there are differences in growth among different levels of enterprises,and through regression analysis,get the impact of financing structure variables on growth scores.In the existing research,there is almost no research on how to combine enterprise growth and financing structure under the background of hierarchy and find out the impact of different financing structure variables on enterprise growth.This research can select appropriate financing structure strategies for enterprises at different levels and stages of development,and to meet the needs of enterprises at different stages of development.Suggestions are provided for the improvement and construction of objective financing environment necessary for financing with the way of enterprise growth.This paper uses SPSS software to do factor analysis and regression analysis,and uses factor analysis to do empirical research on the growth of sample companies to get the growth comprehensive scores of sample enterprises;extracts the enterprises belonging to the innovation layer and the basic layer and divides them into two groups,and takes the growth score of enterprises as the explanatory variable,and takes the pre-designed variables of enterprise financing structure as follows: Including enterprise asset size,asset-liability ratio,current-liability ratio,long-term debt ratio,endogenous financing ceiling to owner's equity ratio,debt financing growth rate,equity financing growth rate,strategic investor investment ratio,financial investor investment ratio and cumulative share-in-equity ratio of government subsidy in the current period,10 indicators are respectively based on corresponding growth at innovation level and basic level.Regression is used to find the impact of different levels of corporate financing structure variables on growth.The conclusion of this paper is that debt-related financing structural variables,including financial leverage ratio LEV,short-term debt ratio CDR,debt financing growth rate NCLG,are negatively correlated with the growth of enterprises,while long-term debt ratio and enterprise growth show a weak positive correlation.Finally,this paper argues that the underlying enterprises should use equity as far as possible when they are involved in external financing needs,while the innovative enterprises should first consider debt financing when they are involved in external financing needs,and should adopt long-term liabilities.In addition,when improving the external financing environment,we can work from five aspects: establishing the government angel investment fund,improving the linkage mechanism between investment and loan,giving full play to the guidance and incentive role of government subsidies,establishing the risk compensation mechanism shared by banks,insurance and guarantee,and improving the diversified,multi-level and multi-channel investment and financing system of Science and technology,so as to enable enterprises at different stages of development.Enough to finance in the most conducive way to their own growth.