The Influence Of External Financing Structure Of Small And Medium-sized Listed Companies On EVA

In the public entrepreneurship,innovative policies advocated under the development of Chinese small and medium enterprises are very rapid for the economic development of country,which has provided a powerful boost force.It plays an irreplaceable role in the fields of employment and national economy.In order to protect the small and medium-sized board companies to be healthy and rapid development,improving international competitiveness,funding support is essential.There are many kinds of financing channels for enterprises,and their respective impact on corporate performance and value will be different.external financing is the main way for small and medium-sized board companies to obtain funds for financing.The external financing structure of the enterprise will have an impact on the cost and financial situation of the enterprise,which will play a vital role in the governance of the enterprise,thus affecting the performance and value of the enterprise.Therefore,this article to small board listed companies as the research object to explore the external financing structure of the impact of EVA,which is necessarily practical and theoretical significance.Based on the research of domestic and foreign scholars,this paper reviews the relevant theories and empirical research on the performance of external financing structure.And the paper chooses the small and medium-sized enterprises in 2012-2014 as the research object.Based on the analysis of its financing structure,this paper chooses the representative index of external financing to analyze its influence mechanism on EVA(economic added value)This paper uses the multiple regression analysis method to test the influence of the external financing structure on the EVA of the small and medium-sized enterprises.The influence of the external financing structure on the EVA of the small and medium-sized enterprises is established.The results are: bank borrowing,commercial credit impact on corporate EVA is negative,and significant;equity financing and the correlation between EVA is a significant correlation;ownership concentration on the company's EVA is positive But not significant;the tradable shares have a negative impact on the EVA but are not significant.