Study On The Financing Efficiency Of S&T Small And Medium Enterprises In Jiangsu Province

The 13 th Five-Year Plan is the decisive stage for building a well-off society in an all-round way and for entering the ranks of an innovative country.It is also a crucial period for implementing innovation-driven development strategies and deepening the reform of science and technology system in an all-round way.As the main force of technological innovation,science and technology SMEs have become an important bridge linking scientific research with the market,carrying the historical mission of transforming scientific research achievements into products.Due to the fact that the assets of technology-based enterprises are mainly based on technology research and development,the lack of substantive guarantees in the financing process,combined with the imperfect institutional construction of capital market mechanism in our country,have led to the narrow channels of direct financing for enterprises.As a whole,the financing situation of SMEs in China cannot be tolerated optimism.This paper chooses science and technology small and medium-sized enterprises in Jiangsu Province as an entry point,draws lessons from domestic and foreign literature and financing theory,systematically sorts and summarizes relevant data and research results of financing efficiency of science and technology small and medium-sized enterprises in Jiangsu Province,redefines the connotation of financing efficiency.Efficiency should be integrated into the two processes of financial integration and use.On this basis,this paper analyzes the financing status and financing efficiency of SMEs in Jiangsu Province from the theoretical and empirical aspects.In the part of theoretical analysis,this paper analyzes the financing situation and the empirical analysis of SMEs in Jiangsu Province from different financing channels,constructs a data envelopment analysis(DEA)evaluation model.The model takes the total assets,debt-to-asset ratio and operating costs as input indicators,and the net assets profit rate,the total assets turnover ratio,the operating income growth rate and the growth rate of the intangible assets as the output indicators.Then the related financial data of 32 small and mediumsized science and technology enterprises listed on the SME board in Jiangsu Province are imported,and the empirical results show that the efficiency of financing of small and medium-sized listed SMEs in Jiangsu Province is quite low.Afterwards,specific considerations,and empirical analysis of the causes are given.Finally,on the basis of drawing on financing experience of science and technology SMEs in developed countries such as the United States,Germany and Japan,the paper puts forward some operational and countermeasures suggestions to improve the financing efficiency of SMEs in Jiangsu Province from two aspects of the enterprise itself and the external financing environment.