新三板挂牌公司融资效率实证分析
An Empirical Study on Financing Efficiency of Companies in New Third Board Market

以资产总额、主营业务成本、财务费用、资产负债率作为投入指标，总资产周转率、净资产收益率、主营业务收入增长率为产出指标，运用DEA方法，对597家新三板挂牌公司2012-2014年的综合技术效率、纯技术效率和规模技术效率进行实证分析。结果显示：我国新三板挂牌公司的融资效率逐年提高，然而融资效率普遍偏低。进而从经济环境和企业自身两个方面，分析了融资效率偏低的原因，并从政府和企业两个角度提出了对策建议。
Based on the total assets, the main business costs, financial costs, debt to assets ratio as input indicators, output indicators, total assets turnover, rate of return on common stockholders' Equity, the main business revenue growth rate, this paper conducted an empirical analysis of the comprehensive technical efficiency, pure technical efficiency and scale efficiency of 597 company 2012-2014 using the DEA method. The results show that the financing efficiency of China's listed company increased year by year, but the financing efficiency is generally low, the reasons of the financing efficiency analysis further from the economic environment and the enterprises themselves in two aspects, and put forward specific countermeasures and suggestions from two angles of government and enterprises.