| High-tech industry has developed quickly in our country from 20 century 80s'. Its' scale has also become bigger and bigger. The number of the high-tech enterprises has reach 17,527, and production has 3436.7 billion. High-tech industry plays a more and more important role, which accelerate the evolution of economic structure. But there is a great difference compare with foreign country. Represent as high-tech industry to national economics limited contribution, and low share in international market. For example, the ratio of value-added to industrial output of high-tech industry is 22.8% in 2004, The ratio of value-added of high-tech industry to value-added of manufacturing is 10.5%. In last 6 years, the ratio of the sales revenue of high-tech industry to manufacturing didn't change too much, almost in a low increase. The new product production has a small descend. The EVA taken by technology innovation is going down. All of these suggest they are faced flinty competition and hard development dual press, at the background of every country expand their high-tech industry for their integrative national strength. Therefore, study the high-tech enterprise's operating efficiency and correlative systems have the important realism and theory means. At the base of these, the paper discusses the improvement of the financing efficiency of high-tech enterprises, and gives some help to our country's high-tech enterprises.This thesis starts from enterprise, taking high-tech enterprise as research object, at the base of input and output theory, financing theory, information theory and efficiency, using mathematics economics and operations research knowledge, through the methods of demonstration analyses and criterion analyses, qualitative analyses and quantitative analyses and comparison, studies financial efficiency of our country's high-tech enterprise from theory and demonstration. Firstly, at the base of every view, it makes sure the financing efficiency meaning in this paper; secondly, at the base of supply and demand theory, from capital supply, capital demand and financing balance, the paper analyzes the principle of capital Supply and demand in high-tech enterprise. Then, by a mass of data comparison, gets the results of capital's absence for high-tech enterprise. Third, constructs the frame to analyze high-tech Company on financing efficiency and from multiple angles researches the factors that effect on financing efficiency. Fourth, at the above theory analysis, uses DEA method to measure and evaluate our country's high-tech enterprise financing efficiency. Fifth, at the principle of efficiency, discusses the different financing method choice of high-tech enterprise in R&D different stage. At last, it brings forward the countermeasures of accelerate our country's high-tech enterprise financing efficiency.The main conclusions and innovations of this paper are as follows:(1) Define the meaning of financing efficiency more clearly. Enterprise financing efficiency belong to micro economics, which means micro economics main body's ability on financing capital and its' efficacy for producing, which includes enterprise financing efficiency quality, financing efficiency quantity and its system efficiency.(2) Capital effective supply insufficiency is the reason of the low financing efficiency of the high-tech enterprises. Marketing supply and demand theory is used to research the capital supply and demand mechanism of the high-tech enterprises, and based on this, a great deal of data is used to analyze the capital supply and demand validity of high-tech enterprises in our country. It can see that capital supply and demand validity of high-tech enterprises in our country is insufficiency, the integration of science and technology and finance is not high and financing break is existed in the high-tech enterprises.(3) Theory form is made up to analyze the financing efficiency of the high-tech enterprises. The form can analyze in two aspects of the inside and outside. From the out factor, it can mainly analyze the finance surroundings and the arrangement of system; From the inner factor, it mainly contains the enterprise scope and capital structure, financing cost, financing channel and structure, payoff ability and growing, stage of the R&D and future anticipation of the investing projects.(4) The DEA method is used to analyze the financing efficiency of high-tech enterprises in our country as a demonstration. Through analyzing the relative literature, it can see that fuzzy evaluation and AHP methods are mainly used to estimate the financing efficiency which is an estimation of the financing mode and the conception and conclusion are half, and the method is also subjective. Because the problem of financing efficiency is a complex system of more input and more output, as a rigorous theorem in mathematics, DEA method proves the equivalence of the Pareto validity in economics. And this method can practically reflect the enterprises capital validity. The paper makes out some economic conclusions using the DEA method. First, the whole financing efficiency is low for the high-tech enterprises in our country and a majority of the enterprises are obviously the un-efficient units and have not been growing for a continuous years, the un-efficient enterprises have not been improving much. Second, financing efficiency level is concerned much to the enterprises capital structure. Third, independent Innovation consciousness and ability are lower for the high-tech enterprises, this is the important reason of the low financing efficiency. Forth, enterprises capital operating ability is limited, and the limited capital is not rationally arranged to the operating of the high and new technologic principal work and this makes the enterprises' lacking of sustainable developing ability.(5) Based on the efficiency principle, high-tech enterprises can choose the financing mode according to the different R&D developing stage. The R&D initial stage and the middle experimentation stage of the high-tech enterprises can take the inner financing as the main and outer financing as the assistant. As the development of the high-tech enterprises, they gradually demand outer capital to meet the lacking of inner capital from the stage of products developing and technics developing to the initial stage of R&D result transforming. And to the period of fast growing and maturing, their financing ability becomes strengthened, and so the capital source should mainly rely on the outer capital and the inner financing as the assistant.
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