Research On Financing Efficiency And Optimization Path Of Small And Medium-sized Enterprises Listed In NEEQ In China

Throught the economic development of various countries in the world,small and medium-sized enterprises play a key role in providing employment,activating the market and promoting the improvement of resource planning.As China is in the new economic environment,the economic efficiency will be reduced,and the key of small and medium-sized enterprises will be more obvious.In the process of development,small and medium-sized enterprises in China are always faced with difficulties in financing.The birth of the "new third board" market has provided a direct channel for the financing of small and medium-sized enterprises in China.It can use the capital market to provide more growth and innovative small and medium-sized enterprises with the characteristics and needs of "pseudo-listed" or "guiding to be listed" with basic channels for financing and equity transfer.Therefore,selecting small and medium-sized enterprises on the new third board as the research object and analyzing the development needs,financing conditions and factors restricting their financing efficiency of small and medium-sized enterprises on the new third board will play a good role in optimizing the comprehensive development quality of the market in this field.It will not only promote the improvement of the market system,but also help to improve the success rate of financing of small and medium-sized enterprises,and give inspiration and reference to other unlisted and unlisted small and medium-sized enterprises.This paper selects 187 small and medium-sized enterprises listed on the NEEQ as samples,and comprehensively evaluates the financing efficiency of small and medium-sized enterprises from static non efficiency and dynamic efficiency through SBM-DEA and Malmquist method.The results of the empirical analysis point out that the SBM method and Malmquist index model are used to deeply explore the development of the financing level of small and medium-sized enterprises.The results show that although the NEEQ has solved the financing difficulties of small and middle-sized enterprises to a certain extent,the financing of many enterprises is ineffective,the overall financing efficiency is not high,and it is at a medium level,which still needs to be improved.Further,through the construction of the empirical model,we verified the influencing factors and optimization paths of the small and medium-sized enterprises in the NEEQ to improve the investment efficiency.The results show that an effective optimization path can be formed from the four financing and management factors of the company,including the external financing structure,decision-making optimization and supervision introduction,management cost input and employee incentive mechanism innovation,At the same time,these optimization paths are biased and different to a certain extent under different scenarios with additional financing opportunities and operational risks.