| Looking back the past twenty years,China’s high-tech enterprises have a rapid development in terms of both quantity and output value.However,because of its characteristics such as high input,high risk and high yield,high-tech enterprises face the financing difficulties.Financing issues become one of the key factors restricting the development of high-tech enterprises.In order to effectively solve the problem of financing difficulties,China launched the Growth Enterprise Market(GEM)in October 2009.It is committed to the small and medium-sized high-tech enterprises with independent innovation,high-tech and high-growth providing a good financing platform to solve the financing difficulties.But at present,the high-tech enterprises are restricted by their own scale,the development stage,corporate governance structure and financing methods and so on.The financing efficiency is still generally at a low level.Therefore,this paper studies the financing efficiency of high-tech enterprises on the GEM,and aims to explain the current situation of financing efficiency of high-tech enterprises listed on the GEM and analyze the influencing factors of financing efficiency.And then make recommendations.The paper firstly use literature reading method to comb the literature and theory of the financing efficiency,and then determine the input and output indicators.Make the 258 GEM companies which were listed on the SSE before Januaryl,2012 as the research object,and make use of the DEA(super-efficiency)model to measure the financing efficiency.Use the results to evaluate the financing efficiency of high-tech enterprises on the GEM.Secondly,adopts the methods of qualitative and quantitative to analyze the influencing factors of financing efficiency and uses the Tobit model to regression analysis the factors that affect the efficiency of sample enterprises.The paper draws the following conclusions:First,the financing efficiency level of China’s high-tech enterprises is generally low,and the enterprises that reach the effective state of financing are the minority.Second,the changes in the reference set make the resultsl change.Third,the financing efficiency of high-tech enterprises on the GEM has certain industry differences and regional differences.Fourth,capital structure,growth,solvency,ownership structure are very important factors affecting the financing efficiency of high-tech enterprises on the GEM. |
