| In recent years, China has adopted many measures to support the growth of SME of science and technology. However, the phenomenon of inefficiency in Science-technology SME's financing is still widespread. This paper try to research Science-technology SMEs listed on the GEM as the main research object. With the help of related research results in the field of corporate finance, we establish the evaluation system of SME financing efficiency, and use the DEA-Malmquist index model to calculate the financing efficiency of science-technology SME. Afterwards, we use theoretical analysis and empirical analysis in the 5 main factors that affecting SME financing researching, finding the real reasons for restricting SME financing and solving them.At the beginning of the research, in order to give a more comprehensive and clearer understanding of the academic achievements of the science-technology SME's financing efficiency, and explore the focal point of breakthrough in this paper, the author attempts to access to a large number of domestic and foreign literatures. However, after the keyword searching and literature reading, we found researchs on the financing efficiency of western scholars is not common. This is due to the development of western social organization of property system, property rights system is relatively mature, on the other hand, it is because of the financing efficiency of enterprises is mainly initiated by domestic scholars. And the research of domestic scholars in this field is very rich, numerous related literature can provide sufficient material for this study. At the same time, the author also think a complete theoretical basis can be provided by foreign scholars'research about the choice of the financing solutions, enterprise financing structure. Therefore, the part of the literature review start with capital structure theory research abroad, then naturally leads with the capital structure, the domestic scholars agency cost and signal transfer theory to the domestic enterprise financing efficiency. Found that domestic due to the long-term planned economy system survived the credit of financial system, multi-level capital market development is slow, the support of the government policy is not in place, technology-based SMEs' systems are not perfect, the daily management arbitrarily, lacking continuous innovation ability are main factors influencing the financing efficiency, After the author's reading, refining, aggregation on the related research in the field. After a further comparison, In the process of SME financing efficiency studying, less domestic scholars strictly in accordance with the "science and technology" and "small and medium-sized" two standards of the SME of science and technology. In addition, the use of DEA-Malmquist index method in the identification of financing efficiency of science and technology of small and medium-sized enterprises are relatively rare. At the same time, according to the factors of financing efficiency of small and medium enterprises, a further empirical analysis is not common. Finally, the impacts of SME financing efficiency considerations all of corporate financial index to reflect the enterprise external financing environment indicators (such as government support, financial institutions" financing service quality, capital market's degree of perfection, etc.) but rarely join together to consider.In order to make up for the above-mentioned shortcomings in domestic Science-technology SME's financing efficiency researching. The author combines the existing literature abroad and domestic official documents from the two aspects of the general characteristics and standards for Science-technology SME. One is the definition of "quality", namely the organization form and management standard, market competition status etc. On the other hand is the "quantity" definition, namely the employment quantity, financial index (asset size, revenue scale) development level etc. Further integration of the GEM listed companies' information disclosure in reality, we think "engaged in high-tech industries", "listed with a registered capital of less than or equal to 3 million yuan RMB, the number of companies with less than or equal to 500" as a screening of the GEM listed companies in the SME. Then this paper refer to the above conditions, selected research sample in accordance with the "Science-technology" and "SME" from the domestic GEM market. Since 2013 no enterprise landing gem, in fact the sample enterprises listed on the period from 2009 to 2012. Then the chosen research sample was divided for four sub samples in accordance with the annual listing, and was divided for two sub samples by different industry belonging. This paper mainly selected the first and second years' annual data of each sub sample. One of the reasons is the asset size of the GEM listed companies expand rapidly, in the third year no enterprises meets the standard of "quantity" of small and medium enterprises. On the other hand, the enterprise financing efficiency rating method is programed in a principle that requires a higher homogeneity of enterprises, using an annual financial data of companies listed on the time inconsistency is lack of science, which would seriously affect the result.Then, all the sub samples were measured by the DEA-BBC model and the DEA-Malmquist index model for financing efficiency analysis. By comparing the measurement of each sub sample by DEA-BBC model, we found that the level of financial efficiency of research sample is very low in the first two years after listed in GEM. As the first year's, the second year's average financing efficiency were only 0.673,0.702 respectively, and the effective enterprises only accounted for 21.76%,23.82% respectively. But the financing efficiency evaluation did not appear to improve in industry comparison. After the analysis by DEA-Malmquist index analysis method, we found that each sub sample's financing efficiency level in the second listed year is much more higher than the first year (average Malmquist productivity index of 1.064). All the scale efficiency change index (1.009) and technological progress index (1.031), pure technical efficiency change index (1.028) have increased, so technological progress index, pure technical efficiency change index is the two most important factors for the financing efficiency improving. Aiming at finding out the factors which lower the financing efficiency of sample enterprises, the author gave out capital structure, profitability, growth, enterprise funds utilization efficiency, equity concentration as the main factor by theoretical analysis. But after the empirical analysis to the above five factors by using the Tobit model, we found asset liability ratio, rate of return on net assets, working capital turnover rate which representing the capital structure, profitability, operating efficiency respectively are the main factors influencing the financing efficiency of sample enterprises. Therefore, we concluded that the capital structure, profitability, operating efficiency are the three main factors influencing the financing efficiency of SMEs of technology and science.Finally, this article put forward some suggestions for enterprise managers and investors, based on the backward system-construction of SMEs of science and technology, poor level of management, and financing options combined with different stages of enterprise development etc. This article also gives some suggestions to the government in improving the financing efficiency of SMEs of technology and science. I hope this research can provide some help in solving the financing problems of SMEs of science and technology. |
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