Research On The Financing Efficiency Of Chinese High-tech Enterprises

With the advents of era of knowledge economy，the global economy will bemore and more tend to be integration. Science and technology has become most oneof decisive factor in economic growth. In this environment, the high and newtechnology industry got rapid development. The national focus on strategicindustries, New and high technology industries of our country after decades ofdevelopment, the scale is more and more big. Especially, since the reform andopening up more to get the development by leaps and bounds. But there are manyshortcomings and deficiency, one of the biggest problems is the financing difficulty.Domestic and foreign scholars have studied the high and new technology enterprisefinancing environment, financing system and financing, and so on. This article fromthe perspective of financing efficiency, to our country small and medium-sizedenterprise board and gem of the information technology as an example, analyzes thefinancing efficiency, they explore the development of high and new technologyenterprise in our country, and puts forward some Suggestions.This article first reviews the development and perfection of the capital structuretheory, and then discussed the evaluation methods of efficiency, then on the basis ofthe theory of constructing evaluation of high and new technology enterprises’financing efficiency DEA model. The article third chapter comprehensively analyzesthe influence factors of high and new technology enterprises’ financing efficiency.Divided into macroeconomic factors, enterprise financing, micro-factors within thecompanies, and the four aspects in the different periods of the development ofhigh-tech enterprises, This article selects our country small and medium-sizedenterprise board and gem60as sample data, the information technology enterprisechose seven financial indicators, through the DEA model calculated our countrysmall and medium-sized enterprise board information technology enterprisefinancing efficiency is higher, the conclusion of the gem financing efficiency isrelatively low. The linear regression model is established, the influential factors ofthe information technology enterprise financing efficiency for empirical research. Enterprise scale, asset-liability ratio, equity financing, debt financing costs,intangible assets growth rate, growth rate of main business, total asset turnover andtotal asset turnover eight indicators as independent variable, select the pure technicalefficiency obtained above as the dependent variable is analyzed. The empiricalresults show that the factors impact on small and medium-sized enterprise board andgem at different levels. The indicators of enterprise scale, intangible assets, mainbusiness revenue growth rate, return on total assets and turnover and pure technicalefficiency is a significant positive correlation. Asset-liability ratio, equity financingand debt financing costs and a significant negative correlation relationship with puretechnical efficiency, finally, considering the influencing factors of the financingefficiency, and this article research, to improve the financing efficiency of the highand new technology enterprises in our country put forward some Suggestions.