Research On Financing Efficiency And Influencing Factors Of High-Tech Enterprises On Gem

At present,science and technology,as the first productive force,plays a vital role in China’s economic development,and the development of high-tech enterprises presents a good situation in the ascendant.However,some high-tech enterprises are hindered by the difficulty of "financing is difficult and financing is expensive" due to their weak strength and insufficient innovation ability.In order to solve this big problem,China formally established the gem market in 2009,and small and medium-sized enterprises have seen the hope and dawn of financing with the emergence of the gem market.However,while gem brings hope,it also causes the financing activities of high-tech enterprises to fall into a quagmire again due to its imperfect development and the large number and high risk of high-tech enterprises.Therefore,this thesis focuses on the financing efficiency of high-tech enterprises in gem,explores the factors that affect the financing efficiency of enterprises,and puts forward some countermeasures and suggestions on this basis.In this thesis,the financing efficiency of high-tech enterprises and other related literature are summarized and summarized,the current situation of the financing efficiency of high-tech enterprises is analyzed,and the appropriate input-output indicators are determined through theoretical analysis.Based on the panel data of 142 gem high-tech enterprises in China from 2011 to 2020,an empirical analysis is made on the financing efficiency and influencing factors of high-tech enterprises through the de A-Malmquist-Tobit model.Firstly,the DEA model is used to calculate the efficiency value for the empirical analysis of static financing efficiency.Then,the Malmquist index is used for the empirical analysis of dynamic financing efficiency in the ten years after the listing of enterprises.Then,the panel Tobit model is used for empirical test of the factors affecting the financing efficiency of enterprises.And put forward more targeted measures and suggestions to improve the financing efficiency of high-tech enterprises.The main conclusions of this thesis are as follows: first,the financing efficiency of high-tech enterprises in gem in China is generally low;Second,the financing efficiency of 142 sample enterprises varies with regions and industries,and will vary with regions and industries;Third,the change trend of total factor productivity index is roughly the same as that of technological progress,and technological progress represent the innovation ability of enterprises,which means that innovation ability has a significant role in promoting the growth of financing efficiency of high-tech enterprises;Fourthly,after analyzing the factors affecting the financing efficiency of enterprises,it is found that solvency,capital utilization rate,enterprise nature and regional economic development level have a positive impact on the financing efficiency of high-tech enterprises.