Empirical Research On The Science And Technology Enterprises' Financing Efficiency

Small and medium-sized technology-based enterprises are the source of national innovation,which are an important driving force of economic development.But for a long time,scientific and technological enterprises in our country are faced with financing difficulties.However,the emergence of GEM provides for the development of Tech SMES funding support.At present,most of the problems of Tech SMES financing difficulties can get appropriate solutions.Therefore,GEM,to a certain extent,enables Tech SMES financing out of the dilemma,solves the funds required for the development of Tech SMES.On the basis of the relevant research results at home and abroad about financing impact on enterprise performance and efficiency of corporate finance,for some of the deficiencies of the prior existence of studies.This paper selects 94 of the GEM Listing science and technology enterprises in the second quarter of 2011 to the third quarter 2015 financial data as samples.Using individual effects regression model of the panel data to examine the financing efficiency of Tech SMES in our country and study tech SMES 'financing efficiency situations in different ways.And classifying the GEM Listing science and technology enterprises in accordance with industry classification,using individual effects regression to analyze the panel data of Tech SMES for each sector respectively,analyzing which is the most efficient financing way for each sector.The main research content of this paper has the following five parts:The first part,describes the research background and significance,research status at home and abroad and reviewed,research content and methods,and innovation points and weaknesses,intended to provide a reference for subsequent chapters.The second part is the science and technology enterprises' financing efficiency,including analysis of current situation of Tech SMES in our country and the performance of Tech SMES?financing difficulties and the causes of Tech SMES ' financing difficulties.The third part is the empirical research design of Tech SMES ' financing efficiency,analyzing the impact of three main financing ways influenced on Tech SMES ' financing efficiency,like government subsidy and equity financing and bank loan.The fourth part is the empirical study process and result analysis of Tech SME S' financing efficiency.Descriptive statistical analysis was carried out on the sample data first,then using individual effects regression to analyze the panel data of 94 sample companies,and using individual effects regression to analyze the panel data of five sectors respectively.The fifth part is the conclusion and recommendations.According to the above empirical findings,we can draw the appropriate conclusions,and put forward the corresponding suggestions to improve the financing efficiency of Tech SMES.The results show that bank loans,government subsidies,corporate scale and Tech SMES' financing efficiency have a very strong positive correlation.Equity financing and Tech SMES'financing efficiency have a significant negative correlation.As for Tech SMES of machinery industry and chemical industry and electronic industry,bank loan is most efficient.As for Tech SMES of the information service industry,medicine and biological industry,bank loans and Equity financing and Tech SMES' financing efficiency all have a negative correlation.Finally,according to the conclusion,we can put forward the corresponding improvement suggestions to improve the financing efficiency of Tech SMES.