Empirical Study On Equity Financing Efficiency And Its Influencing Factors On The New OTC Market

The New Third Board is a benchmark for the reform of the financial market since the Third Plenary Session of the 18 th CPC Central Committee.It is one of the good channels for financing small and medium-sized enterprises and has made an important supplement to the multi-level development of the capital market.Based on the actual situation of the New Third Board,this paper takes Guangdong Province as the research object,selects representative enterprises from the newly listed three-board enterprises in Guangdong Province as research samples,and uses the data envelopment analysis model(DEA)to finance the enterprise's equity.The efficiency is measured,the equity financing efficiency level is analyzed from multiple angles,and the factors affecting the financing efficiency of the enterprise are further analyzed from the internal perspective of the enterprise.Finally,the targeted recommendations are proposed based on the empirical research results.The content of this paper includes six chapters.The first chapter is the introduction part,including the research background and significance of this paper,the research status at home and abroad,etc.The second chapter is an overview of financing and efficiency theory,expounding the content of financing theory and efficiency theory;The chapter analyzes the development status and existing problems of the new three board market.The fourth chapter is based on the DEA model.Taking Guangdong Province as an example,91 representative enterprises are selected as research samples,and the financing efficiency is measured.The conclusion is relatively low,and detailed analysis is carried out from the perspectives of scale return,industry analysis and stratification analysis.The fifth chapter is the empirical test of its equity financing efficiency and its influencing factors,and proposes the operational capacity,scale and liabilities of the enterprise.The six influencing factors of term structure,risk level,profitability and equity concentration show that the company's operational capability and the scale of the company are positively related to the equity financing efficiency of the enterprise.The debt maturity structure of the enterprise,the risk degree of the enterprise and the sample enterprise The equity financing efficiency is negatively correlated,and the profitability of the enterprise and the equity of the enterprise Impact on the efficiency of enterprises equity financing is not significant in the empirical results.The sixth chapter is the research conclusions and suggestions for improving the financing efficiency of the listed companies in the New Third Board.