| The group of S&T small and medium-sized enterprises (S&T SMEs) is the direct mainstay for developing and manufacturing high-tech products. It is not only an important strength of science and technology innovation but also a driving force of China’s Economic Growth. Yet the current situation is out of line with its importance. The S&T SMEs still face finance challenges with their sustainable development.The Sci-tech finance is a kind of systematic arrangement being guided by government and dominated by the market, which includes financial services, financial system and financial policies. It is designed to promote S&T SMEs’technology development, scientific achievement conversion and enterprise development. The Sci-tech finance system is the critical factor which improves Sci-tech finance input-output efficiency, is the key to solve the problem of S&T SMEs in Financing.Based on this, this study targets on Shaanxi Sci-tech Finance to investigate its development history and the current status via normative analysis approach, do a dynamic and static sampling analysis for the efficiency of Chinese (26 provinces and cities) Sci-tech Finance during 2012-2014 based on the Super-Efficiency model of Data Envelopment Analysis (DEA) and Malmquist index model,then locates the position of Shaanxi,and Judges whether the total investment and the technological achievement output of SME financing are adequate or not, whether the capital investment structure is reasonable under Shaanxi Sci-tech Finance system. Statistical analysis indicates that the overall Shaanxi Sci-tech finance efficiency performed well, but the amounts of input and some output factors ranked in the lower level across the country, amounts of capital market investment accounts for the proportion in total investment seems to be small. The main financing channel of Shaanxi S&T SMEs is credit financial support, but it has shrunk.The development of markets can’t keep a balance among city precincts, and the shortage of financial support go against transforming technological achievement and production-manufacturing.Finally, the article based on problems found in the research process and conclusions proposed optimization of each member promoting Sci-tech finance Input-Output efficiency of Shaanxi province, and putting forward the countermeasures to solve the S&T SMEs financing difficulty. All of these designed to raise the Sci-tech finance Input-Output efficiency and broaden indirect financing channels, develop the capital market direct financing system, promote the transformation and industrialization of scientific and technological achievements, further crack financing difficulties of S&T SMEs and realize the effective combination between technology and capital. |
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