Research On Financing Efficiency Of Chinese Internet Technology Enterprises

This paper takes the listed companies of listed Internet technology enterprises as the research object.By sorting out the previous researches on financing efficiency,drawing on the ideas and methods of domestic and foreign scholars in the evaluation of efficiency,it is in the Internet technology companies and financing efficiency and other related concepts.After the definition,the data envelopment analysis method is firstly used to calculate the data of 68 Internet technology companies listed on the US stock market in my country in the past three years from the micro level.And different years,different industries to carry out static analysis and dynamic analysis of corporate financing efficiency.Secondly,the influencing factors of corporate financing efficiency are analyzed through Panel regression analysis.Through the research,this paper finds that in the past three years,the financing efficiency of my country’s Internet technology-based enterprises has shown a slow decline in general,but the overall capital utilization of the sample companies has improved.The main factor affecting the financing efficiency of Internet technologybased enterprises is scale efficiency.From a macro point of view,this may be caused by the tightening of domestic financing channels,resulting in the tightening of overall liquidity in the market,which increases the risk of debt financing,or may be caused by the sluggish capital caused by a large number of idle funds caused by the blind financing of enterprises themselves.The research on influencing factors found that the assetliability ratio of Internet technology-based enterprises is negatively correlated with financing efficiency.The growth rate of the main business income of Internet technology-based enterprises is positively related to the financing efficiency.The corporate growth of Internet technology-based enterprises is positively related to financing efficiency.The scale of Internet technology-based enterprises is positively correlated with financing efficiency.The non-debt tax shield of Internet technology companies is positively related to financing efficiency.Among Internet technology companies,the information technology industry has the highest financing efficiency,followed by the financial industry,and the optional consumer industry has the lowest financing efficiency.Through the above analysis,this paper puts forward the following suggestions:adjust the enterprise structure and management mode;improve the capital utilization rate;reduce the enterprise’s asset-liability ratio.