安徽省新三板企业融资效率研究

Research on the Financing Efficiency of Enterprises on the New Third Board

基于2016—2019年度数据,以在2017年挂牌的61家安徽省新三板企业作为研究对象,使用DEA-Malmquist方法和构建面板数据模型对企业融资效率进行静动态比较与影响因素分析,实证结果表明:(1)企业上市后融资水平有所改善,但整体融资效率水平还比较低;(2)融资上市后纯技术效率有效企业数量下降,企业应当重点关注技术水平对融资效率的作用;(3)从融资效率影响因素上来看,各产出和投入指标均对企业的融资效率有显著的影响,其中资产总额指标与融资效率负相关,表明企业扩大融资规模并不一定带来融资效率的提高。提出提高企业自主创新能力、选择最优融资规模、完善新三板市场体系和选择合适板块上市的对策建议,为改善安徽省新三板企业的融资效率提供帮助。

In recent years,the new third board market has become an important financing channel for SMEs in China.Based on the 2016-2019 data,taking the 61 Anhui NEEQ companies listed in 2017 as the research object,DEA-Malmquist method and the construction of a panel data model are used to make a static and dynamic comparative and influencing factors analysis of corporate financing efficiency.Empirical study shows that:(1)The financing level of enterprises has improved after listing,but the overall financing efficiency level is still relatively low;(2)The number of pure technical efficiency effective enterprises after financing listing has declined,and enterprises should focus on the effect of technological level on financing efficiency;(3)From the perspective of the factors affecting financing efficiency,all output and input indicators have a significant impact on the financing efficiency of enterprises.Among them,the total asset index is negatively correlated with financing efficiency,indicating that the expansion of financing scale of enterprises does not necessarily bring about financing efficiency.improve.Finally,this article puts forward suggestions for improving the independent innovation ability of enterprises,choosing the optimal financing scale for enterprises,improving the NEEQ market system,and how companies should choose the appropriate board for listing,and providing help to improve the financing efficiency of NEEQ enterprises in Anhui Province.