Research On The Relationship Between Financing Structure And Enterprise Performance Of NEEQ Enterprises

In the critical period of the restructuring and upgrading economic structure,the problems of financing difficulties faced by SMEs and private enterprises have become more prominent in China,and there is still much space for optimization in the financing structure.On the basis of the transaction on exchange market with the original main board,SME board and GEM board,China has gradually established an OTC market dominated by the NEEQ,which has made up for the lack of multi-level capital markets in China.For the NEEQ quoted companies,their financing structure is an important factor on affecting the efficiency of capital operation and business performance.The academic research on financing structure and corporate performance mostly focuses on quoted companies in the main board,SME board and the GEM board,but there is almost no research on the NEEQ quoted companies.In the research of the NEEQ market,most scholars study the market functions or financing factors,and rarely study the overall financing structure.Based on the relevant literatures in the field of financing structure research at home and abroad,this paper analyzes the relevant theory of financing and explains the status quo of China's NEEQ market and corporate financing structure.Using the combination of theoretical analysis and empirical analysis to research on the relationship between the financing structure of the NEEQ enterprises and corporate performance.The author selected the relevant data of 223 NEEQ listed companies in 2014-2017 as research samples,constructed the financing structure regression model and the measurement models with squared terms of explanatory variables to analyze the panel data,and the manufacturing and IT service industries were selected respectively based on the overall sample regression in order to measure the impact of different financing structures on corporate performance.Finally,this paper conducts a quantile regression analysis on the financing structure model of the whole sample to describe the degree of changes in the impact of the financing structure under different performance levels in detail.This paper mainly draws the following conclusions:The enterprise internal financing and equity concentration have inverted U-shaped relationships with performance;debt financing has a positive effect on performance but has little effect.In addition,the financing structure of different industries has different degrees of impact on corporate performance.