A Study On Financing Efficiency Of Listed High-tech Enterprises On GEM

After entering the21st century, knowledge-based economy has become the mainstream of economic, technological developments and advances in technology have greatly promoted the development of world economy level, which means that who owns the high-tech, who will be able to have a high technological content of products can remain invincible in the competition. The high-tech enterprises represent the future direction of development of many enterprises, the development of high-tech industries also represents the future direction of development of world economy, high-tech development has become a decisive factor in economic growth and an important symbol for measuring national competitiveness. Since the last1990s, China began to run high-tech economic zone to encourage technological innovation and entrepreneurship, high-tech industry in China has rapidly developed. According to statistics, there are9348high-tech enterprises in China in1998, when the price of gross output value of711.1billion yuan, the profit was only31.1billion yuan; to the end of2009, the number of high-tech enterprises in China to grow to27218when the price of output value60430billion, a profit of327.9billion yuan. A short period of ten years, the high-tech industry has been rapid development. However, compared with foreign high-tech enterprises, the development of high-tech enterprises in China is still not mature, the problems are more. Among them, the question of financing is one of the key factors restricting the development of high-tech enterprises.The financing issue has been a popular economic topic. The one hand, the listed companies to obtain the required funds through equity financing plays an important role in the economic development of society as a whole. On the other hand, China’s listed companies show excessively strong preferences for equity financing. When too many of these listed companies to raise funds, there will be unused funds, these funds invest in are often not clear, it will result in reduced efficiency of the use of funds results. High-tech enterprises in China is not the same with the other traditional industry financing characteristics, the existence of demand for funds, and financing high-risk financing characteristics. More important is high and new technology in the twenty-first century has become the core power of the social and economic development, in the face of this trend, in order to be able to occupy an important place in the future world economy, governments around the world are redoubling its efforts to develop appropriate policies measures. In order to solve its financing difficulties, China promote the development of high-tech enterprises, launched in October2009, the Growth Enterprise Market, a move to broaden the financing channels of China’s high-tech enterprises for independent innovation, high-tech and high-growth companies to provide financing platform. However, China’s high-tech industry is still immature, the transformation of the city between the science and technology and productivity is still relatively slow, which may be because some technologies do not meet the production needs, but another important reason is that the capital raising ability and use efficiency may be a problem. Therefore, the efficiency of high-tech enterprises financing GEM Listing is particularly important.This paper uses the GEM hi-tech enterprises of the Shenzhen Stock Exchange listed in2010as the sample, makes use of the well-developed data envelopment analysis (DEA model) to inspect the financing efficiency of high technology enterprises. The study results showed that the financing efficiency of China’s GEM listed high-tech enterprises is still not high, the apparent non-efficient number of firms in the majority.Firstly, this paper reviews the related theory of literature about the enterprise’s financing efficiency, and then analyses the influence factors of the financing efficiency of high technology enterprises listed in the GEM combining with financing theory and efficiency theory, which determines the input and output variables needed by this paper. And then it applicates DEA method to the empirical analysis to the financing efficiency of high technology enterprises listed in the GEM, and puts forward in the conclusions and recommendations.The main conclusions are as follows:(1)The financing efficiency of high technology enterprises listed in the GEM is still at a low level. The overall level of financing efficiency of high-tech enterprises of China’s GEM is still not high, and obviously the number of non-efficient firms occupies the most.(2) The sort of high-tech corporate finance efficiency of the GEM Listing sort of consistent with the sub-sectors. In order to improve the credibility of the conclusions of the study, not only the efficiency of the overall sample of the financing of enterprises, sort will meet the requirements by the DEA method to sample data sub-sectors (manufacturing and IT industry) were the sort of efficiency within the industry.(3) Gem high-tech enterprise financing efficiency of regional differences. Gem high-tech enterprise financing efficiency of sorting and found:Regional differences will affect the listing on the gem of high and new technology enterprise financing efficiency, but the gem in the number of high-tech enterprises with its financing efficiency of dependency is not obvious.(4) Gem high-tech enterprises should take the initiative in improving financing efficiency stage of adjusting the scale of remuneration. Research results show that most low financing efficiency of sample enterprises are at the stage of decreasing returns to scale, so enterprises can pursue high efficiency of financing by adjusting the size of compensation method of phase.The innovation of this research:(1) In evaluating GEM high-tech enterprise financing efficiency of DEA efficiency evaluation model. Despite there are a lot of the efficiency evaluation models and studies on efficiency evaluation on listed company’s financing, but GEM high-tech enterprise financing efficiency evaluations conducted in this area are still blank, and this article will use to developed DEA method on GEM high-tech enterprise financing efficiency evaluation, results show that this evaluation is effective and objective.(2) This article according to the characteristics of high-tech enterprises constructing targeted evaluation of DEA efficiency and output variables. The selected input variable:total assets, business costs, asset-liability ratio of three financial indicators; output variables:Roe, main business revenue, earnings per share and total asset turnover of four financial indicators.The inadequacies of this study is that:First, from the limitations of the sample, due to the short opening hours of the GEM, the number of listed companies less, so a relatively small number of samples available, also can not form a panel data of their research, this only on168home listed high-tech enterprise2010years of annual report data for has financing efficiency of analysis, and cannot on different year of enterprise financing efficiency do comparison analysis. Second is the variable index of selected, as writer research capacity is limited, so the selection of input and output variables may not be comprehensive and objective view of the listed high-tech enterprise financing efficiency. Believe that as the second board market and constantly improve and mature, there will be more high-tech companies listing on the gem, the evaluation of high-tech enterprise financing efficiency of sample data are more abundant, this will provide strong data support for future research.