Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)

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

Authors
Lisheng Pan, Dan Li
Corresponding Author
Lisheng Pan
Available Online 20 December 2019.
DOI
10.2991/aebmr.k.191217.167How to use a DOI?
Keywords
Technology-based enterprise, Financing efficiency, DEA-Malmquist-Tobit method
Abstract

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.

Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)
Series
Advances in Economics, Business and Management Research
Publication Date
20 December 2019
ISBN
10.2991/aebmr.k.191217.167
ISSN
2352-5428
DOI
10.2991/aebmr.k.191217.167How to use a DOI?
Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Lisheng Pan
AU  - Dan Li
PY  - 2019
DA  - 2019/12/20
TI  - Research on Financing Efficiency of Technology-Based SMEs Based on DEA–Malmquist–Tobit Method
BT  - Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019)
PB  - Atlantis Press
SP  - 977
EP  - 985
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.191217.167
DO  - 10.2991/aebmr.k.191217.167
ID  - Pan2019
ER  -