Research On The Impact Of Technology Finance On The Financing Efficiency Of Listed Technology Smes

As the main force of national economic development at the present stage,small and medium-sized enterprises based on science and technology play an irreplaceable role in guaranteeing employment,innovation and entrepreneurship,promoting stability and national tax revenue.However,small and medium-sized enterprises in science and technology are limited by their own lack of experience,incomplete qualification,weak growth and profitability,resulting in narrow financing channels,less research and development funds,and low financing efficiency.Under the low financing efficiency,the available R&D funds of enterprises are seriously insufficient,which constrains the technological innovation ability of enterprises,hinders the transformation of technological innovation achievements of enterprises,and restrains the long-term development of enterprises.Therefore,in order to achieve high-quality growth at the economic level,the development bottleneck of small and medium-sized enterprises based on science and technology needs to be broken through.However,due to the unsound organizational system and management system,traditional finance is limited in solving the problem of lack of R&D funds for small and medium-sized enterprises based on science and technology.Based on this,science and technology finance emerges at the historic moment.Science and technology finance organically combines science and technology with finance,two of the most active elements in modern economic society,and has gradually become an important driving force to promote economic growth and social modernization.The combination of science and technology and finance can make full use of technological and financial advantages,so that small and medium-sized enterprises in science and technology can enjoy the era dividend of innovation-driven strategy.Therefore,in order to explore whether science and technology finance can make up for the defects of traditional finance,solve the financing problems faced by small and medium-sized science and technology enterprises,and improve the financing efficiency of enterprises,this paper takes science and technology finance and financing efficiency into the framework for research.This paper constructs the science and technology financial development index and enterprise financing efficiency index,selects 426 listed science and technology smes from 2011 to 2020 as research samples,and adopts measurement methods such as entropy weight method,DEA analysis,Moran index analysis and fixed effects panel regression model.Empirical analysis was carried out on the selected samples.Meanwhile,from the perspective of threshold variables,this paper explored the influence of institutional levels in different regions on the effect of technological finance on corporate financing efficiency.The research results showed that:(1)The development level of science and technology finance in our country is unbalanced,and there is a certain gap between the development level of science and technology finance in the east,middle and West.;(2)There is an obvious gap in the development level of science and technology finance among the provinces of our country,with HH model and LL model as the main models,it shows the characteristics of binary distribution,and the high-level provincial agglomeration area gradually expands,the low-level provincial agglomeration area gradually shrinks;(3)The development level of technology finance can help enterprises reduce financing cost,and raise financing efficiency;(4)After introducing institutional variables,the panel threshold regression model is established.The results show that there is a double threshold effect of institutional environment.Finally,on the basis of empirical analysis,this paper puts forward relevant policy suggestions on the government,market and public service respectively,providing important references for the development of science and technology finance level in various regions and the formulation of differentiated financing plans for enterprises according to local and current conditions under different institutional environments.