长期以来中国的资本市场重心过度集中于大企业，呈现出一种“倒三角”的结构，致使中小企业融资难的问题始终没有妥善解决，而中小企业每年为国家贡献50%以上的税收、60%以上的GDP、提供80%以上的城镇就业岗位，是最重要的企业群体。全国中小企业股份转让系统（新三板）是目前国内唯一针对中小企业股权融资的全国性平台，它的出现使得“资本市场多层次化、资本市场品种多样化，资本市场主体多元化”的规划构想迈出了重要一步，成为打破当前沪深两家交易所垄断资本市场的关键。但在实际运行中，新三板市场暴露出诸多问题，因此研究中小企业在新三板的融资效果，是探讨新三板市场未来发展方向的基础，有助于新三板市场的规范和完善。 本文根据现有文献资料，梳理了融资效果的影响因素和评价方法，从新三板的挂牌企业、市场分层、市场流动性、定向增发以及转板情况等方面总结了发展现状，得出新三板市场存在交易不够活跃、直接融资乱象多、转板机制不完善、挂牌企业不规范等问题。利用DEA模型，建立了融资效果评价体系，在2012年前挂牌的企业中选取100家样本进行实证分析，结果显示：新三板融资效果整体并不理想，但历年有所上升。通过对不同地区、行业、层级的企业在新三板融资效果的对比，发现各地区、各行业差距明显，融资效果排名依次为上海、北京、湖北、天津地区，其中互联网和相关服务业的融资效果最好，制造业的融资效果最差，基础层企业的融资效果反而超过创新层。结合实证结果分析上述问题的原因，认为主要是新三板发展时间短，各项制度尚未完善；监管层监管水平与迅速发展的市场并不配套；中小企业自身没有做好进入资本市场的准备。本文针对以上原因提出了完善新三板市场制度建设、提高监管水平、加强企业建设等对策建议。

For a long time China's capital market has focused on large enterprises too much,which shows a inverted triangle structure and results in the problem of financing difficulties of SMEs not been resolved.China's small and medium-sized enterprises (SMEs) each year contribute more than 50% of the tax,more than 60% of GDP,and provide more than 80% of urban jobs to the country,they are the most important enterprises. The NEEQ is the only national platform for equity financing of SMEs.It put the planing ideas of “the diversification of capital market, diversification of capital market variety and diversified planning of capital market” into practice. And it is a key of breaking in two exchanges monopoly capital market.But in the actual operation of the NEEQ, it appeared a lot of problems. Therefore, studying on the financing efficiency of SMEs in the NEEQ market is a foundation of exploring the future direction of the NEEQ’s development, which contributes to norm and perfect the NEEQ market. On the basis of the existing literature, this paper summarizes the influencing factors and evaluation methods of the financing efficiency, summarizes the development status from the listing of the NEEQ, the market stratification, the market liquidity, the private placement and the transfer situation, we found that the NEEQ market transactions are not active enough,direct financing chaos,transfer mechanism is not perfect,listed companies are not standardized and other issues. Based on the DEA model, the paper established the financing efficiency evaluation system, and anlalyzed the selected 100 sample enterprises before 2012.The empirical results show that the NEEQ financing efficiency has risen over the years, but the overall financing efficiency is not ideal. Through comparing the NEEQ financing efficiency in different regions,industries and classes, we found that the gap is obvious between the various regions and industries,and the financing efficiency is ranked as Shanghai,Beijing,Hubei and Tianjin,among which the financing efficiency of the Internet and related services is the best.The financing efficiency of the manufacturing sector is the worst,the financing efficiency of the base layer enterprise is better than the innovation layer.Combined with the emprical results,the paper thinks that the reasons for the existence of the above problems are the NEEQ development time being short,the system being not yet perfect;regulatory level and the rapid development of the market being not supporting;the SMEs being not ready to enter the capital market.Aiming at the above reasons,this paper puts forward some suggestions on how to improve the NEEQ market,improve the supervision level and strengthen the enterprise construction.