A study on financing efficiency of high-tech small and medium-sized enterprises in Beijing

Financing efficiency of high-tech small and medium-sized enterprises (SMEs) is studied in this article. The method of data envelopment analysis (DEA) is applied to the financing efficiency of enterprises which can result in more objective results. By application of the method in Beijing high-tech SMEs and data analysis the following four conclusions are made that efficiency of the financing of high-tech SMEs in Beijing is generally lower than that of large-scale ones, that there is a positive correlation between financing efficiency and scales of high-tech SMEs, that Beijing high-tech SMEs are at the stage of increasing returns to scale and financial leverage effect is small and that the financing efficiency did not improve a lot from 2005 to 2006.