The Analysis Of Financing Efficiency Of Technology-based Small And Medium-sized Enterprise In Shandong

Technology-based small and medium-sized enterprises have become the powerfuldriving force of sustainable economy development and the most active part of in thesystem of innovation. There are more than140thousand technology-based Small andmedium-sized enterprises, and they are contributing enormously in creating employment,improving GDP and paying taxes. Fund is the most primary and important factor tosupport the development of enterprises. But the difficulties in financing, which limit thedevelopment of enterprises, is commonly found in technology-based small andmedium-sized enterprises. The difficulties in financing in fact response the low efficiencyin financing of technology-based small and medium-sized enterprises, and can’t raise fundswhich is needed for self-development. It is important to find out the reasons of lowefficiency and the measures of improving the efficiency in financing of technology-basedsmall and medium-sized enterprises for the development of social economy.Firstly, according to the summarize of existing literature, this paper put forward thenew connotation of financing efficiency, regarding the financing efficiency should startwith the micro perspective. As we know, financing is a complex process including the tradebetween investor and financer, receiving the funds, the arrangement in enterprises and theuse of funds. So this paper thinks the financing efficiency of enterprise is decided theprocess from the choice of methods of financing to the formation of administrationstructure and to the use of funds. The financing efficiency includes transaction efficiency,cost efficiency, organization efficiency and use efficiency of fund.This paper analyses the factors which influence the financing efficiency from theaspects of micro and macro. Through analyzing the relation between these factors andfinancing efficiency, we can see only financing cost, financing structure, profitability andoperating capacity influence the financing efficiency directly.This paper analyses the current situation and financing efficiency of technology-basedsmall and medium-sized enterprises in Shandong from the aspects of theory and empirical.In theory, this paper analyses the current situation of financing of technology-based small and medium-sized enterprises from the financing channel, and analyses the reasons fromthe enterprises-self, the structure of financial institution, the structure of capital market, thestructure of fiduciary guaranty and laws and regulations. In empirical, this paper choosesthe related data of36technology-based small and medium-sized enterprises and15largeenterprises n Shandong province as the sample data to make empirical analysis by usingTwo-stage Correlative Data Envelopment Analysis. The first stage which reflects thetransaction efficiency and cost efficiency takes the financing cost as the input and takes thefinancing structure as the output. The second stage which reflects the organizationefficiency and use efficiency of fund takes the financing structure as the input and takes theprofitability and operating capacity as the outputs. The result of empirical shows that thefinancing efficiency of technology-based small and medium-sized enterprises is lower thantechnology-based large enterprises, and the reason is small scale and low credit whichcause lower transaction efficiency and cost efficiency in technology-based small andmedium-sized enterprises, but there is no obvious gap in organization efficiency and useefficiency of fund between small and medium-sized enterprises and large enterprises.There is no obvious improving in financing efficiency of technology-based small andmedium-sized enterprises, this is because the financing cost is high, the enterprises onlydraw investors through higher interest and bonus because of narrow financing channel oftechnology-based small and medium-sized enterprises.This paper gives some suggestions, including strengthening self-construct, improvingdirect and indirect financing channel, establishing a sound legal system and strengtheningsupport by government, to improve the financing efficiency of technology-based small andmedium-sized enterprises.