Research On Financing Efficiency Of Listed Enterprises In Science And Technology Innovation Board Of Shanghai Equity Exchange

Science and technology innovation SMEs are an important part of our independent innovation system,and also an indispensable part of the development of national economy.However,for a long time,science and technology innovation SMEs have been facing the problems of financing difficulties and expensive financing due to high investment,high risk and weak profitability.The lack of funds restricts the further development of enterprises.In response to the financing difficulties faced by science and technology innovation SMEs,Shanghai Equity Exchange launched a Science and Technology Innovation Board on December 28,2015,which provides financing,trading,M & A,investment exit and other services for science and technology innovation SMEs.In this context,this paper takes the listed enterprises on the Science and Technology Innovation Board of Shanghai Equity Exchange as the research object,using empirical and case analysis methods to study the financing efficiency of listed enterprises and its influencing factors,in order to put forward corresponding improvement suggestions for the financing efficiency of listed enterprises on the Science and Technology Innovation Board of Shanghai Equity Exchange.First of all,this paper summarizes the domestic and foreign research on financing efficiency and regional equity market,combined with the previous research results and the actual situation of this paper,constructs the research framework,and introduces the relevant concepts and theories that need to be used in this paper.Secondly,the paper summarizes the development status of the Science and Technology Innovation Board of Shanghai Equity Exchange from the basic situation of the board,business rule system,listed enterprises,equity trading and financing methods,and selects 54 enterprises to analyze their financing scale and financing structure in 2016-2018.Third,continue to select the above 54 enterprises as the research samples,using DEA model,according to the definition of financing efficiency,input factors choose the two indicators of total financing and operating cost,output factors choose the two indicators of operating income and net profit,so as to evaluate the financing efficiency of sample enterprises;from the macroeconomic environment and micro enterprises,qualitative analysis of the factors affecting financing efficiency.On this basis,Tobit model is used to analyze the influencing factors.The indicators are mainly selected from four angles: enterprise scale,financing cost,capital structure,and capital utilization rate.Finally,VoiceComm technology is selected as a case study enterprise to analyze the financing efficiency and its influencing factors from the perspective of a single enterprise.In view of the above research,this paper puts forward suggestions to improve the financing efficiency from the two perspectives of listed enterprises and the Science and Technology Innovation Board of Shanghai Equity Exchange.Through the above research,this paper draws the following conclusions:(1)the Science and Technology Innovation Board of Shanghai Equity Exchange has some innovations in business rules system,which provides a channel for science and technology innovation SMEs to enter the capital market,enriches the financing channels of enterprises,and improves the availability of financing.(2)The financing scale of enterprises shows an upward trend,and the financing structure is mainly external financing Mainly.(3)The financing efficiency of enterprises is poor,and the financing efficiency is not effective.After decomposing the financing comprehensive efficiency,it is found that the average value of pure technical efficiency is low.(4)From the perspective of financing efficiency influencing factors,the enterprise scale and cost of financing are negatively related to financing efficiency,while the capital structure and capital utilization rate are positively related to financing efficiency.(5)The case of VoiceComm Technology analysis shows that it fails to achieve effective financing efficiency.In terms of influencing factors,VoiceComm technology performs well in terms of financing cost,capital structure and capital utilization rate.