| The NEEQ Market has become an important platform for small and medium-sized enterprises' share transfer in China.The NEEQ's development and mechanism become better and better.In 2018,the total number of the listed enterprises was 10691 by the end of the year,now The NEEQ Market owns the most SME in the world.And we can see from the data of 2017 that the total issued share capital was 239.26 billion and the total financing amount was 133.625 billion yuan,in the year of 2018,the total issued share capital was 123.83 billion and the total financing amount was 60.443 billion yuan,we can not ignore the amount of the shares issue in the platform.Many listed enterprises'goal was not financing at first,such as easy to transfer their shares,for a platform of the ease of the VC,using the chance to regulating the company,prepare for listing in the bigger platform and using the NEEQ to make an advertisement for the company.But we know that the success of the financing is good for the listed enterprises' current business and their future development.Through the formation of many kinds of the equity financing,the enterprises get more financing chances and financing sources than the time that they have not listed,the SMEs that in the developing period get plenty currency.The SMEs that have had equity financing in NEEQ their investors concern more about the enterprises' outputs and the future profits that the investors can get from the enterprises.According with this concern of the owners we analyzed the problem of the SMEs' financing efficiency.In this article,according to 2016 and previous years' annual statements of NEEQ-listed enterprises,the sample enterprises that have a year or more equity financing experiences in NEEQ market are selected to calculate and analyze the equity financing efficiency by using different models.First,using the method of descriptive statistics to analyze the financial ratios before and after the equity financing of the sample enterprises that they have financing period of one year to three years.Second,we analyze and compare the equity financing efficiency of the sample enterprises in different years before and after their equity financing by DEA model,using the sample enterprises that have financing period of one year to three,we also test the changes of the efficiency during different years to learn whether they are significant.Then analyze the financial ratios before and after the equity financing of the sample enterprises that they have financing period of four years to six years,test whether their changes are significant.In the end,we also set up a multiple linear regression model to analyze the enterprise's own factors that affect the equity financing efficiency.The results show that:the equity financing efficiency TE of the sample enterprises in NEEQ is generally low,but the financing efficiency TE and SE of the enterprises significantly improved after their equity financing in the sample of financing period of one year to three years;the efficiency TE,PTE and SE of the enterprises improved with the time,but the number of the enterprises that have increased scale returns decreased by years;the financing efficiency has no significant changes after SMEs equity financing in different financing time period;the comparisons of financial ratios shows no significant changes before and after the equity financing in the samples of enterprises that have financing time period of four years to six;The monetary and net profits of SMEs have significant positive impacts on equity financing efficiency,and management expenses and financial expenses have significant negative impacts on equity financing efficiency.What is new in this article conclude:researched the SMEs that have different equity financing periods their equity financing efficiency and the financial ratios'changes before and after their NEEQ equity financing in 2010 to 2015,and the changes of equity financing efficiency during the time period after their equity financing.Analyzed the equity financing efficiency's changes during the years after SMEs equity financing by using the Malmquist total factor production efficiency index,to find out the equity financing efficiency's changes and their reasons.And analyzed the influencing of the enterprises' own financial factors on SMEs' equity financing efficiency. |
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