新三板科技型中小企业融资效率研究——基于DEA-Malmquist的再检验

Research on Financing Efficiency of Hi-tech Small and Medium Enterprises in NEEQ Board——A Reexamination Based on DEA Model

本文运用DEA模型对挂牌“新三板”40家科技型中小企业2015年—2017年的融资效率进行静态和动态分析。结果表明:企业内部管理和研发技术是影响融资效率的关键;同时,以实物资产为主的制造业的融资效率优于以“轻资产”为主的信息传输、软件和技术服务业。因此,一方面企业应当注重技术创新研发,调节资本结构;另一方面政府应针对科技型企业不同发展周期、生命周期进行定制化金融产品设计。同时,完善无形资产信息披露机制,为企业增信。

In this paper,the DEA model is used to analyze the financing efficiency of 40 sci-tech small and medium-sized enterprises in NEEQ Board from 2015 to 2017.The results show that internal management and research and development technology are the key factors affecting the financing efficiency.Meanwhile,the financing efficiency of the manufacturing industry dominated by physical assets is better than that of the"asset-light"information transmission,software and technology services.Therefore,on the one hand,enterprises should pay attention to technological innovation and research and development and adjust capital structure.On the other hand,the government should design customized financial products for different development cycles and life cycles of science and technology enterprises.At the same time,improve the intangible assets information disclosure mechanism,for the enterprise credit.