新三板做市商制度对科技型企业经营效率的影响

新三板是科技型、创新型中小企业融资的重要平台，引入做市商制度，通过发挥做市商制度价格发现、流动性提升等功能，有利于改善科技型企业经营效率。基于DEA模型，对341家做市转让和协议转让科技型企业财务经营绩效进行研究，借助Mann-Whitney秩和检验对两类企业经营效率开展系统对比。结果发现，做市商制度对于科技型企业经营效率的综合影响并不显著，做市转让企业在技术效率、纯技术效率和规模效率上均不存在优势；通过DEA松弛变量分析发现，做市商制度在价格发现方面的功能有所体现，但不足以对企业融资需求产生显著影响，在促进企业经营改善效率方面的功效亦未显现。针对上述结果，提出了相应政策与建议。

The Influence of NEEQ Market Maker System on the Performance of Science and Technology Enterprises---Based on the Perspective of DEA Evaluation

NEEQ market is an important platform for science and technology SMEs financing.Introduction of market maker system,making use of the price discovery and liquidity enhancement functions could lead science and technology enterpri-ses improve the operation efficiency.Based on the DEA model and Mann-Whitney U test,a comparison on financial man-agement performance was made between 341 scientific and technological enterprises of market making transfer and agree-ments transfer.According to the calculation results,the conclusions shows that,firstly,the comprehensive effect is not obvious which made by the market maker system to the science and technology enterprises,and the companies of market making transfer take no advantage on TE,PTE and SE.Secondly,the market maker system could take a role in price dis-covery,however which has little impact on easing corporate capital demand,and has no impact on driving enterprises to raise operation efficiency.In view of the research,this paper puts forward several corresponding policy recommendations.