区域股权市场转板至新三板公司的融资效率研究——基于齐鲁股权交易中心20家转板公司的分析

The Financing Efficiency of Market Transferring Companies, Basing on 20 Market Transferring Companies of Qilu Equity Exchange Center

实现不同层次资本市场的转板是发展与完善多层次资本市场的重要内容。本文基于齐鲁股权交易中心2014~2016年间实现由区域股权交易市场转板至新三板的20家公司,用数据包络分析方法,比较转板前后公司的融资效率差异,发现在转板之前公司总体的融资效率较高,转板当年公司的综合融资效率会有显著的提高,尤其是规模效率有明显的提高,转板一年后企业的融资效率较转板当年有所降低,但规模效率继续提高。

It has been an important element in developing a multi-level capital market to realize the transferring between different capital markets. This paper compared the financing efficiency of the market transferring companies which have been transferring from Qilu Equity Exchange market to the National Equities Exchange and Quotations, using DEA method. The result show that before transferring, the financial efficiency is higher than other companies and in the transferring year, the integrated financing efficiency has been improved, especially the scale efficiency. Thus, after the transferring, the integrated financing efficiency level is reduced yet it is still higher than that before the transferring. The scale efficiency continues to increase.