Research On The Credit Financing Efficiency Of Science And Technology SMEs

Small and medium-sized enterprises are difficult and expensive in financing,which has been one of the important problems in China's economic development.In order to improve the financing difficulty and high financing cost of small and medium-sized technology-based enterprises and improve the financing efficiency of science and technology enterprises,various cities have issued a number of policies to guide the combination of capital and science and technology to help small and medium-sized technology-based enterprises become the main body of technological innovation.Science and technology loan is one of the effective ways for financial industry to help science and technology industry.The so-called science and technology loan refers to that under the guidance of the government,through the establishment of science and technology credit reserve fund and the implementation of special account management,it is used to compensate the actual loss of cooperative bank loans for small and medium-sized technology-based enterprises.This paper mainly introduces the operation of Guangzhou Science and technology credit risk fund pool,and then classifies 1278 science and technology enterprises which obtain credit through the technology credit risk pool,analyzes the samples through DEA efficiency analysis model and compares them with the listed companies on the growth enterprise market of Guangzhou,so as to understand the credit financing efficiency of enterprises in the technology credit risk pool of Guangzhou Through the factor analysis of the financing efficiency results of Tobit model,the main factors affecting the credit financing efficiency of small and medium-sized science and technology enterprises are obtained.Through the comparative study of data,it is found that the financial policy of science and technology can improve the financing efficiency of small and medium-sized technology-based enterprises to a certain extent,especially the enterprises that obtain loans for the first time,but the overall financing efficiency is still lower than 0.8.Through Tobit model research,the main impact of small and medium-sized technology-based enterprises is operating income,revenue growth rate and R & D expenses,which have a positive impact on technology enterprises.Institutional loans focus on business scale,growth and R & D investment of enterprises.Combined with the situation of Guangzhou and the above conclusions,this paper puts forward several policy improvement suggestions to improve the financing efficiency of small and medium-sized technology-based enterprises.