| Influenced by the macro policies such as collaborative development,Hebei has given training and support for high-tech SMEs increasingly,so these enterprises are facing unprecedented opportunities in this region.High-tech SMEs,with the advantages that other traditional enterprises do not have,such as top technology,products with high economic benefit,etc.However,high-tech SMEs are faced with some problems,one of the important aspects is finance,in terms of financing efficiency and financing risk.According to the main problems and the research target,this article firstly has carried on the theoretical review of existing research literature,and made review and analysis on the current situation of the development of high-tech SMEs,in terms of their financing gaps;On this basis,the article uses DEA analysis method on the empirical study of corporate financing efficiency,and makes grey correlation model for calculation and analysis on the financing risk.Secondly,in order to reflect the relationship between efficiency and risk,we establish liability and lever coordination index based on high-tech SMEs' own characteristics,and a coordination degree measure model of efficiency and risk.Based on the empirical analysis results,the article gives the corresponding countermeasures and suggestions to improve the financing present situation of high-tech SMEs.Taking together,the innovation of this paper lies in two aspects:(1)The breakthrough point is coordination degree of financing efficiency and risk,which is a new research perspectives.This new point will help to research the countermeasures of increasing finance efficiency and reducing the risk in high-tech SMEs in deeper and more comprehensive level.(2)Building the coordination degree index.This paper builds the debt and leverage coordination index,it can help to observe the relationship between financing efficiency and risk more clearly,which makes the recommendations more convincing. |
PDF Full Text Request