| In the society of knowledge economy, and the era of economic globalization,science and technology innovation ability reflects the strength of a country, and become the key of the development of a country. The small and medium-sized enterprise has strong vitality and promote the development of the national economy, because of its small size and high risk, difficult to financing and so on, in order to their own survival and development, they must to carry out scientific and technological innovation.Therefore, the small and medium-sized enterprise has become the main force of technological innovation. The technology-based SMEs of our country have stronger innovation impetus than big enterprises and they become important newly emerging force of economic growth and technological innovation. However, technology-based SMEs of our country are still in the growth stage, so they have big demands for funds,and that the financing of inside is insufficient and the financing of outside is difficult is the present situation of business finance. SME Board has been established for nearly 13 years. Before the establishment of SME Board, the enterprise scale is small and the technology-based SMEs with high risks are difficult to finance through direct financing channels. While the establishment of SME Board is a structural and historical innovation and it has far-reaching impacts. The listed companies in SME Board not only have low financing cost but the large demands of finance also can not be satisfied.But the financing effects of SMEs are controversy in the society. Therefore, this paper hopes to provide relevant improvement suggestions for the financing efficiency of technology-based SMEs and SMEs Board through the research on the financing efficiency of listed technology-based SMEs in SMEs Board.The innovation point of this paper is that it uses the listed technology-based SMEs in SMEs Board as the sample and the research angle is novel and the application of method is innovative.This paper adopts normative research method, empirical analysis and literature survey method, combining qualitative research and quantitative research.Firstly, concepts of financing efficiency and theory are briefly summarized in this paper. And define the concept of small and medium-sized enterprises, science and technology type small and medium-sized enterprise and the enterprise financing efficiency. Expounds the net income theory, net operating income theory, the traditional theory, MM theory, Trade-off theory, Agency cost theory, Pecking ordertheory and the financial growth cycle theory all 8 theory about the financing efficiency.Secondly, analysis the reality of financing of high-tech SMEs in our country. Propose the reality of science and technology type small and medium-sized enterprises in recent years and the factors influence on the financing efficiency. Then the basis of in a simple understanding of data envelopment analysis(DEA) method and previous research, construct financing efficiency of science and technology type small and medium-sized enterprises. Take the 27 science and technology type SME listed on the SME board as the sample. Import the related indicators data for DEA analysis. The results showed that the financing efficiency of small and medium-sized enterprises is generally not high, and with low utilization of funds. Finally, it provides the suggestions of financing efficiency for the technology-based SMEs of our country and provides relevant suggestions of financing efficiency for the technology-based SMEs of our country from the perspective of corporation, financing channels and financing mechanism. Firstly, the corporate should improve the development environment of the corporate by establishing special institutions, enrich corporate culture, open up new financial channels, advocate enterprise asset securitization and broaden financing channels by taking use of the financing of foreign banks. Finally, the corporate should improve the credit mechanism and legal system, and the credit guaranty of SMEs. |
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