| In the context of knowledge economy, everything changes fast; technological innovationhas become the engine of economic development of countries and enterprises. In China,high-tech industry is considered as synonym of technological innovation, was highlightedrepeatedly and ranked as one of the strategic emerging industries in the12th Five-Year PlanOutline. High-tech SME is the main and important part of the high-tech industry, so manypeople concerned the development, financing and further financing efficiency problems ofHigh-tech SME for a long time. Beginning from the launch of the GEM has already more thanthree years, a large number of High-tech SME got the chances to IPO, but its efficiency is alsovery controversial. This paper aims to give same help on to improve financial efficiency ofHigh-tech SME though the research on financing efficiency of High-tech SME which listed onGEM.This paper through the qualitative and quantitative research combing theory andempirical method, summarizing the theory about financing efficiency firstly, and listed themany problems for the analysis of behavior to improve the poor financing efficiency. Secondly,by basing the simple understanding of the data envelopment analysis (DEA) method andprevious researching, this paper built High-tech SME financing efficiency evaluation systemand analyze the financing efficiency of High-tech SME. From the fact，the financing efficiencyis not good. On this basis, we did further analysis, multiple linear regression is established tothe effect factors of the financing efficiency. The research shows that the asset一liability ratioand the enterprises grows are negatively correlated to financing efficiency, While the main business income growth rate, enterprise scale and non一debt tax shield are positivelycorrelated to financing efficiency. Finally， we propose some suggestions to improve thefinancing efficiency of High-tech SME. |
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