Research On The Financing Efficiency Of Henan SMEs Listing On The New Third Board

SMEs play a very important role in promoting the development of the national economy and promoting social stability.They not only increase the employment rate,but also play a huge role in the growth of China's GDP.At the same time,however,SMEs are also facing some thorny issues,such as poor management,cluttered management models,and low risk resistance,which limits their development.The most important problem is that the funds are tight,and financing difficulties have always been an important factor affecting the development of SMEs.Due to the high operational risks of SMEs,it is difficult to guarantee the profitability,so banks will not easily disburse loans.In addition to bank loans,enterprises can also choose equity financing,but its standards are higher.Both financing methods are difficult to apply.The New Third Board is mainly to provide an equity trading platform for small and medium-sized enterprises.Due to the relatively high listing conditions of the main board,small and medium-sized board and GEM,it is difficult for SMEs to meet the listing requirements.Therefore,they can choose to complete equity financing on the New Third Board,thus solving the financing difficulties.The problem.In addition,the New Third Board also has the advantages of loose review conditions,short audit period,guiding the company's standard operation,and improving corporate reputation.Therefore,the New Third Board has achieved rapid development since its establishment.According to the SME Share Transfer System,as of December 31,2018,there were 10,684 SMEs listed on the New Third Board,including 371 in Henan Province,accounting for 3.47% of the total.The listed enterprises in Henan Province have developed rapidly in the new three board market,and the number of listings ranks eighth in the country.Therefore,the financing status of listed enterprises in Henan Province is analyzed,the reasons for low financing efficiency are found,and the ways to improve financing efficiency are explored to improve the listed enterprises in Henan Province.The financing situation has a crucial role to play.This paper firstly reviews the literature on financing efficiency research at home and abroad and defines the concept of corporate financing efficiency.Secondly,it briefly introduces the development status of small and medium-sized enterprises in Henan Province,and then selects the new three boards listed in 2014.The 42 enterprises,with total assets,asset-liability ratio and operating cost as input indicators;using the data envelopment analysis method,using the data of the operating income growth rate,the return on net assets,and the total asset turnover rate,use DEAP2.1 The software conducts an empirical analysis of the comprehensive technical efficiency,pure technical efficiency,and scale technical efficiency of 42 new three board listed companies from 2014 to 2017.The empirical results show that the overall financing efficiency of the listed companies in Henan New Third Board is low,the input factors are redundant,and there are resource waste situations.Finally,based on the results of empirical analysis,it is proposed to improve the scale efficiency and broaden the scale of the enterprise from the enterprise connotation development and external environment improvement.Relevant proposals such as financing channels and avoiding single financing,establishing multi-level capital markets and realizing the transfer system are aimed at improving the efficiency of corporate financing and promoting the further development of SMEs.