关键词: DEA, 新三板, 融资效率, 退市

Abstract: Since the operation of the NEEQ in January 2013, many small and medium-sized enterprises have competed to list on it. By the end of 2020, the total number of listed enterprises has reached 13,392. However, since 2016, the number of enterprises delisted from the NEEQ has been increasing.According to the statistics of the Choice database, by the end of 2020, 4940 enterprises had been delisted from the NEEQ, with a delisting rate of 36.89%, which is far higher than that on the NASDAQ in the United States and the Shanghai and Shenzhen exchange markets in China.Excessive delisting rates can disrupt the balance of the capital market and harm the interests of investors. The phenomenon of the delisting of companies on the NEEQ is serious, which has attracted widespread attention.Deep study of the reasons for the delisting of enterprises of the NEEQ has an important practical significance for promoting the improvement of the multi-level capital market system and ensuring the high-quality development of the capital market.
In order to explore the reasons for the delisting of a large number of NEEQ companies,this article starts from the financing efficiency, using a total of 7473 annual samples from the Wind and Choice databases, and based on panel data of NEEQ companies for the past three consecutive years during and after listing. This article first uses the DEA model to measure the financing efficiency of the research sample, and conducts a comparative analysis from a vertical and horizontal perspective. Then, based on the Logit model, we empirically test the relationship between the financing efficiency and delisting behavior of enterprises listed on the NEEQ.
The study finds that the overall financing efficiency level of the delisted enterprises of the NEEQ is not high, and there is a significant downward trend during the listing period, which is significantly lower than that of non-delisted companies. Therefore, the decline in financing efficiency is an important factor affecting the delisting of NEEQ companies. In other words,during the listing period, the financing scale and financing cost of delisted enterprises have increased, but their corresponding financing output has not increased correspondingly, resulting in the reduction of financing efficiency. Therefore, from the perspective of cost and income, when the increase in financing cost brought by listing does not bring the expected increase in financing output to the enterprise, or at this time the listing behavior does not bring marginal contributions to the enterprise, then the enterprise is prone to delisting.
The above research conclusions have practical and enlightenment significance. First, for enterprises, they should take innovation and future sustainable development as the ultimate goal rather than listing. Moreover, due to the cost effect of listing behavior, enterprises need to choose whether to go public according to their own actual situation.Listed enterprises should also reduce financing costs, improve financing output, further improve financing efficiency, and increase listing returns through innovation driven. Second, for investors, it is necessary to establish a mechanism for identifying the financing output of enterprises, prioritize the allocation of funds to enterprises with higher financing output, improve market liquidity to play the role of the NEEQ in providing financial services for small and medium-sized enterprises. Third, for the emerging capital markets of other countries, it is necessary to strictly control the entry into the market and screen enterprises with high growth and high capital utilization efficiency to enter the capital market,so that the financial function of the capital market can better serve the real economy of the country.

Key words: DEA, NEEQ, financing efficiency, delisting