Research On Financing Efficiency Evaluation And Influencing Factors Of New Third Board High-tech Enterprises

As China enters a new era of knowledge-based economy,the economic situation is changing from a high growth rate to high quality,and the development of science and technology is the key to the success of modernization construction.Therefore,"powerful science and technology" is an important strategic decision for China to become a modernized country.In this context,high-tech enterprises represented by technology and innovation have received widespread attention.Since the establishment of the identification criteria and management measures for high-tech enterprises in 2008,China has continuously introduced a series of assistance policies.However,due to the late start of China's high-tech enterprises,the company's small size,large investment base,long R&D cycle and long investment return cycles,and large operating risks make the financing difficulties of high-tech enterprises increasingly serious.In order to alleviate the financing difficulties of high-tech enterprises,the new third board market emerged at the historic moment.Although the NEEQ market has expanded financing channels for high-tech enterprises,the quality of corporate financing remains an unsolved mystery.Efficiency is an important criterion for assessing the quality of corporate financing.Therefore,studying the financing efficiency of the new third board high-tech enterprises is of great significance for the future development of high-tech companies and the continuous improvement of the new third board market.Based on the related theory of financing efficiency.Firstly,it makes a descriptive analysis of the development status of the new third board and the financing problems of high-tech enterprises.Secondly,taking 151 NEEQ high-tech enterprises as a sample,the input-output indicators were selected scientifically and rationally,and the DEA-Malmquist model was used to evaluate the financing efficiency of NEEQ high-tech enterprises from both static and dynamic aspects.Then combined with the comprehensive technical efficiency value measured by the DEA model as the dependent variable,the six micro-factors affecting financing efficiency as independent variables,and the Tobit model was used to perform regression analysis on the influencing factors.Finally,the countermeasures and suggestions for improving the financing efficiency of enterprises are put forward.Through empirical research,we have found that China's new third-board high-tech enterprises are limited by their own scale.In addition,there are some problems such as slow technological progress,insufficient operation and management capabilities,low capital allocation efficiency,and insufficient optimization of capital structure.These problems have caused more than 90% of enterprises' comprehensive technical efficiency to be ineffective,and overall financing efficiency of enterprises is at a relatively low level.Among them,the level of pure technical efficiency is relatively high,and the level of scale efficiency is low.Most of the enterprises are in the state of increasing scale returns.The dynamic research results show that the financing efficiency of the new third-board high-tech enterprises is generally on the decline.A subsequent regression analysis of the influencing factors of financing efficiency found that capital structure and enterprise size were negatively correlated with financing efficiency,while debt repayment ability,operating ability,growth ability,and profitability were positively correlated with financing efficiency.Finally,this article proposes countermeasures to improve the financing efficiency of the new third board high-tech enterprises from three perspectives:corporate,government and new third board market construction.It is hoped that it can promote the healthy development of the new third board high-tech enterprises,promote the construction of the new third board market,and promote the continuous improvement of China's multi-level capital market.