科技型中小企业新三板市场融资效率分析——基于湖北省企业面板数据的实证研究

随着新三板市场的不断发展,其已成为科技型中小企业重要的融资渠道。本文以在新三板挂牌的湖北省科技型中小企业为研究对象,运用DEA方法测算他们的融资效率并进行比较分析,纵向对比与横向对比的结果均表明借助新三板进行融资并未带来企业融资效率的提升。进一步,构建动态面板数据模型来分析影响融资效率的主要因素,实证结果表明:由于融入资金未得到充分利用和合理配置,抑制了企业盈利能力、成长能力、偿债能力、营运能力、研发与创新能力的提升,继而导致了新三板科技型中小企业融资效率下降。

Analysis on Financing Efficiency of NEEQ for High-tech Small and Medium Enterprises: Empirical Research Based on the Panel Data of Enterprises in Hubei Province

With the continuous development of National Equities Exchange and Quotations(NEEQ),it has become an important financing channel for high-tech small and medium enterprises.This paper selects the high-tech small and medium enterprises in Hubei province listed in NEEQ as the research object,uses the DEA method to measure financing efficiency of the selected enterprises and makes a comparative analysis.The results of longitudinal comparison and horizontal comparison show that financing in NEEQ has not brought about improvement in enterprise financing efficiency.Furthermore,the dynamic panel data model is constructed to analyze the main factors that affect the financing efficiency.The empirical results show that due to the insufficient utilization and unreasonable allocation of the financing funds,the profitability,growth ability,solvency,operating ability,R&D and innovation ability of the enterprises have been restrained,which has led to the decline of the financing efficiency of the high-tech small and medium enterprises listed in NEEQ.