Research On Financing Efficiency And Influencing Factors Of SMEs

Scientific and technological innovation is the primary driving force for China's economic development.Under the strategy of accelerating the implementation of promoting an innovation-oriented country,China's economic development is transitioning from the past high-speed growth to high-quality development,and scientific and technological innovation plays an important role in the critical period of national economic restructuring and transformation.As an important carrier of scientific progress and technological innovation,technology-based small and medium-sized enterprises are an emerging development force with great vitality and competitiveness in the national economy,and play an important role in promoting the implementation of innovation-driven development strategy and the national strategic goal of building a scientific and technological power.However,with the rapid development in recent years,small and medium-sized technology-based enterprises are difficult to obtain sufficient financial support in the capital market due to the characteristics of high operating cost,long investment recovery period and high operating risk.In order to ensure the healthy growth of many small and medium-sized technology-based enterprises in their initial stage,the new third board was established in 2013 to alleviate the financing difficulties faced by small and medium-sized enterprises.In this context,it is the key to promote the healthy and stable development of technology-based sems to explore the status quo of their financing efficiency in the new third board market and to seek ways to improve the efficiency.After reviewing a large number of literature studies on financing theory by domestic and foreign scholars,this paper redefines the term "financing efficiency" and lays down the basic ideas of empirical research on financing efficiency in this paper.Article 672 science and technology in the new three board market listed companies as the research object,combined with industry characteristics to build a relatively perfect the financing efficiency of the evaluation index system,by combining DEA and Malmquist index model for comprehensive evaluation of the sample enterprises' financing efficiency and static and dynamic analysis,and then introduce Tobit regression model of quantitative analysis of the influence factors of technology-based smes financing efficiency and influence law,on the basis of seeking efficiency is the effective path of ascension.The empirical research results show that the overall level of financing efficiency of science and technology industries in the new third board market is not high,and shows a downward trend in the sample period.The scale efficiency of enterprises is better,and the pure technical efficiency is the main reason that restricts the improvement of financing efficiency of small and medium-sized technology-based enterprises.Further research on the influencing factors of financing efficiency shows that the profitability and operating level of technological enterprises have a positive promoting effect on financing efficiency,the level of assets and liabilities of enterprises has a negative inhibiting effect on financing efficiency,and there is no obvious correlation between the development ability of enterprises and financing efficiency.Finally,based on the results of empirical research,this paper gives specific Suggestions and opinions on the improvement of financing efficiency of small and medium-sized technology-based enterprises from two aspects: technology-based enterprises themselves and external environmental policies.