Analysis Of The Financing Efficiency And Its Influencing Factors Of High-tech Enterprises On The New Third Board

The 19 th National Congress of the Communist Party of China clearly pointed out that China's economic development should achieve a transition from high speed to high quality,emphasizing the importance of science and technology and innovation.Hightech enterprises have received more attention as synonymous with technology and innovation.As early as 2008,China has established the identification criteria and management methods for high-tech enterprises,and supported them in policy.In recent years,with the continuous growth of high-tech industries,the funding gap is getting bigger and bigger,coupled with the high uncertainty of the return period of high-tech enterprises,making it difficult to obtain direct financing and indirect financing,financing difficulties and single financing channels.The problem is particularly acute.In order to more accurately support high-tech enterprises,China has effectively promoted the development of high-tech industries in order to break through the financing model of the original high-tech enterprises.After comprehensive consideration of China's financial operations,the new three board market was launched.Therefore,this paper tests the effectiveness of the new three-board market by measuring the financing efficiency of enterprises,and then proposes policy recommendations to promote the development of high-tech enterprises and improve China's multi-level capital market system.Based on the theory of financing efficiency and the present situation and the present situation of new three-board market's fastening development,this paper decides to research the financing efficiency of the new three-board high-tech enterprises by using the data envelope analysis method,and uses the Tobit model to study which factors have an important impact on the financing efficiency of hi-tech.The calculation results of DEA model show that the mean value of financing efficiency of high-tech enterprises in the new three-board market increases year in 2014-2017,and only more than 20% enterprises are in a relatively effective state,and nearly 80% of the enterprises are non-effective.;Relatively non-effective new three-board high-tech enterprises are affected by their own scale and imperfect management,enterprises can according to the measurement results to formulate the next development plan of enterprises,in order to obtain higher output and income.Through the Tobit model,it is found that the assetliability ratio is negatively correlated with the financing efficiency,the solvency of the enterprise is positively correlated with the financing efficiency,the growth rate of the business income and the financing efficiency are also positive,and the degree of equity concentration and the balance of the equity have not passed the significance test in the end.Finally,from the micro level,that is,the enterprise itself and macro level,that is,policy and the construction of the new three-board two aspects of the proposal to enhance the efficiency of enterprise financing,effectively promote the new three-board market construction,strengthen the linkage with the Ke Chuang board,so as to promote the construction of China's multi-level capital market.