Appraisal On Financing Efficiency Of Listed Innovation-oriented Enterprises On SME Board

In the context of knowledge economy, as a powerful component, technological innovation has become the core competitiveness of countries and enterprises. As the mainly micro body of technological innovation, the innovation-oriented enterprises have played a positive role in technology innovation, knowledge exchanging, personnel training and economic development promotion. The development of innovation-oriented enterprises, especially the problem of financing has been a continuing concern. As far as the financing is concerned, with the introduction of SME board and the GEM, but the question about that how is the financing efficiency of innovation-oriented enterprises has been a research focus. This paper aims to play a guiding role on GEM listed companies to improve financial efficiency though the research on financing efficiency of SME board listed innovation-oriented enterprises.Based on the summary of the theory about financing, efficiency and effectiveness analysis, this paper has made a definition of the financing efficiency and done the research on related evaluation. Then we made some theoretical study on financing efficiency of innovation-oriented enterprises and explored that the macro factors, regional factors and micro factors which have an impact on the financing efficiency. In the forth charter, based on DEA analysis method, we found a valuation model for evaluating the financing efficiency of innovation-oriented enterprises. By using the model, we did empirical analysis on the financing efficiency of 76 SME board listed innovation-oriented enterprises. The results show that the innovation-oriented enterprises have a low financing efficiency because of a larger scale, a lower utilization of funds and other issues. Based on the results of empirical studies we carried out a deeper level of analysis in fifth charter. Proposed by DEA model, we firstly quantified the improvement of efficiency. Then we explored a hypothetical question that how do the regional differences affect the financing efficiency, and it come to a conclusion that innovation-oriented enterprises in East China and South China have a significantly higher financing efficiency than which in other regions. This conclusion also proved that regional factors do have an effect on financing Efficiency. But the research on the Innovation Cluster has overthrown the previous hypothesis that the Innovation Cluster plays a positive role on financing efficiency. Finally, this paper proposed some relevant advice on how to increase the financing efficiency of Chinese innovation-oriented enterprises.