Measurements And The Influencing Factors On The Financing Efficiency Of China's IT Firms

Over the past years,Information Technology industry is in a period of rapid development worldwide,as a result,a series of cutting-edge technology concepts had been well known by people.In 2015,China launched the China Made 2025,a national developing strategy,in which,the New Generation of Information Technology Industry has been listed as the top1 area of concern.All facts demonstrate the pivotal importance of Information Technology industry to China.In spite of these,most of IT firms in our country have to be faced with the same barricades that confronts any other firms in other industries as well,which have been hindering their development.One is the status of financing efficiency,and the other is the difficulties of funding access.Based on the foregoing situations,this dissertation chooses 60 IT firms from the Small and Medium Enterprises board and the Growth Enterprises Market board as the research sample,then,evaluates their financing efficiency during the period of 2011 to 2015,after that,analyses the influential factors that effect the status of their financing efficiency.The empirical analysis of this dissertation consists of two parts:First,measuring the financing efficiency.On the basis of a self-established indicators system,in which,total non-current liabilities and other liabilities,the total share capital,capital reserves,surplus reserves and undistributed profits are set as the input indicators,and the return on total assets,total assets turnover and main business income growth rate are set as the output indicators,evaluates the financing efficiency of the sample firms,respectively by the methods of DEA and its advanced one,Bootstrap-DEA.Conclusively,the result shows that the majority of IT firms are of low efficiency in financing.Second,analyzing the influential factors related to the financing efficiency.To begin with,recognizes the macro and micro factors affecting financing efficiency,and next,supposes the Technical Efficiency measured under the Bootstrap-DEA method as dependent variable,and assumes the assets,retention rate,debt asset ratio,the top ten shareholders equity ratio and the GDP growth rate in financial sector as independent variables,finally,a conclusion has been reached that,interior financing,debt financing and financial market are in positive relations with the financing efficiency,while assets scale and ownership structure have negative effects on it.In the end,this dissertation tries to provide our IT firms with some corresponding advice according to the above conclusions,in hoping of the IT industry in China could have a prosperous prospect in the future.