Study On Financing Efficiency Of Information Technology Listed Companies On Gem Based On DEA Model

Information technology is an important part of economic development,but also the level of economic development and human civilization and progress of the power.Therefore,more and more countries attach importance to information technology,and China has issued a series of policies to support and focus on the cultivation of information technology industry.Under the influence of these policies,China's information technology level has taken a leading position in the world.Internet plus,cloud computing,Internet of things,e-commerce platforms,big data and other emerging fields have been developing and making breakthroughs.According to the guideline on the development of the information industry in 2015,the revenue of the information industry will increase from 17.1 trillion yuan in 2015 to 26.2 trillion yuan in 2020,an increase of 53.2%,indicating that the market potential of the information technology industry is huge.As a financing platform for small and medium-sized enterprises with high growth and high technology,chinext has a large number of listed information technology companies and a large number of transactions.When listed companies of information technology use this sector for financing,the efficiency of raising funds is not high,which is not conducive to the development of the company.In this paper,data envelopment analysis and Tobit regression model are used to study the financing efficiency of listed companies on gem.In terms of the input index of data envelopment analysis method,four indexes are selected: total assets,asset-liability ratio,main business cost and employee compensation payable.In terms of output index,four indexes are selected: return on equity,growth rate of main business income,turnover rate of total assets and growth rate of intangible assets.Using input oriented BCC model of 127 companies in 2017 single phase static analysis,combining Malmquist index of 65 companies in 2013-2017 five-year dynamic analysis,then analyzed the gem information technology listed companies financing efficiency of macro and micro factors,and combined with Tobit regression analysis method to study the company's capital structure,financing cost structure,ownership structure and its own size and so on four microcosmic factors impact on the company's financing efficiency.The research results show that the number of listed companies of information technology on gem increases year by year and the financing scale expands continuously,but the financing efficiency of static analysis is low,which is mainly affected by the low level of pure efficiency.Most companies have the situation of diminishing returns to scale,which indicates that the output efficiency of the gem information technology listed companies is not high due to the excessive investment.During the study period,the financing efficiency of the listed companies of gem information technology presented a dynamic change from slight decline to rise.This is mainly because,under the background of the rise of the technical level of the whole industry,such companies are not good at the rationality of company size,financing quality and management decision-making level of the company itself.Among the influencing factors of financing efficiency,enterprise size is negatively correlated with financing efficiency,while capital structure,financing cost structure and self-structure are not significantly related to financing efficiency.Based on this,three Suggestions are put forward,including improving equity incentive mechanism,improving management and technology level,maintaining reasonable enterprise scale to achieve sustainable development and optimizing laws and regulations to create an honest legal environment,so as to improve the financing efficiency of gem information technology listed companies and facilitate the healthy and sustainable development of these companies.