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| Financing Efficiency and Risk Measurements of Technology Service Enterprises Listed in NEEQ Board |
| Gui Jiawei1,2,Wu Qunqi1,2 |
| (1.School of Management and Economics，Chang' an University;2.Center of Comprehensive Transportation Economic Management, Chang'an University, Xi'an 710064，China) |
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Abstract Based on the investigation and analysis on current development situation of Technology Service Enterprises (TSE) in China, the panel data of 248 TSE listed in NEEQ board in 2015-2017 was selected to measure Financing Efficiencies (FE), Financing Risks (FR) and the trends of them from multiple perspectives by Threestage DEA Model with Malmquist Index and Fscore Model. Besides, the data of 56 TSE delisted from NEEQ board and 2336 TSE listed in regional stock exchange markets were selected as well to observe the trends of FE and FR. The results indicated that Scale Efficiency was no longer the determinant factor of FE but Pure Technical Efficiency, and there were significant differences among FE and FR of TSE from the perspectives of subdivided trade structure, attribution area, market stratification and transfer method. Further research detected a linkage relationship between FE and FR, however, they were not the only causes of delisting. Based on the comparative results above mentioned, for the purposes of improving the capital market system in China and the development of TSE, this article suggested that control FR strictly, deepen service integration and explore innovative market stratification.
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Received: 21 January 2019
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