基于DEA模型的创业板江苏省中小上市企业融资效率研究

Financing Efficiency Analysis Based on DEA Model of GEM Listed SMEs in Jiangsu Province

江苏省上市中小企业极具代表性,其融资效率的高低可以准确地衡量出我国中小上市企业融资效率的情况。所以研究创业板江苏省中小上市企业融资效率问题意义重大。通过采用数据包络分析法,选择基于投入的技术效率分析规模报酬可变模型(BCC),对2007-2016年八十家江苏省创业板上市中小企业的综合效率、纯技术效率和规模效率进行分析,发现创业板江苏省上市中小企业由于管理能力不足,资源浪费情况比较严重,而且有一些中小企业的规模效率并不高,致使其融资效率比较低,有待进一步提高。因此建议提高企业管理水平,降低融资成本;适当降低生产成本,避免不必要的浪费;调整企业规模,控制最佳状态,以提高我国上市中小企业的融资效率。

The listed SMEs in Jiangsu are very representative. Their financing efficiency can accurately measure the financing efficiency of small and medium-sized listed companies in China. It is of great significance to study the financing efficiency of small and medium enterprises in Jiangsu province listed on Growth Enterprise Market（GEM）. By using the method of data envelopment analysis（DEA）, this paper selects the variable model（BCC） based on technical efficiency analysis, and analyses the comprehensive efficiency, pure technical efficiency and scale efficiency of eighty GEM listed SMEs in Jiangsu from 2007 to 2016. It is found that the management ability of the SMEs listed in the GEM have relatively low financing efficiency and need to be further improved due to the poor management ability,serious waste of resources, and low scale efficiency. Therefore, it is suggested to improve the management level of the enterprises, reduce the financing cost, reduce the cost of production, avoid unnecessary waste, and adjust the scale of the enterprises to best state, in order to improve the financing efficiency of listed SMEs in China.