The Research About Biological Listed Companies's Financing Efficiency In China

Since the 90 s of the 20 th century, with high technology industry development,biotechnology enterprises as a major force in the innovative high-tech industry, has emerged exuberant vitality in the economic tide, until by the end of 2014, our country has 1326 biotech companies, these kind of biological science and technology enterprises provide about 24% of national invention patents, more than 30% of the technological innovation and more than 20% of new product development, has become to grasp the core technology, improve capability by independent ?innovation of research and development, expand employment, promote economic restructuring,the backbone of the economic development mode transformation. However until the end of 2014, in China have been listed biotech companies only 31, accounting for2.3% of the total number of enterprises, a small number of listed companies, give prominence to reflect that China's biotech enterprises financing channels are sluggish,smaller scale of enterprise financing and low financing efficiency. Because of the low financing efficiency, resulting in China's biotech inadequate investment in research and development, this is a serious impact on the enterprise technology innovation and continuous operation ability, and lack of management capacity of enterprises, which further restricts to enhance the financing efficiency of enterprises. And because of our country is facing the macroeconomic downturn, the economic structure adjustment of the pressure, biological science and technology listed companies are also in the transition period of development and opportunities. Therefore, how to improve the financing environment of enterprises inside and outside,how to improve the efficiency of financing of biotechnology companies, has become an urgent problem to be solved.Based on a comprehensive review about the domestic and foreign scholars to study the financing efficiency of enterprises conducted and analysis the meaning of the financing efficiency of the listed enterprise's, define the concept of biological science and technology enterprises, through the analysis of China's biotech enterprises financing situation and problems, financial data of biotechnology listed enterprises as the foundation,analysis the factors about financing efficiency of listed companies, the multi-input and multi-output evaluation index system of fund by utilization rate and profitability, first through the non-parametric DEA analysis method for the static efficiency analysis, followed by the introduction of DEA- Malmquist index evaluation method, analysis of China biotechnology enterprises by dynamic. Through static analysis and dynamic efficiency variation analysis the financing efficiency of biotechnology enterprises. Through the empirical analysis, we found that the overall financing efficiency of China's biotechnology needs to be improved, most of the enterprises are in a non effective level. Through Malmquist index decomposition, the enterprise internal management ability is the most important factor affecting the efficiency of corporate finance, the economic environment and financial environment has a greater impact on the efficiency of corporate finance. Finally, based on the empirical analysis, we put forward the relevant suggestions to improve the financing efficiency of biotechnology companies in China.