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The new third board market has developed rapidly in China in recent years. However, the new third board market still exists the phenomenon of regional imbalance. In this paper, Guizhou Province, China's small and medium-sized enterprises as the research object, using the DEA model analysis the reasons enterprise financing efficiency is low.The analysis shows that the financial base of Guizhou province is underdeveloped. Secondly, the new third market mechanism is not complete, reasons are not active in the new three board market in Guizhou Province as the representative of the western region.

Study on Financing Efficiency of Small and Medium Sized Enterprises in New Three Board of Guizhou