Study Of Financing Efficiency Of Innovative SMEs

With the development of innovative start-up companies, it can effectively motivate the whole society to innovation and entrepreneurship, to achieve more employment, and to promote national innovation economy. As the main force of China’s economic development, decision-making mechanisms for innovative SMEs, flexible, low administrative costs, can quickly adapt to market demand for diversity and other characteristics, especially in terms of innovation efficiency and innovative mechanisms, with other companies not match the advantages.However, because of the characteristics of innovative SMEs involved in a wide range, long cycle, high-risk, often in difficult financial predicament, which definitely hinder the development of innovative enterprises. On one hand, the government has established venture capital fund for innovative SMEs, to make innovative companies get a return from the market by financial leverage. On the other hand, the authorities accelerate the construction of multi-level capital market, give full play to the "new third board" to bring investors and innovative SMEs new investment opportunities and financing to help small and medium enterprises to broaden innovation financing channels.Taking corporate finance theory, combined with the main factors affecting the efficiency of corporate finance, we select new third board listed innovative SMEs as samples based on Data Envelopment Analysis (DEA) method theoretical for the introduction of DEA-Malmquist index evaluation method as the main research method. Studies have shown that new third board listing of innovative SMEs, the overall financing efficiency is not high, in a non-active state, changes in financing efficiency through dynamic analysis, we found significant differences between movements in financing efficiency among industries, to enhance financing for different industries efficiency improvements proposed direction. Finally, on the basis of theoretical and empirical analysis, suggestions were put forward to improve the efficiency of our innovative SMEs financing.