Research On The Financing Efficiency Of Listed Companies On The NEEQ

Since Dalian Northern International Exhibition Co.,Ltd.was listed on the New over-the-counter market(the New OTC Market)in August 2014,"listing tide" of exhibition enterprises has been set off on the New OTC Market.This paper takes 12 listed exhibition companies on the New OTC Market as research objects,and uses DEA-BCC and DEA-CCR models to take the enterprise scale,financing cost and financing structure as input indicators,and profitability,operational ability and growth capacity as output indicators.The financing efficiency and pure technical efficiency and scale efficiency of financing efficiency were evaluated in the financing efficiency and Total Factor Productivity(Malmquist index)of 12 exhibition companies on the New OTC Market,and the Tobit regression model was used to analyze the internal and external factors affecting the financing efficiency of enterprises.The study found that,from the overall perspective,(1)the comprehensive technical efficiency,pure technical efficiency and scale efficiency of exhibition enterprises in 2015-2018 are effective and efficient,which indicates that the financing efficiency of exhibition enterprises generally shows a good development trend,and the financing is fully utilized to improve profitability,operations and development capabilities.(2)The average factor productivity of exhibition enterprises is 1.308,furthermore,the average annual growth rate of financing efficiency is 30.8% and the average value of financing technology efficiency change,technology change and scale efficiency change are 1.009,1.297 and 1.004 respectively.The overall improvement in financing efficiency was mainly caused by the increase in technological changes,and the change in technical efficiency also played a catalytic role.(3)From the aspect of enterprise scale remuneration,most of the listed companies in the exhibition are in the same stage of scale return,which indicates that the investment and output of most enterprise asset elements increase in the same proportion,and the listed companies are generally in a stable development stage.(4)From the perspective of the factors affecting the financing efficiency of the New OTC Market's exhibition enterprises,the quality of laborers,the concentration of ownership and the ability to operate are the main factors affecting the efficiency of financing of exhibition enterprises.The level of debt is the main factor affecting the reduction of financing efficiency of enterprises,while the government environment and financial environment which only has a negative impact on pure technical efficiency are secondary factor affecting the reduction of financing efficiency.The nature of the enterprise and the size of the enterprise have no significant impact on financing efficiency.Finally,according to the research on the financing efficiency of listed companies on the New OTC Market,this paper puts forward some suggestions and points out the research deficiencies and research prospects.