The Research On The Financing Efficiency Of China's NEEQ Market

With the continuous development of economic globalization,China's capital market has become more and more perfect,and the multi-level capital market system has been initially established.Many small and medium-sized enterprises are confronted with difficult and expensive financing.The New Third Board market has just opened up a new financing channel for SMEs.The “New Third Board” is a common name for the National Small and Medium Enterprise Share Transfer System(NEEQ).Its purpose is to enable high-tech,innovative and growth companies that have not yet reached the listing requirements but have strong development potential and are in line with national industrial policies to circulate shares in the NEEQ market and realize financing.However,the current trading in the NEEQ market is not active,and the liquidity of the market is insufficient.Consequently,it can not meet the financing needs of SMEs.On the basis of combing the domestic and foreign relevant literature,the study take the financing structure theory and the financing efficiency theory as the core,and sort out the status quo,financing status and existing problems in financing of the listed companies in the NEEQ market.According to the theoretical analysis,the study select the total assets,asset-liability ratio,operating costs,and financial expenses as input variables and total asset turnover,operating income growth,and earnings per share as output variables from the perspectives of macroeconomic environmental factors affecting the financing efficiency of the NEEQ market and the micro-enterprises themselves.At the same time,the study research the financing efficiency measurement based on the relevant financial indicators of 1,259 companies in 2015,4415 companies in 2016 and 6,337 companies in2017.The study use the CCR model and the BCC model in the DEA model to calculate the comprehensive technical efficiency,pure technical efficiency,Calculating scale efficiency and conclude that the overall financing efficiency of the new three-board market is generally low and the financing scale of most enterprises is insufficient.In view of the above conclusions,this paper proposes corresponding countermeasures and suggestions from the three aspects of the NEEQ market,the government and the enterprises themselves to improve the financing efficiency of the NEEQ market and enterprises,and promote the healthy and stable development of multi-level capital markets.