Research On The Efficiency Of Equity Financing Of Technological Innovation Listed Companies In Hefei City

In recent years,with the rapid development of China’s economy,scientific and technological innovation has become an important force to promote economic growth.Scientific and technological innovation can not only improve the competitiveness and profitability of enterprises,but also promote economic structural transformation and innovative development.As an important member of China’s capital market,sci-tech innovative listed companies rise rapidly under the dual promotion of national policies and market development.Hefei,as one of China’s comprehensive national science centers,has a large number of sci-tech innovative listed companies,so the research on equity financing efficiency of sci-tech innovative listed companies in Hefei is of great significance.In this thesis,the scientific and technological innovative listed companies of Hefei City as the research object,collected the relevant financial data of 20 scientific and technological innovative listed companies of Hefei City from 2017 to 2021.The DEA-BCC model and Malmquist index are used to calculate the static and dynamic efficiency of its equity financing,and the Tobit regression model is used to explore the influencing factors of its equity financing efficiency,and the corresponding development suggestions are put forward.The following conclusions are drawn: first,the reasons for the low efficiency of equity financing of Hefei technology innovative listed companies are less pure technical efficiency and low scale efficiency;2.The factors affecting the equity financing efficiency of Hefei sci-tech innovative listed companies are mainly as follows:On the macro level,the financial science and technology expenditure of Hefei government can bring a significant positive impact on the improvement of equity financing efficiency of Hefei sci-tech innovative listed companies;There is a significant positive correlation between capital stock,equity ratio,liquidity ratio and equity financing efficiency of the high-tech listed companies in Hefei,and a significant negative correlation between operating costs.Based on the above conclusions,this thesis puts forward some suggestions to improve the equity financing efficiency of high-tech innovative listed companies in Hefei from the perspectives of the enterprises themselves and the government.First of all,enterprises should properly expand the scale of operation,control costs to improve profitability,optimize the capital structure and control liabilities,expand the business model to implement diversification.As for the Hefei government,it needs to strengthen the construction of enterprise credit system,strengthen supervision to maintain market order,and increase the proportion and capital of scientific and technological expenditure in financial expenditure to promote the improvement of equity financing efficiency of scientific and technological innovative listed companies in Hefei.To sum up,through the research of Hefei sci-tech innovative listed companies,this thesis puts forward countermeasures and suggestions to improve the efficiency of equity financing,and provides certain references for other sci-tech innovative listed companies.At the same time,the research results of this thesis also provide a certain reference for policy makers.