Research On Financing Efficiency Of GEM's High-tech Enterprise Based On DEA-Tobit Model

The development of a country's high-tech enterprises can reflect the overall competitiveness of the country to some extent.After many years of development,China's high-tech enterprises have made breakthrough progress.However,the financing problem is always the primary problem that our high technology enterprises needs to face,and had the negative influence to our country high technology enterprises development.In view of how to solve this problem,on the one hand,many experts and scholars have carried out a lot of relevant exploration from different angles,such as financing mode,financing environment and financing strategy,and Make relevant recommendations.On the other hand,China launched the GEM in October 2009,which greatly broadens the financing channels of high-tech enterprises and provides a financing platform for them.However,at present,the high-tech enterprises in our country is still immature and the process of transformation between science technology and productivity is still slow,which may be because of some technologies do not meet production needs,but another important reason may be that,enterprises have some problems in capital raising ability and efficiency of utilization.So it is very important to study the financing efficiency of the high-tech enterprises.This thesis chooses the enterprise financing as the starting point and carries out the in-depth research and analysis on the financing efficiency of the high-tech enterprises listed on the GEM.This thesis summarizes the relevant research results of domestic and foreign scholars on the financing efficiency of enterprises,uses DEA-Tobit two-step method to probe into and analyze the financing efficiency and the factors influencing the financing efficiency.The total assets,the asset liability ratio,the debt financing cost,the equity financing cost and research development expenditure were selected as the DEA input index.The return rate of net assets,the turnover rate of total assets and the growth rate of business income are selected as the output index of DEA model.The empirical results show that the financing efficiency is not high,and the effective state of the enterprise is less than 30 %.Technology efficiency,pure technology efficiency and scale efficiency are not high and the overall average is decreasing,but most enterprises 'scale compensation is increasing,which shows that these enterprises have great development space.By using Tobit regression model to analyze the factors that affect the financing efficiency of high-tech enterprises,the empirical results show that the stock concentration and equity ratio are negatively correlated with the financing efficiency.The operating profit ratio and patent growth ratio are positively correlated with the financing efficiency.Finally,according to the empirical research results,based on the financing structure,financing risk,governance ability,comprehend competitiveness and financing environment,some practical and targeted measures are given to the high-tech enterprises on GEM to improve their financing efficiency.The innovation points of this thesis are as follows: Firstly,the DEA model is built,which proves that the financing efficiency of high-tech enterprises is generally low.Secondly,on the basis of the results of DEA model,Tobit regression model was constructed to verify the influence of stock concentration,equity ratio,operating profit ratio and patent growth ratio on financing efficiency.