Research On The Financing Efficiency Of High-tech Small And Medium Enterprises

Nowadays market-oriented economy, high-tech small and medium enterprises has made a considerable progress, and it also has made tremendous contributions for the development of China's national economy and the improvement of people's living standard. Capital is a business enterprise economic activities the first motivation with keep on motivation. The availability of a stable source of capital and the maximum effect of the capital are vital for enterprise's management and development. The financing efficiency is an important measure for the capital operation and management. However, the poor financing efficiency is one of the key issues which restrain the development of small and medium enterprises. So how be known after all and solve this problem is the hotspots in modem management theoretic circle and practical circle.In this paper, through the use of qualitative and quantitative research combing theory and empirical method of combining light China's realities, detailed and systematic financing efficiency of China's small and medium enterprises acts listed the many problems that exist and the reasons for the analysis of behavior to improve the poor financing efficiency, and further has significant influence for the rapid and healthy development of small and medium enterprises.At first, this thesis combines the western financing theory and the research achievements in China, and discusses the factors which affect the financing efficiency from several aspects in detail. In chapter 3, the paper puts forward the evaluation system, constructs the model of financing efficiency. On the basis of correlative statistic data of Shenzhen SME board and Hong Kong GEM board listed small and medium enterprises, the DEA method is used to analyze the financing efficiency of high-tech small and medium enterprises. From the fact, the financing efficiency is poor. In chapter 4, the multiple linear regression model is established to the effect factors of the financing efficiency. The research shows that the enterprises grows, the main business income growth rate and enterprise scale are positively correlated to financing efficiency, while the asset-liability ratio and non-debt tax shield are negatively correlated to financing efficiency. Finally, we propose some suggestions to improve the financing efficiency of high-tech small and medium enterprises.