Research On The Financing Efficiency Of SMEs In The Capital Market

Small and Medium-sized Enterprises(SMEs)are an important source of economic growth in China and a source of power for economic transition and high-quality development.However,the problem of financing difficulties for SMEs has not yet been effectively resolved.The problem of “Two more and Two difficulties”(more private funds,less investment;more SMEs,more financing difficulty)is still very prominent.The issue of financing for SMEs has always been a focus of academic research.The capital market is the main channel for direct financing of SEMs.Improving the capital market's financing efficiency for SMEs is an important means to solve the financing difficulties of SMEs.However,China's capital market is still insufficient in terms of its direct financing function and meeting the needs of the economy,especially the coverage of SMEs is insufficient,and financing efficiency is low.It has great theoretical significance and practical application value to study how capital markets can better support SMEs financing.This thesis innovatively combines the multi-layered of capital market with the basic theory of SME financing,demonstrates that SMEs financing requires capital market,and the multilayered of capital market creates conditions for SMEs financing.Then,combining with the stratification practice of China's domestic capital market,this paper analyzes the efficiency of China's capital market financing for SMEs from the public market and non-public market,and calculates the financing efficiency of SMEs from China's capital market by modeling.Subsequently,the paper analyzes the reasons why China's capital market is not efficient for SMEs.Finally,the thesis summarizes the practical experience of financing the SMEs in typical national and regional capital markets,combined with the actual situation of China's capital market,put forward specific suggestions for improving the financing efficiency from the aspects of stock system optimization and new model exploration.The main contents of this thesis are as follows.The first part is the introduction.This part mainly discusses the background,purpose,significance and research object of the thesis,explains ideals and methods,innovation and deficiencies,summarizes the research status at home and abroad from three aspects: SMEs financing,the relationship between capital market and capital market financing efficiency.The second part introduces the relevant theories of capital market supporting SMEs financing,explains the importance of capital market to SMEs financing,and then proposes the multilayered theory of capital market from the connotation and extension of capital market concept,and accordingly demonstrates that the multi-layered nature of capital market creates conditions for SEMs financing.The third part analyzes the financing efficiency of China's capital market for SMEs from the public market and non-public market.The analysis shows that the coverage of SMEs in China's capital market is very limited,and the effect on promoting SMEs financing is unsatisfactory,the ability to provide funding for SMEs is insufficient.The fourth part uses the data envelopment analysis(DEA)method to measure the financing efficiency of China's capital market for SMEs.The results show that China's capital market has a low overall financing efficiency for SMEs.The fifth part analyzes the reasons for the inefficiency of China's capital market financing for SMEs from the perspective of the micro-operation mechanism of the capital market(including the issuance system,information disclosure system,intermediary agencies system,secondary market trading mechanism,investor type,etc).The sixth part explains the overseas experience,focuses on the structure of multi-layered capital markets and institutional innovation of financing SMEs in the United States,Britain and Taiwan.The seventh part is the policy suggestion part.Based on the previous research,it proposes policy recommendations from two aspects: the optimization of capital market operation system and the exploration of new financing mode.The main conclusions of this thesis as follows.First,SEMs financing is inseparable from multi-layered capital market,and the multi-layered nature of capital market creates conditions for SMEs financing.Second,from the current situation of the development of capital markets in China,whether it is public capital market or non-public capital market,the coverage of SMEs is limited and the financing efficiency is low.Third,China has both public market and nonpublic market.A multi-layered capital market structure has been formed,includding Mainboard,SME Board,GEM Board,and New Third Board.The micro-operation mechanism of multilayered capital markets is still not perfect,which is the root reasion of the low efficiency of financing the SMEs in China's capital market.Fourth,the capital markets of overseas typical countries and areas usually promote financing efficiency by developing multi-layered stock markets.These markets innovatively explore the multi-layered stock market structure and the specific system practice according to the characteristics of SMEs,which promote the financing of SMEs significantly.Fifth,impove the efficiency of China's multi-layered capital market in serving SME's financing from two aspects: optimizing the operarion system of the capital market and exploring new financing models.The former includes constructing a multi-layered issuance system for the capital market,reducing the cost of SEMs financing,and improving the system of other operating mechanisms of the capital market.The latter refers to the construction of China's small and medium-sized enterprises equity crowdfunding financing model under the premise of controlling risks.