Analysis Of Financing Efficiency And Influencing Factors Of New Third Board Enterprises

The prerequisite for the development of China's perfect financial market is to have a multi-level capital market system.At present,the relatively mature markets of China are the main board market and the second board market.The rules and regulations of the two capital markets have been well developed,thus the two capital markets provide a good platform for the financing development of large and medium-sized enterprises in China.Due to the recession of the economic environment in recent years,those enterprises with inefficient production have suffered serious losses,so as to a large number of bad debts in bank.In the market environment that the main financing mode is the indirect financing,the emerging Small and medium-sized enterprises with innovative capabilities and the backbone of China's economic development are more difficult to obtain financing.The emergence of the new third board provides opportunities and platforms for such enterprises to finance and obtain funds to support their own development.Since the establishment of the new third board in 2006,the number of enterprises listed on the platform has increased from more than ten to more than ten thousand,which more than the total number of enterprises listed on the Shanghai and Shenzhen platforms.However,among the more than ten thousand enterprises listed on the platforms of the new third board,there are only a few of companies can obtain the funds needed for the development of enterprises,and most enterprises still can only rely on the listing subsidies given by the government to maintain their operations.At the same time,because the new third board market has not been developed for a long time,the rules and regulations and supervision and management measures are not perfect,it is easy to appear the phenomenon that a large number of enterprises pledge financing violations,and disclosing information not in time,so the credibility of enterprises listed on the new third board in the minds of investors is not high,which makes investors choose such enterprises as investment targets are more carefully.Therefore,whether small and medium-sized enterprises can effectively finance and obtain the required funds through the platform of the new third board needs to be explored further.This paper constructs an evaluation index system of financing efficiency by principal component analysis,and uses DEA-Malmquist index model to conduct empirical research on financing efficiency of enterprises listed on the new third board.The results show that the financing efficiency level of enterprises listed on the new third board is in an invalid state before and after financing,and this result indicates that the overall financing efficiency level is low.Because the new three-board enterprises are mostly new and are in an state of rapid development,so in the empirical results of the new three-board listed companies,the scale returns are mostly increasing.Although the overall technical efficiency and pure technical efficiency are at a higher level of financing,but the overall situation is still in an ineffective state.Therefore,the overall results show that the new three-board listed companies are still expanding and need a lot of funds to support,but the rate of fund utilization of the new three-board listed companies is not high.And the paper uses multiple linear regression model to analyze the influencing factors of financing efficiency of new three-board listed companies.It is concluded that besides corporate profitability,other factors have a significant impact on corporate financing efficiency.Among them,corporate size and capital structure have a negative impact on corporate financing efficiency,while operating capacity,growth capacity and income quality have a positive impact on corporate financing efficiency.Finally,in view of the existing problems,according to various influencing factors,this paper puts forward reasonable suggestions on the aspects of enterprises,the new three-board system and government support to help the new three-board enterprises improve their financing efficiency.