Efficiency Evaluation On Equity Finance Of Listed High-technology On Basis Of DEA

Enterprises financing has always been a popular topic of economy. On one hand, listed companies could find the capital by means of equity financing, which plays a significant role in the development for the whole society and economy. On the other hand, China listed companies show a strong will of preference on financing. However, once these listed companies succeed in raising excessive amount of funds, funding targets for these funds are not clear enough, and the efficiency of the fund utilization declines. China high-technology enterprises have some distinctive characteristics over other financing industries, such as higher demand for capital and higher venture financing. Moreover, high-technology is becoming the core power in economic development in the 21st century. Facing this irreversible trend, all over world governments have began being busy in working on relative measures, aiming in occupying an important position of the world economy. At present, china's high-tech industrialization level is still far behind to keep pace with economic growth, and processing speed of transition from science and technology to productivity is still slow, one of the reasons for which is because some technology is still inappropriate or immature to meet the requirements of production; however, another possible reason is problem in capital utilization efficiency. Therefore, it is very important to take a research on the equity financing efficiency of the listed high technology enterprises.By applying DEA analysis model to calculate the financing efficiency of China listed high-tech enterprises, the conclusion of low efficiency for China high-tech enterprises has been obtained. In addition, the reasons for the low efficiency and the relative proposals has been also been given in this report. In this paper, the first part is introduction, the second part is relative notion and summary of relative papers, the third part is the introduction of DEA model, the forth part is the empirical research, the fifth part is the conclusion and advice, the sixth part is the summary.