Research On Financing Efficiency And Influencing Factors Of Transfer Board Listing Enterprises Of NEEQ

Under the background of global economic downturn,many small and medium-sized enterprises in China are disturbed by financing constraints,the amount of funds raised does not match the scale of company’s development,the input and output of funds are insufficient or redundant,resulting in poor financing efficiency.As the "preparatory force" of the A-share capital market,the NEEQ has provided a lower threshold financing method for small,medium-sized and micro enterprises since its establishment.However,in recent years,the problems of lack of liquidity and low financing efficiency have been further highlighted,resulting in more and more enterprises of NEEQ delisting and moving to a higher-level market for development.Therefore,under this background,it is of great practical significance to study the changes of financing efficiency and possible influencing factors of transfer board listing enterprises.Based on the analysis of the financing development status of enterprises in NEEQ,this paper takes 23 enterprises in 2018 and 41 enterprises in 2019 that transferred from NEEQ to A-Share market as the specific object,and uses two-stage chain network DEA-Tobit regression two-step method to study the changes of financing efficiency before and after the board transfer and influencing factors.Finally,taking one of the representative enterprise-Yujing Co.,Ltd.as an example,and analyzes in detail the motivation of its board transfer,the changes of financing efficiency before and after the board transfer,as well as the reasons for this change,and puts forward targeted suggestions.It is found that:(1)the transfer board listing optimizes the total financing efficiency by improving the fund-raising efficiency and allocation efficiency of enterprises,but the improvement of fund-raising efficiency is greater than that of fund allocation;(2)Through Tobit regression,it is found that there is a positive U-shaped relationship between financing efficiency and shareholders’ equity ratio;It is positively correlated with return on net assets and current ratio;It has a negative correlation with ownership concentration.In addition,there is a positive correlation between financing efficiency and enterprise technological innovation ability,but the coefficient is not significant.(3)Through the case analysis,we know that the company’s financing cost,financing risk and the postponement of raised investment projects will have an impact on financing efficiency.Based on the above research conclusions,this paper puts forward suggestions on the optimization of market system,and provides reference opinions for more enterprises which prepare transfer board listing to make board transfer decisions and their own management.