| With the development of communication technology and the gradual popularization of the fourth and fifth generation mobile information systems,China's Internet technology companies have ushered in a period of rapid development.As of 2017,China's digital economy reached 27.2 trillion yuan,accounting for 32.9% of the gross domestic product(GDP).At the same time,the number of employed people in the digital economy reached 171 million,accounting for 22.1% of the total employment in that year.It has become an important channel for absorbing employment.This paper starts with the theory,through the research on the previous financing efficiency,and draws on the ideas and methods of domestic and foreign scholars in efficiency evaluation.After defining the concepts related to Internet technology companies and financing efficiency.Using the data envelopment analysis method,the data of 68 Internet technology companies listed in China's US stocks were measured at the micro level for the past three years.The static analysis and dynamic analysis of the financing efficiency of enterprises are carried out separately by distinguishing the years and the sections,and the main factors affecting the financing of Internet technology enterprises are analyzed.The results show that in the past three years,the frontiers of the financing efficiency of China's Internet technology companies have shown a slow decline,but the overall sample enterprises are closer to the frontiers of financing efficiency.It shows that the overall utilization of funds in the sample Internet technology enterprises has improved,and the main factor affecting the financing efficiency of Internet technology companies is the change in scale efficiency.Finally,according to the conclusion,combined with the status quo of China's financial market,it puts forward corresponding suggestions for the efficiency of corporate finance from the three levels of macro-policy,financial market and enterprise management. |
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