新三板中小企业低效率融资与目标错位问题研究  

A Research on Financing Efficiency of SMEs in NEEQ Market

作　　者：刘荣茂[1] 李偲婕 

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《现代财经（天津财经大学学报）》2016年第11期21-29,共9页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

摘　　要：新三板设立初衷是为了给予高成长性、创新型企业一个发展平台,但现有新三板挂牌企业融资后却出现效率低下的情况,与新三板设立目标相错位。本文运用DEA模型对新三板中小企业融资前后的效率差异进行了分析,并将有融资行为的企业和无融资行为企业的进行比较分析。结果表明:企业融资后效率与自身相比出现明显下降,有过融资行为的企业效率值要低于没有融资行为的企业。其主要原因在于市场机制不完善、券商未发挥其应有作用以及企业在资金运用上存在一定问题。The NEEQ Market promotes the development of SEMs＇ direct financing method, and provides the SEMs＇ growth with adequate capital. This article analyzed the sample enterprises＇ financing efficiency by using DEA model, based on the analysis of the SEMs＇ financing status in NEEQ Market. Also, this article compared the sample enterprises＇ financing sufficiency with those enterprises that never performed substantive financing procedure. The result demonstrated that the NEEQ Market IPO will lead to a downturn of the enterprises＇ operation sufficiency, and we also found that the operation sufficiency of the enterprises which used to perform IPO in NEEQ Market is significantly lower than the enterprises which never performed financing procedure. The further research shows that the SEMs＇ low financing efficiency in NEEQ Market was mainly because of their aimless financing, low-growth business, impure financing purpose, and etc. Therefore, the listed company should consider their target and enhance their operation sufficiency. Meanwhile, the government should improve the NEEQ Market mechanism and increase the NEEQ Market＇s positive impact on the enterprises.

关 键 词：新三板 中小企业 融资效率 目标错位 

分 类 号：F832.5[经济管理—金融学]