A Study On The Financing Efficiency Of Manufacturing Companies Listed On The GEM In China

In today's world,a new competition in the manufacturing industry has kicked off,the United States is based on Industrial Internet,German spares no effort to build Industry 4.0,as a large manufacturing country,China has put forward "Made in China 2025 ",and the goal was to transform China from a manufacturer of quantity to one of quality as well as improve its infrastructural level from "made in China" to "intelligent manufacturing in China".As with other manufacturing power,the vast majority of China's technological innovations and inventions have derived from small and medium-sized enterprises(SMEs),especially technology-based SMEs.And as a typical representative of technology-based SMEs,Growth Enterprise Market(GEM)manufacturing has far-reaching significance for the development of the manufacturing industry in our country.But at present,China's GEM manufacturing industry faces many problems,and the financing difficulty and low financing efficiency are the main bottlenecks restricting its development ".Based on the listed companies of GEM manufacturing industry,this paper analyzed the current financing situation and the financing efficiency of the industry,and put forward some feasible countermeasures and suggestions in order to make some useful references for the development of China's manufacturing industry.On the basis of reviewing and combing financing theory and efficiency theory,this article analyzed the development status,financing status andproblems in financing of GEM manufacturing,and got the macro and micro factors that affect the financing efficiency of GEM manufacturing.Besides,this article chose total assets,asset to liability ratio,operating costs as input indexes,return on equity,operating income growth rate,total assets turnover and earnings per share as output indexes.The research object in this text was111 manufacturing companies listed on the GEM before January 1,2011.Then this paper measured the financing efficiency and its dynamic change of the sample enterprises through DEA model and Malmquist index.The results indicated that the financing efficiency of the manufacturing companies listed on the GEM was low,and in recent years it showed a downward trend.And much of that had to do with the lower pure technical efficiency and the annually decreasing technical level.Finally,on the base of conclusions above,this article put forward that we should strengthen the construction of the enterprises themselves and create a favorable external financing environment so as to improve the financing efficiency of the GEM manufacturing.