| The high-tech small and medium enterprise (SME) presents the gooddevelopment situation continuously in the spring tide of market economy. It is themain body in the high growth enterprise group. It also has become the main force ofimproving the ability of independent innovation, solving the employment problem,and accelerating transformation of the mode of economic development. The high-techSME has many characteristics such as the less funds to construction, the flexibledecision-making mechanism, the opposite and lower management cost, and it canadapt to the market diversity. Specially, it possesses incomparable advantages ininnovation mechanism and the innovation efficiency. By the end of2010, there are ahundred and twenty thousand high-tech SMEs in our country. However, they provideabout65%of invention patents, more than75%of the enterprise technologyinnovation and80%of the new product development. It occupies more and moreimportant position in the national economy.At present, our country is facing the new situation and new challenges of theadjustment industry structure and transform the pattern of economic growth. Thedevelopment of high-tech SME is in a rare period of strategic opportunities. However,under the influence of the debt crisis and inflationary pressures, the development ofhigh-tech SME appears a few new problems. The financing difficulties and theinefficient financing have been the main bottleneck in the development and expansionof high-tech SME. To solve the financing difficulties, and improve the financingefficiency of high-tech SME, a package of policy measures will be introduced to support SME this year. High-tech SME may get more financing in the SME servicelives. However, how high-tech SEMs improve its financing efficiency, which hasaroused the attention of government and scholars.Based on the enterprise financing efficiency as the theoretical basis, combiningthe main factors influencing enterprise financing efficiency, this paper establishes asuitable evaluation index system about high-tech SEMs financing efficiency. Diggingthe main reason of evaluation objects in financing efficiency, it proposes some policysuggestions, in order to optimization China’s high-tech SMEs financing efficiency. Italso has the significant influence meaning to high-tech SMEs healthy and rapiddevelopment.Firstly, the paper introduces the theory of enterprise financing efficiency and itsorigin. It analyzed the meaning of the enterprise financing efficiency within"efficiency" concept research framework in the economics. Through the qualitativeand quantitative index division standard, it sums up the standard definition of ourcountry’s high-tech small and medium-sized enterprise. And then, using the dataenvelope analysis method as the theoretical basis, this paper introducedDEA-Malmquist index evaluation method as main research methods.Secondly, under the construction principle of the evaluation index system, itconstructs the evaluation index system basing on the funding ability and funds usageefficiency.In the main part, this paper analyzes the financing efficiency static measurementand the dynamic change of high-tech SME，with the enterprise data which listed onthe board of small and medium-sized enterprises of Shenzhen. Research shows thatChina’s high-tech SME has low financing efficiency, which is in obvious inefficientstate. There are significant different changing trend of financing efficiency betweendifferent industries. Through the Malmquist index decomposition, according todifferent industry, it points out the improvement direction to raise financing efficiency.In the end, based on the theoretical and empirical analysis, the paper put forwardsome countermeasures and suggestions about improving our country’s high-techSMEs financing efficiency. The main innovations of this paper lie in the following three:1. The construction of enterprise financing efficiency evaluation index system:this paper establishes a suitable evaluation index system about high-tech SEMsfinancing efficiency, based on the enterprise financing efficiency as the goal layer,input index and output indicators as criterion layer, and the funding ability thatcontains asset scale, financing costs and capital structure, funds efficiency and theenterprise growth as domain layer.2. The development from static measurement to dynamic evaluation aboutenterprise financing efficiency: this paper introduces the DEA-Malmquist indexevaluation method, analyses the dynamic financing efficiency of high-tech SMEs,using panel data model. It is further to compare the financing efficiency of the relatedindustry, which gets the main factor influencing low enterprise financing efficiency isless capital investment. The low technology innovation index causes technologysetback, making the whole financing efficiency lower. |
PDF Full Text Request