The Analysis Of Financing Efficiency Of High-tech SMEs

Endowment structure determines the SMEs are the optimal industrial structure of main enterprises types in current China.Such enterprises have played an important role in the national economy,but because of the poor issues mechanisms,SMEs' ability to withstand risks are weak in general,financing problem has always restricted the development of SMEs.Financing constraints existed in SME has become a community consensus.Although government issued a lot of measures to help SMEs' development,but still can't completely get rid of the existing financing difficult problem,this problem is still a big obstacle.As an important part of SMEs,high-tech SMEs play important roles for a country's economic development and technological progress.Compared with traditional large enterprises,in fixed assets and scale SMEs may be behind them,but the biggest advantage of SMEs lies in innovation,in terms of mechanism and efficiency.They make a decision very quikly,the flexible mechanism of management,save a lot of management cost,increase the management efficiency.As more and more SMEs established in recent years,they are expanding their scale,have become an important impetus.But high-tech imply high hazard,this kind of enterprise itself raise less money,government should play its economic management functions to help them get more financial support.Adequate funding is a necessary condition for the enterprises development,if lack of this condition,corporate finance will be blocked,corporate further development will be restricted.Reality is SMEs financing channel is too narrow,bank loan conditions demanding,and the other non-bank financial institutions is not perfect development,many promising new technologies are much harder to use.Statistics show that the implementation of China's annual rate of patented technology is about 10%.Thus,finding the reasons why the financing efficiency of high-tech SMEs be low,creating a plan that can better financing environment,has become an urgent problem.Firstly,summarize literatures regarding financing efficiency of SMEs and high-tech SMEs.It included scholars how to define SMEs financing,the causes of inefficientfinancing,and the evaluation method.Later it summarized the research of high-tech SMEs,identify SME financing problems and solutions from the domestic and foreign papers.Secondly,this paper outlines the theoretical basis of corporate finance in chronological order.It laid the theoretical foundation for this article.Later,analyze the status of SME financing proceed from our environment,mainly analyze Shandong province,find out the financing problems in Shandong and analysis of reasons for the financing difficulty.Then analyze High-tech SMEs financing efficiency factors,looking for reasons from the macro aspects of national economic conditions,policies,from the micro aspects of the enterprise itself.This paper uses data envelopment analysis(DEA)method,by building SME financing efficiency evaluation system,selecting three input and output indicators,use70 listed high-tech SMEs sample in Shandong,import the relevant index use DEA to calculate the financing efficiency.Then,compare high-tech SMEs financing efficiency in Shandong to other province in East China.Compared to other cities in East China,high-tech SMEs listed in Shandong overall financing efficiency is poor,input and output failed to reach an optimal coordination value.From sub-sectors,financing efficiency of manufacture sector is lower than other industries.When selecting indicators,use financing costs as input indicators,use profitability and operational capabilities as output,the result reflects that Shandong high-tech SME financing cost is higher,lower internal organization efficiency and capital efficiency lead to the profitability and operational capacity gradually decreases.This is partly due to the financing channel is narrow,in order to obtain the necessary funds they must give higher interest rates and higher dividends to attract investors;on the other hand,the size of high-tech SMEs are small,informal management unlike large enterprises,business model was under unreasonable situation,result its internal organization chaos,funds that raising have not been effectively utilized.Finally,this paper fproposed to improve the financing efficiency of high-tech SMEs in Shandong in two ways that government make policy suggestions to help companies improve the external financing environment and enterprises improve their strength continuously.