Financing Efficiency Evaluation Of Small And Medium - Sized Technological Enterprises Based On Two - Stage Correlation DEA Model

The high-tech small and medium enterprise(SME) plays an important role in the development of the national economic, which is also the strong force to improve the overall national strength and an important force in promoting economic transformation and upgrading. It also plays a vital role for the progress of economic and technological. The high-tech small and medium enterprise is an innovative group who has the strongest vitality, largest potential and fastest growing. It always represents the development direction of small and medium-sized enterprises. We can say that if a country can seize the development of the high-tech small and medium enterprise(SME), it is seizing the national economic development in the future. In recent years, our country clearly put forward that we must speed up to promote the development of the high-tech small and medium enterprise(SME), regarding it as a major measure for a long-term strategic significance to grasp, promoting the development of the high-tech small and medium enterprise(SME) to form "blanket", constantly nurturing a large number of "indomitable spirit" little giant of science and technology. At the same time, the government’s emphasis on the high-tech small and medium enterprise(SME) also should constantly strengthen; issuing and implementing a series of favorable supporting policy about solve the enterprise financing difficulties. It is believed that in a certain extent it can contribute to the development of the high-tech small and medium enterprise(SME), providing more financing channels for the enterprises. However, it will become the problem of increasing attention for the local governments and scholars about how to fundamentally improve the financing efficiency of the enterprise.At first, the paper introduce the relevant enterprise financing efficiency at home and abroad, understanding the concept of enterprise financing efficiency, the factors influencing the enterprise financing efficiency, an empirical analysis of the enterprise financing efficiency evaluation and the current research status of the high-tech small and medium enterprise(SME) financing problems. Secondly, after the comprehensive analysis of the above results, the paper combines with the influence factors of enterprise financing efficiency, using the input index and output index as criterion layer to build a scientific and reasonable evaluation index system of enterprise financing efficiency. Finally, it adopts two-stage DEA model to analysis the representative enterprise financing efficiency by the four major industries in our country and fifty high-tech small and medium enterprises which listed on the board of small and mid-sized enterprise of Shenzhen, analyzing and studying the change of the financing efficiency for each industry in five years. It can be seen from the results of the analysis, overall financing efficiency, the first phase of the financing efficiency, and the second stage financing efficiency is generally low of the high-tech small and medium enterprise in Chinese, the financing efficiency of each industry is showing a decreasing trend. Therefore, it should take more effective and positive measures to high-tech small and medium enterprise, to take, making the enterprises can overcome inefficiencies of financing, transforming the development mode to achieve sound and rapid development.