Analysis Of Financing Efficiency Of NEEQ Enterprises In China

Small and medium-sized enterprises are the most active parts of the national economy,and are the basis of promoting the economic development of our country.At present,the number of registered enterprises in our country has exceeded 42 million households,accounting for nearly 60%of GDP.However,SMEs often lack funding during development.In this regard,the government has established the small and medium-sized plate market,the GEM market,NEEQ and the stock market.After recent years of explosive growth,NEEQ has become an important financing channel for many small and medium-sized enterprises.In this context,it is of great theoretical and practical significance to study the financing efficiency of small and medium-sized enterprises in NEEQ.This paper first reviews the relevant research of financing for small and medium-sized enterprises,the evaluation of corporate financing efficiency and the financing efficiency of NEEQ enterprises.Next,this paper expounds the financing efficiency evaluation system of NEEQ from the aspects of the theoretical basis of the test method,the theoretical basis of the DEAmodel and the construction of the DEA index system.Refer to many previous scholars in DEA input-output index system,this paper selects the enterprise value of assets,asset-liability ratio,financing costs,operating costs as input indicators of DEA,return on net assets,revenue growth,total asset turnover and current ratio of output indicator of DEA,which combines with the definition of the financing efficiency,using DEA model to evaluate manufacturing enterprise's financing efficiency analysis of NEEQ.DEA model is mainly used to measure the relative efficiency of each decision-making unit in the same period.Malmquist index can be used to analyze the efficiency comparison of different periods.Malmquist index is based on DEA model method.It uses the ratio of distance function to describe total factor productivity(input-output efficiency).It can not only study the dynamic changes of total factor productivity in the sample period,but also decompose total factor productivity into technical efficiency changes and technological progress,so as to analyze in detail the specific causes of total factor productivity changes.Therefore,the author combines DEA model with Malmquist index.In the past,when using DEA model to analyze,scholars usually divided it into two categories:one is to use less than 40 samples as the research object,so as to show the empirical process of DEA model to readers intuitively.The other is to use more than 40 samples as the research object.This type of empirical study is affected by too much sample data and limited article space.It is inconvenient to show the empirical process of DEA model to readers,so it has to show the empirical results.The author's innovation lies in screening small samples less than 40 from large samples for demonstration process,then using large samples for more objective empirical analysis,not showing the process of demonstration,only showing the results of demonstration.The research shows that the overall financing efficiency of the new three-board listed companies is low.Although most of the enterprises that have carried out directional issuance are in the stage of increasing returns to scale,the overall scale efficiency of enterprises after directional issuance shows a downward trend.The main reason for the decline lies in the reduction of technology level,which means that the technological research and development,business management and other capabilities of enterprises have not improved with the increase of enterprise scale.On the premise of the low efficiency of financing,the author also draws macro and micro suggestions based on the evolution of domestic and foreign capital markets and relevant policy recommendations of domestic and foreign scholars.As for the effect,it still needs further demonstration in the process of practice.