近几年云计算、大数据产业化以及人工智能的发展，为软件及信息技术服务业提供了新的经济增长点，同时该行业也是支持我国经济实现“互联网+”、“大数据+”、“智能+”的中坚力量。作为高新技术产业，该行业为基础性产业提供高科技服务及技术，对各行业信息技术的发展及信息安全都有着至关重要的作用。然而我国软件及信息技术服务业多为中小企业，创新能力不足，研发投入较少，核心竞争力较差，关键技术还依赖于国外企业，这主要受限于资金的不足，但该行业的特点以及我国资本市场的发展决定了该行业在现阶段难以获得大额融资。因此企业迫切需要将筹得资金发挥最大效用，改善经营状况，吸引投资者，获得更多融资，从而步入良性循环，即该行业迫切需要提升融资效率。 本文综述了国内外学者研究现状，总结了与融资效率相关的理论。分析我国软件及信息技术服务业的行业特征及融资现状，发现该行业存在大部分企业难以获得融资，融资的主要方式是定向增发，融资方式单一，融资渠道窄，迫切需要提升融资效率，将有限的资金发挥更大的作用。结合该行业的特征，本文构建了融资效率评价体系，采用DEA三阶段法对146家样本企业的融资效率进行评价。发现该行业第一阶段和第三阶段的融资效率整体较低，发展趋势呈先下降再上升，且下降幅度更大，剔除环境影响和随机误差后，企业真实的融资效率有小幅上升。仔细分析，主要由于企业的纯技术效率较低导致，因此企业迫切需要改进自身的技术及管理水平。按样本企业所处板块分析，发现中小板及创业板样本企业融资效率较高，而主板样本企业融资效率整体较低。按企业所处地区进行分类，发现经济发达地区的企业有更高的融资效率。本文又采用了Malmquist指数分析法，进一步验证样本企业融资效率趋势变动，企业技术进步给企业融资效率提供了积极贡献，而企业效率变动制约了融资效率的提高。最后，本文针对企业融资效率低的现状，从企业层面和社会层面提出了建议。

In recent years, with the development of cloud computing, big data industrialization and the artificial intelligence, software and information technology services has a new economic growth point. At the same time, the industry also supports our country's economy to achieve "Internet +", " big data +", and" intelligence +". As a high and new technology industry, the industry provides high-tech service and technology to basic industries, playing a vital role in the development of information technology and information. However, the enterprises of software and information technology services are small and medium-sized enterprises in our country, lacking in innovation, R&D spending less, poorer in core competitive ability. Those mainly is limited by the lack of money, but the characteristics of the industry and the development of capital market in our country determines the industry having difficult to obtain wholesale funding at present So enterprises urgently need to make full use of funds, improve operating performance, attract investors, and obtain more capital, so as to enter a virtuous cycle.So the industry is in urgent need to improve the financing efficiency. This paper summarizes the research results of domestic and foreign scholars, and sums up the theory of financing efficiency. This article analyzes the characteristics and financing present situation of software and information technology services, finding that there are many enterprise having difficult to obtain finance, and the main way is private placement. In addition to, financing way is single and financing channels are narrow. So the enterprise urgently need to improve the financing efficiency. Combining the feature of the industry, this paper has constructed the financing efficiency evaluation system to evaluate the financing efficiency of 146 enterprises, using three phases DEA method. The results of the study are as follows: the financing efficiency is low overall in the first stage and the third stage, and the development trend has a larger decline first, then rise. The low financing efficiency is mainly due to lower pure technical efficiency, so enterprises urgently need to improve their technology and management level. Comparing different sectors, we find that the gem board and new three board sample enterprises have higher financing efficiency, and the motherboard sample enterprises have lower financing efficiency. Comparing different regions, we find that enterprises in developed economic regions have higher financing efficiency. This paper use the Malmquist index analysis method to validate the trend of financing efficiency. Enterprise technology progress provides a positive contribution to enterprises' financing efficiency, but the enterprise efficiency changes restricts the financing efficiency. Finally, based on the present situation of low efficiency of enterprise financing, this paper put forward the proposals from the enterprise level and social level.