Research On Regional Equity Exchange Market To Alleviate The Financing Difficulties Of Small And Medium-sized Enterprises

Since the reform and opening up,China's economy has made great achievements in leapfrog development.The vitality of small and medium-sized enterprises has contributed to it,and it has played a vital role in increasing jobs,creating invention patents,and increasing foreign exchange earnings.According to the data disclosed by the Ministry of Industry and Information Technology,SMEs have a huge advantage in number,covering 99% of the number of enterprises,and they have contributed more than 60% of GDP,more than 80% of urban job opportunities,and more than 60% of scientific research results.However,a large number of small and medium-sized enterprises only have less than 20% of financial resources,which is in sharp contrast to their contribution to the national economy.If the obstacles encountered by small and medium-sized enterprises in financing cannot be resolved in a timely and effective manner,this will always be a stumbling block with economic vitality.The National Bureau of Statistics announced in October 2019 that the GDP growth rate in the third quarter of the year was only 6% year-on-year,a new low of nearly 30 years.The slowdown in GDP growth rate also shows that China urgently needs to find ways to stimulate the economy.The establishment of regional equity trading markets in various provinces has provided a new financing channel for SMEs with insufficient funds.As a key link in the multi-level capital market,the regional equity trading market has played an active role in alleviating the financing difficulties of SMEs by providing equity,bond transfer and financing services for SMEs,thereby achieving effective allocation of idle funds and active promotion.The purpose of technological progress and optimization of industrial structure.The construction of the Tianjin Stock Exchange started with the release of the "State Council's Reply on the Overall Plan for the Tianjin Binhai New Area Comprehensive Supporting Reform Test",which has also become China's first regional equity market.The success of the Tianjin Stock Exchange has also promoted regional equity The market was established in other provinces.By the end of 2018,there were 34 regional equity trading markets constructed nationwide.This article takes the financing dilemma of SMEs and the financing role of regional equity markets as the starting point,and uses the financial data of listed companies in Tianjin Stock Exchange to study the role of regional equity markets in solving the problem of financing difficulties for SMEs.In this article,by reading and collating articles from domestic and foreign scholars on regional equity markets to solve the financing dilemma of SMEs,the previous research ideas and research methods are summarized,and the Tianjin Stock Exchange,which has the earliest establishment time and a more mature and sound operating mechanism,is used as a case.The DEA model compares the changes in financing efficiency of companies listed on the exchange from 2012 to 2015 before and after the exchange is listed,in order to explore the role played by regional equity markets in alleviating the financing difficulties of SMEs and find their shortcomings.Therefore,reasonable suggestions for promoting the construction of regional equity markets and improving the financing efficiency of SMEs are put forward.Through the research,this paper finds that the problems of listed companies include: the overall financing efficiency is low and not stable enough;with the expansion of the financing scale,some companies have not been able to improve their management level,resulting in low capital utilization efficiency and reduced scale efficiency.Diminishing returns to scale;irrational capital structure and low operating capacity.In view of the above problems,this article puts forward suggestions for reference from the three levels of enterprises,regional equity markets,and governments.