Research On Financing Efficiency Of High-tech Listed Companies In Ganqingning Area

High-tech industry as a key support of our strategic emerging industries,has been rapid development in recent years.Compared with the whole country,the high-tech industry in Ganqingning area is still at the lower level of the industrial chain.Most enterprises not only lack independent intellectual property rights and leading core technology,but also have the problem of capital investment and output mismatch,which have seriously hampered the development of high-tech enterprises in Ganqingning area.Therefore,it has a very important practical significance to promote the development of high-tech enterprises in Ganqingning area by studying the financing efficiency of high-tech enterprises and exploring the efficiency of fund raising and the efficiency of capital allocation.Based on the theory of corporate finance,this paper establishes the evaluation index system of financing efficiency of high-tech listed companies under the premise of expounding the financing situation of high-tech listed companies in Ganqingning area.Then,using the financial data of high-tech enterprises listed in Shanghai and Shenzhen,the DEA-Malmquist index method is used to measure the static financing efficiency and dynamic financing efficiency of high-tech listed companies in Ganqingning area.The conclusion is that the high-tech company the efficiency of the whole financing is low,most of the enterprise’s financing efficiency is non-DEA effective,that is,there is the phenomenon of investment redundancy and lack of output;The inefficient use of funds is an important reason for the low efficiency of high-tech enterprises in Ganqingning area.Capital scale efficiency is an important aspect of its financing efficiency.Finally,the author puts forward some suggestions on the high-tech enterprises themselves and the external financing environment.