Research On The Financing Efficiency Of Big Data Companies And Its Influencing Factors

The big data enterprises in China are still in the the primary stage of development.The R&D and innovation are the key to the development of big data enterprise.The sufficient capital ensure the R&D and innovation,which is full of risk,and keeps the big data company out of financial distress.However,the uncertainty of R&D leads to high operational risks of enterprises,which leads big data enterprises into financing predicament.Therefore,the study on the financing efficiency of big data enterprises has become particularly important and of practical significance.This paper evaluates the financing efficiency of big data enterprises and quantitatively analyzes its influencing factors,aiming to evaluate the real level of financing efficiency of big data enterprises and explore the influencing factors of its financing efficiency,which provides specific solutions for big data enterprises to improve financing efficiency and solve financing difficulties,and provides a decision-making basis for governments,enterprises and relevant management institutions.In this paper,the three-stage DEA model is used to scientifically evaluate the financing efficiency level of big data enterprises from 2013 to 2017,and the random effects panel Tobit model is used to study the influencing factors of financing efficiency.The empirical results of financing efficiency in the first stage show that the overall financing efficiency level of big data enterprises fluctuates around 0.8.The second stage show that environmental factors have a significant impact on the slack value of enterprise investment,however,the significance decreased yearly.In the third stage,the real financing efficiency level is obtained after removing the influence of environmental factors and random factors,it is found that the financing efficiency level of big data enterprises is lower than that of the first stage,and most of them have some room for improvement.After decomposing the financing efficiency into pure technical efficiency and scale efficiency,it is found that the inefficiency of financing efficiency is caused by the inefficiency of pure technology efficiency and the inefficiency of scale efficiency,and the impact of scale efficiency inefficiency is greater.The second empirical part is the analysis of the influencing factors of financing efficiency,and it is found that current ratio,The current ratio,EBITDA interest cover ratio and current liabilities rate have a negative impact on the financing efficiency,and the impact coefficients are respectively-0.01031,-0.00029 and-0.00234,which are significant at the 1% level;The equity ratio has a positive impact on financing efficiency,and the impact coefficient value is 0.1384 and is significant at the 1% level;The ratio of profits to cost has a positive impact on financing efficiency and the impact coefficient value is 0.00635 and is significant at the level of 5%;The working capital turnover has a positive impact on financing efficiency with an impact coefficient of 0.01289 and is significant at the level of 10%;The total assets,operating profit ratio and profit ratio of main business has a positive impact on financing efficiency and the impact coefficient values are 0.0001,0.00182 and 0.00061 respectively,but the impact is not significant;The accounts receivable turnover has a negative impact on financing efficiency with an impact coefficient of-0.00008,but the impact is not significant.In the end,based on the empirical results of the financing efficiency of big data enterprises and its influencing factors,this paper puts forward research conclusions and policy suggestions from the microcosmic and macroscopic aspects.