Analysis On Financing Efficiency And Influencing Factors Of Listed Agriculture Enterprises In The NEEQ

With the rapid growth in the number of listed companies in the NEEQ market in 2013,the NEEQ market has become an indispensable platform for SME financing.As an important part of agricultural development,agriculture-related enterprises are the key to the development of China's agricultural modernization,but the difficulty of financing has always restricted the development of small and medium-sized enterprises.The financing cost and threshold of the NEEQ market are low,and the small and medium-sized enterprises involved in agriculture can be listed in the NEEQ market for direct financing,which has improved the financing difficulties to some extent.Due to the unsound market mechanism and imperfect information disclosure,the financing effect of listed agriculture-related enterprises is still not good.Based on the financing status and problems of the NEEQ listed agriculture-related enterprises,it is more important to measure the level of financing efficiency and study the factors affecting financing efficiency.This paper first summarizes the research results of financing efficiency at home and abroad,defines the concept of financing efficiency and the listing of agriculture-related enterprises in the NEEQ,and expounds the basic content of relevant theories.It sorts out the three aspects of listing scale,development status and financing status.The development history of the agriculture-related enterprises listed on the NEEQ,and a brief analysis of the obstacles.Secondly,using the wind financial database,the 187 agriculture-related enterprises listed on the NEEQ in 2016-2017 are the research objects,and their financing efficiency is measured.Finally,the financial indicators that affect the overall financing efficiency of the sample enterprises are selected as the independent variables.The comprehensive technical efficiency of the sample enterprises obtained by the DEA model is used as the dependent variable,and the Tobit model is used to analyze the factors affecting the financing efficiency.Provide reference for improving financing efficiency.This paper mainly draws the following conclusions:(1)The overall financing efficiency of listed agriculture-related enterprises in the NEEQ is not good,and the scale efficiency is similarly effective,and the pure technical efficiency and comprehensive technical efficiency are low and tend to decline.(2)Return on net assets,total asset turnover,asset-liability ratio,quick ratio,financing cost ratio,financial expenses and total assets are all factors affecting the financing efficiency of the listed three-agricultural enterprises,including ROE,The total asset turnover rate and quick ratio are positively correlated with financing efficiency.Asset-liability ratio,financing cost ratio,financial expenses,total assets and financing efficiency are negatively correlated.Based on the above conclusions,the paper puts forward the following suggestions: First,the agriculture-related enterprises should improve the production technology innovation of enterprises while optimizing the financing structure and rationally reduce the financing costs.Second,it is necessary to improve the supervision and information disclosure mechanism of the NEEQ market and strengthen the government's The assistance of the main business of the enterprise to improve the efficiency of corporate financing.