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Keywords

technology-based small and medium-sized enterprises, CEM, financing efficiency, DEA-Tobit model

Abstract

The survival and development of technology-based small and medium-sized enterprises cannot do without the support of funds, and the problem of financing efficiency has been a shackle of them. In this paper, the input and output, internal and external financing environment variable index evaluation system is constructed, and technology-based small and medium-sized enterprises listed on GEM are taken as research objects to sort out and study the financial data of enterprises from 2015 to 2019. The DEA-Tobit model is used to analyze the financing efficiency of enterprises. The results show that pure technical efficiency has more influence on financing efficiency, most enterprises are in the stage of increasing return on scale. In a homogeneous environment, total assets, the proportion of shares held by the top ten circulating shareholders of the internal financing environment variables are conducive to improving the financing efficiency of enterprises, rising current debt ratio will reduce financing efficiency, while investment in science and economic level of the external financing environment variables have a significant impact on the financing efficiency of enterprises.

DOI

10.16315/j.stm.2021.02.004

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