Research On Financing Efficiency Of High-tech Enterprises

Under the background of the national economic transformation and upgrading,with government's high-tech industrial supporting policy,we summarize the previous research on the enterprise financing efficiency,based on which we study the financing efficiency of BOE— the leader of panel industry.Through the introduction of the BOE,we make a preliminary judgment on the low financing efficiency of the BOE case,and make further judgment on the low BOE financing efficiency through the DEA data envelope model.Based on the above,we analyze the reasons for the low financing efficiency of BOE through projection analysis and fundamental analysis furthermore.The following conclusions can be drawn: First of all,the scale of BOE's assets is too large,which is due to the over-investment of the company.The strong support of the local government and the independence of the listed SOEs both lead to the overinvestment of company.The second reason is that the total operating cost is too high,resulting from the relatively high financial costs and inventory depreciation losses.Finally,the high debt-to-liability ratio is also the reason of low financing efficiency,which can be attributed to local government guarantee loans and persistent new construction projects.Although BOE is a star enterprise in China and the media is optimistic about it,we must also be aware of the problems and risks existing in BOE.The output of these investment projects by BOE deserve our in-depth consideration.Simultaneously,from the perspective of display technology trends,Samsung and LGD,which is the strongest companies in the industry,have gradually shifted from liquid crystal display to OLED and Micro LED displays,while local companies still focus on the liquid crystal displays.The risk of technological replacement is threatening the survival of local companies.At the end of the article,we propose solutions based on the results of analysis.