融资方式、技术效率与科技型中小企业经营能力——基于新三板的实证研究  

Financing Methods,Technical Efficiency and Operation Abilities of the High-tech Small and Medium-sized Enterprises-An Empirical Study Based on the NEEQ

作　　者：张书莲[1] ZHANG Shu-lian(Guangdong Technical College of Water Resources&Electric Engineering,Guangzhou)

机构地区：[1]广东水利电力职业技术学院经济管理学院

出　　处：《财务与金融》2023年第1期21-27,共7页Accounting and Finance

基　　金：广东省教育厅特色创新研究课题“广东科技型中小企业融资效率提升路径研究”(2020WTSCX187)阶段成果。

摘　　要：本文以新三板挂牌的广东省科技型中小企业为研究对象,在2016-2019年企业经营与融资数据的基础上,运用DEA方法对其融资前后的效率进行了比较分析。结果显示:整体样本企业、基础层企业以及非增发融资企业,融资后的综合技术效率和纯技术效率与融资前相比均有显著提高。构建面板计量模型对融资效率影响因素进行回归分析,结果表明企业的运营能力、盈利能力以及成本控制能力对融资效率有显著的正向影响,而资产负债率的增长会导致融资效率下降,研发费用对融资效率的影响没有显著性。文章最后在融资战略、动态创新能力、企业管理水平以及人力资源等方面提出了相关建议。Based on the operational and financial data from 2016 to 2019,this paper selects the high-tech small and medium-sized enterprises in Guangdong province listed on the NEEQ as the research object,and uses the DEA method to analyze the efficiency of the selected enterprises before and after financing.The results show that the technical efficiency and pure technical efficiency after financing are significantly improved compared with those before financing about overall sample,base tier and non-added issuance enterprises.The measurement panel model is constructed to perform regression analysis on the factors that affect the financing efficiency.The results show that the company's operating ability,profitability and cost control ability have a significant positive impact on the financing efficiency,and the increase in asset-liability ratio will lead to a decline in financing efficiency.The impact of R&D expenses on financing efficiency is not significant.Finally,this paper puts forward a number of suggestions in terms of financing strategy,dynamic innovation capability,corporate management level,and human resources.

关 键 词：科技型中小企业 技术效率 融资方式 面板计量模型 

分 类 号：F832[经济管理—金融学]