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Small and medium-sized enterprises(SMEs)play an important role in the economic system,they can produce a large number of products,create employment opportunities and increase government revenue.The development of SMEs needs sufficient financial support,therefore,the financing of SMEs is very important.Many countries are exploring ways to help SMEs’ financing.China has set up the National Equities Exchange and Quotations(NEEQ)as the new OTC(Over the Counter)market,which can help the financing of SMEs.The financing function of NEEQ has enhanced since the expansion of the NEEQ’s market,NEEQ provides a new financing platform for SMEs,and hoping to promote the development of SMEs.On the basis of financing efficiency theory,this paper sets up an index system for the financing efficiency,uses the SMEs of Liaoning Province listed in NEEQ as the examples,and uses the DEA and Malmquist index method to measure their financing efficiency from both static and dynamic perspective.From the static perspective,the result shows that,from 2015 to 2017,the financing efficiency of SMEs of Liaoning Province listed in NEEQ is not very good.The financing efficiency is divided into two parts: the capital operation capability and the financing scale.In the capital operation capability,only a small number of enterprises have the best efficiency.In the financing scale,most enterprises are increasing returns to scale,indicating that the scale is not optimized.From the dynamic perspective,the Malmquist analysis result shows that,the progress or retrogression financing efficiency is mainly influenced by the financing scale.Therefore,SMEs should optimizing the financing scale and improving financing structure,strengthen internal management and enhance capital operation capability,attracting talented people and improving the innovation ability of enterprises.The government should optimize the relevant policies,and set up an integrated service system for the growth of SMEs.