Analysis on the Financing Efficiency of Small and Medium Enterprises in the National Equities Exchange and Quotations Market on the Basis of Data Envelopment Model

In this paper, the financing efficiency of enterprises is divided into three aspects of capital integration, capital allocation and financing risk. At the same time, in order to comprehensively and systematically evaluate the financing efficiency small and medium enterprises in the National Equities Exchange and Quotations Market, a perfect enterprise financing efficiency index system is firstly established. Finally, 33 small and medium enterprises within the last five years in the National Equities Exchange and Quotations Market are selected as the research object, the financing efficiency index defined in this paper as the output item, other indicators as input item to solve through the data envelopment analysis model. The results show that: on the three aspects of financing efficiency including financing funds, the allocation of funds and financing risk, the significances of small and medium enterprises in the National Equities Exchange and Quotations Market were relatively low from 2011 to 2013, which haven’t reached 50%. However, with the change of the market rules and the gradual improvement of the enterprises themselves, the financing efficiency of enterprises represents a slow growth trend. On the whole, the financing efficiency of enterprises listed in the National Equities Exchange and Quotations Market still has a large space to be improved.