“四板”市场科技型小微企业融资效率研究——基于DEA模型以四家股权交易中心为例

Study on the Financing Efficiency of Small and Micro Technology-Oriented Enterprises in“Four Board”Market:A Case Study of Four Equity Trading Centers Based on DEA Model

通过投影分析和地区比较分析进一步探究影响样本企业融资效率的内外因素,得出其内在因素主要为融资规模不足、债权融资比例过高、资金使用效率低,而外在因素主要是由于股交中心服务欠缺、区域政策优惠有限所致。针对上述问题,文章认为:从政府层面入手落实对股交中心及挂牌企业的补贴政策,设立专项基金,发挥"造血功能";从股权交易中心层面需拓宽融资渠道,取消注册费降低融资成本,强化企业指导与跟踪服务;从挂牌企业层面应当注重优化企业资本结构,提高融资使用效率。

Based on projection analysis and comparison analysis,this paper explores the internal and external factors that make influences on the financing efficiency of the enterprises.We conclude that the internal factors come down to shortage of financing,high percentage of credit financing and low-efficiency of capital.And some external factors like services level of regional equity trading centers as well as regional preferential policies can also make effects on financing efficiency.In view of the above questions,governments should take relative policies into practice and set up special funds.The regional equity trading centers should broaden financing channels,cancel extra trading fees and strengthen the relative services.The enterprises should pay attention to optimize capital structure and improve the utilization efficiency of the financing capital.