Equity Financing Efficiency Of The Innovation Layer Of The NEEQ Market

Since June 27,2016,China has officially implemented the NEEQ hierarchical system management.There are only 953 enterprises in the first batch of innovative layer.Therefore,the innovative layer enterprises are the representatives of the whole listed enterprises.At the same time,the financing mode of SMEs listed in the NEEQ market is mainly equity financing.In order to understand the efficiency of equity financing of SMEs in the NEEQ market,we can study the efficiency of equity financing of innovative enterprises in the NEEQ market.After reviewing and summarizing the previous research results,this paper defines the financing efficiency,determines that this paper is to use several dimensions such as financing cost,capital utilization rate,financing speed and the degree of freedom to use funds to evaluate the financing efficiency of enterprises,and to analyze the change of equity financing efficiency of innovative enterprises in the new third board market.We analyze the equity financing efficiency of Huatong Technology,NEEQ innovative enterprise,in the form of a case study.The results show that the equity financing efficiency of innovation layer's enterprise is significantly improved compared with that before the implementation of the hierarchical system.At the same time,this paper chooses Huidian Science and Technology as the basic enterprise of the same industry to make a comparative analysis,and finds that the hierarchical system also has a positive impact on the equity financing efficiency of the basic enterprise,but the improvement of the equity financing efficiency of the innovation layer's enterprises is more obvious than that of the basic enterprise.Finally,in order to improve hierarchical system and enrich our multi-level capital market,policy recommendations are put forward in order to improve the efficiency of equity financing of NEEQ.