Research On The Efficiency Evaluation And Influence Factors Of Financial Support For Hightech Enterprise

After entering into the 21st century, developed countries and regions across the globe aim the development of high-tech industries as the leading development strategy, make relative policies, optimize the allocation of resources, and enhance the financial support to promote the rapid development of high-tech industries and improve comprehensive national strength .In the process of cultivating the development of high-tech industries, financial resources are the key factors to promote the development of industries, and are the "blood" of modern economic development. Despite the rapid development of high-tech industries in China, there is still a certain gap between developed and developing nations. One of the most important reason is lack of adequate financial support,this is largely restrict the development of new and high technology industries.This paper is based on technical innovation enterprises, supported by financing theory and efficiency theory, analyzes the efficiency of high-techenterprises financial support.Studying from various research point of view of the efficiency of financial support for carding and analysis on the basis of the analysis in this paper, a high and new technology enterprise financial support to the meaning of efficiency; Based on the theory of life cycle analysis, the paper summarized the high-tech enterprises at the different stages of the characteristics of the financial support, built the analysis and evaluation of new and high technology enterprise financial support efficiency and influencing factors of the empirical analysis model, using the data of China's high-tech listed companies to measure the efficiency of enterprise's financial support, and panel regression method is used to analyze the factors that influence efficiency of high and new technology enterprise financial support. The result of the paper showed that the financing efficiency of high-tech industry and allocation efficiency needs further ascension;The risk of new and high technology industries in our country to resist ability is low, in the economic activities fund-raising efficiency and allocative efficiency is void phenomenon;Market risk factor BETA and tradable shares accounted for more than two variables to raise efficiency of funds is similar, the influence of the impact on the efficiency of capital allocation is different; In terms of efficiency of capital allocation, asset-liability ratio and risk factor BETA two explanatory variables similar influence on the allocation efficiency, and the influence of the proportion of shares outstanding differences; Market risk coefficient of BETA,the proportion of direct financing behavior and the efficiency of raising funds are positive correlation, while the proportion of indirect financing improve produce negative effect to the efficiency of raiseing funds; Direct financing behavior and distribution information and efficiency of funds have positive correlation, while the market risk and indirect financing behavior is a negative relationship with them.On the basis of empirical analysis,this paper put forward to promote technical innovation enterprises of financial support efficiency management revelation and countermeasures, so as to our country's hi-tech industry development, improve and perfect the financial support system to provide the reference.