No abstract

Debt financing is one of the important financing channel for high-tech company. However, Low debt financing efficiency is one of the reasons hindering the development of Chinese high-tech companies, which affect their R&D and technological achievements. Thus, We selects the financial data of high-tech companies which listed in GEM from 2015 to 2017, and evaluates the debt financing efficiency of 48 high-tech companies. The research shows that most high-tech companies' debt financing efficiency was not effective. Besides, debt financing efficiency of high-tech companies was on upward trend these three years. Third, improper company & financing scale and the growth of intangible-assets affect financing efficiency of high-tech company. Finally, we make suggestions for the development of Chinese high-tech industry.