Study On The Effect Of Financing Constraints And Structure Of Financing To R&D Efficiency Of The GEM

Since China’s reform and opening up, small and medium-sized enterprises in ourcountry are developing rapidly along with the prosperity of the socialist marketeconomy,Small and medium-sized enterprises not only made great contribution toeconomic growth and increasing employment, but also outstanding in the field oftechnology innovation. So how to improve the ability of technology innovation ofsmall and medium-sized enterprises has become the key to build aninnovation-oriented country. However many factors restrict the capability oftechnological innovation of small and medium-sized enterprises, one of the mostsignificant factor is financing. At present small and medium-sized enterprise financingis generally faced with the single financing channel, the financing difficultproblem,.These problems lead to our country small and medium-sized enterpriseunreasonable financing structure, high degree of financing constraints, restricted thetechnological innovation ability of ascension. Therefore, Studying the relationship ofthe financing present situation and the efficiency of research and development ofGMEs have practical significance under the background of low efficiency.In this paper, research literature on the relevant investment and financing theoriesin China and other countries are reviewed. Aiming at the problems existing in theresearch institute, The enterprise data of the gem listed companies in Board ofShenzhen Stock Exchange between2009and2012are selected as the sample, Atpresent there are two major problems existing in gem companies is irrationalfinancing structure and financing constraints. From these two aspects, The essayanalyses the mechanism of formation of the financing constraints and the impact offinancing constraints on the r&d efficiency mechanism and the impact of financingstructure on the R&D efficiency mechanism. According to the definition of R&Defficiency,The essay classifies R&D efficiency into three stages, namely technologicalefficiency, economic efficiency and comprehensive efficiency based on the realizationroute of the R&D activity. Then on the basis of theoretical analysis combined withempirical research, The essay measures values of the three kinds of efficiency usingthe method of DEA. At the same time, the essay develops the finance constraint indexby the way of Logistic model. Based on these it explores empirically the relationshipbetween the finance constraints and R&D efficiency for listed companies on GEMsby SPSS. The empirical results show that there are positive relationships between finance constraints and technological efficiency and comprehensive efficiency, whilefinance constraints have negatively effect on economic efficiency. Financing structureon the R&D efficiency is relatively complicated,different sources of financing havedifferent influence on the R&D efficiency, but endogenous financing for R&D ofpositive influence is significant.Based on the results of positivist research in this paper, combining the presentsituation of the gem of GMEs financing and the problems found during the research,the essay comes up with according policy suggestion from the point of firms, financialinstitutions and government to improvement of small and medium-sized enterprisefinancing present situation and enhance the efficiency of the small and medium-sizedenterprise research and development.