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Research on Financing Efficiency of Technology-Based SMEs Based on DEA-Malmquist-Tobit Method

机译：基于DEA-MALMQUIST-TOBIT方法的技术基础融资效率研究

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摘要

As the most dynamic emerging force in China's economic development, science and technology-oriented SMEs cannot develop without the improvement of financing efficiency. This paper builds a financing efficiency evaluation index system that conforms to the industry characteristics, and uses the panel data of 705 technology-based SMEs in 2014-2018 as a research sample. The DEA model and the Malmquist index are used for static and dynamic analysis of financing efficiency. And the Tobit model is used to explore the internal factors of corporate financing efficiency in order to find a path to efficiency. The research results show that the overall level of financing efficiency of SMEs is not high, and it shows a downward trend during the sample period. The low efficiency of pure technology is the main factor that makes the financing efficiency of enterprises difficult to improve. Further research has found that the profitability and operational capability of enterprises have a positive effect on financing efficiency. The excessive debt level of enterprises will inhibit the improvement of financing efficiency, and the development capability of enterprises will not have a significant impact on financing efficiency.
机译：作为中国经济发展中最具活力的新兴力，科学和技术为导向的中小企业无法改善融资效率。本文建立了融资效率评估指标体系，符合行业特征，并在2014 - 2018年使用基于705种技术的中小企业的面板数据作为研究样本。 DEA模型和​​Malmquist指数用于融资效率的静态和动态分析。托比特模型用于探索公司融资效率的内部因素，以找到效率的途径。研究结果表明，中小企业融资效率的总体水平不高，并在样品期间显示下行趋势。纯技术的低效率是使企业融资效率难以改善的主要因素。进一步的研究发现，企业的盈利能力和运营能力对融资效率产生了积极影响。企业过度的债务水平将抑制融资效率的提高，企业的发展能力对融资效率没有重大影响。

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