科创板企业融资效率及影响因素研究  

On Financing Efficiency and its Influencing Factors of Enterprises on Sci-tech Innovation Board

作　　者：赵旭[1] 连响 ZHAO Xu;LIAN Xiang(Shanghai University of International Business and Economics,Shanghai,201620,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海对外经贸大学,上海201620

出　　处：《武汉商学院学报》2021年第3期34-45,共12页Journal of Wuhan Business University

摘　　要：科创板是我国多层次资本市场的重要组成部分,其定位是科技创新企业,但科技创新具有投入大、风险高等特点,间接融资、短期融资作用有限,需要股权融资等长期风险资本的支持。本文以科创板115家上市企业为研究对象,运用数据包络分析法估计科创板企业融资效率,结果表明,我国科创板企业融资效率不理想,融资效率指数平均为0.5879,达到前沿面有效性的企业占比不到20%;相对于投入冗余,70%企业存在产出不足,样本企业的营业收入增长平均为7.74亿,净利润增长平均为0.12亿。进一步,基于Tobit模型探讨影响科创板企业融资效率的基本因素,结果表明,成长能力、资本结构、运营能力、研发与创新能力是影响科创板企业融资效率变化的主要因素,运营能力提升和研发创新能力改善有利于科创板企业融资效率的提高。异质性检验表明,中西部地区、新一代信息技术产业、非民营企业模型中成长性与融资效率正相关,需要发挥股权融资优势,平衡融资成本和融资风险是提升科创板企业融资效率的关键。The Sci-Tech Innovation Board is an important part of China’s multi-level capital market,positioned at financing for enterprises of scientific and technological innovation.However,scientific and technological innovations,characterized of large investments and high risk,require the support of long-term venture capital such as equity financing,in which indirect financing and short-term financing play limited role.This paper uses the data envelopment analysis method to estimate the financing efficiency of 115 listed companies on the Sci-Tech Innovation Board.The results show that the financing efficiency of China’s Sci-Tech Innovation Board companies is not satisfactory.The average financing efficiency index is 0.5879.Less than 20%companies reach effective frontier.Compared with their input redundancy,70%of the companies’output insufficient.The average increase in operating income and net profit of sample enterprises is 774 million and 12 million respectively.Based on the Tobit model,this paper further studies the basic factors influencing the financing efficiency of the enterprises on the Sci-Tech Innovation Board.The results show that the main factors affecting the changes in the financing efficiency are the growth capabilities,capital structure,operation capabilities,R&D and innovation capabilities.The improvement of operation ability and R&D innovation ability is conducive to the improvement of financing efficiency of enterprises on the Sci-Tech Innovation Board.The heterogeneity test shows that the growth capacity is positively related to financing efficiency in the central and western regions,the new generation of information technology industry,and non-private model of enterprises.It is necessary to leverage the advantages of equity financing,and balancing the financing cost and financing risk is the key to improve the financing efficiency of the Sci-Tech Innovation Board.

关 键 词：科创板 融资效率 Super-SBM模型 TOBIT模型 影响因素 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]