科技型中小微企业新三板市场融资效率研究——兼析破解科技型中小微企业融资成本高问题路径选择

A Research on Financing Efficiency of Sci-tech SMEs and Micro Businesses of NEEQ——Based on the Super-efficiency CCR Model of DEA

本文选取新三板科技型中小微企业为研究对象，运用DEA中的超效率CCR模型测算了76家样本企业在2014-2015年的融资效率。结果显示：科技推广和应用服务业的融资效率高于研究和试验发展业、专业技术服务业，创新层企业的融资效率高于基础层企业；主营业务成本冗余和主营业务收入增长率不足分别是影响企业融资效率的主要投入及产出因素，同时还存在融资盲目性、新三板市场融资机制和功能不健全的因素；CCR超效率模型克服了传统DEA模型无法对融资效率值为1的企业进行排序的缺点，测度结果更具可比性。在此基础上，提出了完善新三板融资服务、降低融资成本，提高科技型中小微企业融资效率的可行路径。

This paper chooses 76 sci-tech SMEs and micro businesses of NEEQ as study sam- ples, measures their financing efficiency in 2014--2015 by super-efficiency CCR model of DEA. Results show that the financing efficiency of sci-tech popularization and application services is higher than that of R＆D and special technical services; the efficiency of innovation level exceeds that of basic level; the redundancy of operating costs and the lack of growth rate of operating revenue are main input and output factors that affect the financing efficiency re- spectively. At the same time, there are some factors, such as blindness in financing, unsound financing mechanism and financing function of the new third board Market. The super-efficiency CCR model can sort the enterprises with the financing efficiency of i, and the results are more comparable. Further, this paper proposes feasible approaches to improve financing ser- vices of NEEQ and the financing efficiency of sci-tech SMEs and micro businesses.