Selection And Evaluation Of Entropy-based Perspective SME Financing

Currently, High-tech small and mid-sized enterprises(High-tech SMEs) plays an critical role both in national economy and promoting employment. However, there are many deficiency in the construction of investment and financing system in china .It leads that most of High-tech SMEs facing debt gap and capital gap. Based on perspective of entropy, combined with the financing theory and enterprise life cycle theory,this paper investigated the financing pattern and financing efficiency of High-tech SMEs. The innovation of this paper is mainly reflected in the research perspective. Entropy provides a new perspective for the f financing pattern and financing efficiency research of High-tech SMEs.With the help of entropy, the judgement of enterprise life cycle stages from qualitative analysis to quantitative judgment.It also provides a more reliable decision-making basis when High-tech SMEs choose the ways of financing and do evaluation of financing efficiency. At the same time, it widened the use of entropy theory in micro level, enriched the microscopic meaning of entropy.After reviewing related theory, chapter3 selects the entropy perspective as the breakthrough point.This chapter summarizes the enlightenment of enterprise life cycle evolution, which entropy brings for High-tech SMEs. Chapter4 constructs the index system and the calculation model for the amount of the management entropy of High-tech SMEs. To calculate the weight of every index,this paper adopt AHP method and entropy weight method.The introduction of calculation process by a simulation example of a High-tech SME in Fujian province. Chapter 5 describes the entropy curve feature during a complete life cycle of High-tech SMEs.Then it demonstrates the relationship among the total amount of the management entropy, the average amount of the management entropy and the marginal amount of the management entropy.Those relationship is a kind of judgement to judge which life cycle stages are High-tech SMEs in.Chapter 6 expounds the financing entropy law and entropy model of High-tech SMEs. After analyzing the influential factors which may arouse financing entropy change,it puts forward an assumption about financing model of High-tech SMEs. To evaluate financing efficiency, chapter 7 constructs a evaluation index system with financing costs, financing risk and financing economic scope as first-order index.This three first-order index cover 11 secondary indexe.As chapter 4, to calculate the weight of every index, it adopt AHP method and entropy weight method.Then it continue to use the simulation example of chapter 4 to introduce this calculation process.At last, chapter 8 summarizes the research content and conclusion ,point out the shortcomings and further research direction.