Research On Influencing Factors Of IFLYTEKI's Financing Efficiency

The development of high-tech enterprises represents the overall competitive level of a country.China's high-tech enterprises have made good progress after years of development.It can not be ignored that financing and financing efficiency have been the primary problems and predicaments that high-tech enterprises in our country have to face.This paper summarizes the previous research on corporate financing efficiency,and on the basis of this,makes a case study of IFLYTEK financing efficiency,this paper analyzes the factors that affect the financing efficiency of the IFLYTEK and puts forward the improvement measures and suggestions in the light of the macro and micro environment faced by the high-tech enterprises.This paper analyzes the related high-tech enterprises represented by Iflytek,and summarizes and sorts out some research results of domestic and foreign scholars on the factors affecting the financing efficiency of enterprises,a DEA-Tobit model was developed to evaluate the factors that affect the efficiency of Iflytek financing.According to a certain division standard,20 high-tech enterprises related to the IFLYTEK were selected.First,the financing efficiency of 20 sample enterprises was verified by DEA analysis,then we compare the IFLYTEK financing efficiency with the average financing efficiency of the industry in which it is located.The DEA input index selects the total assets,the ratio of assets and liabilities,the total operating cost of the enterprise The output indicators are the total asset turnover rate,intangible asset growth rate,Yield valve,liquidity rate,and growth rate of main operating income.The research results show that less than 40% of the enterprises are efficient in financing;the Iflytek of financing efficiency is not high compared with the industry average of the selected high-tech enterprises and shows a downward trend,finally,the paper evaluates the financing efficiency of the IFLYTEK as a whole.On the basis of DEA model,Tobit model is used to analyze the factors that affect the Iflytek financing efficiency and Iflytek the actual situation.Finally,on the basis of the empirical results,the paper puts forward some suggestions on the structure and risk,the management ability and the competitiveness of the IFLYTEK,and the financing environment,so as to improve the IFLYTEK's financing efficiency.This paper finds that the financing efficiency of high-tech enterprises,represented by IFLYTEK,is generally low.On the basis of the results of DEA model,Tobit model is used,it is verified that there is a significant negative correlation between the IFLYTEK ratio,the asset liability ratio and the financing efficiency There is a positive correlation between the growth rate of business income,the growth rate of intangible asset,the total assets,the turnover rate of total assets,the ownership concentration and the financing efficiency of IFLYTEK,measures to reduce financing risks,to strengthen the governance capacity of the IFLYTEK and to enhance its overall strength,and to strengthen the efforts of the government to support and create a favorable financing environment.