Appraisal On Financing Efficiency Of Listed Companies On The SMEs-tier Board

The small and medium enterprises (SMEs) , which are active and have good prospect in the market economy, play an essential role to one country's national economy. Because of the characteristics of fast growth and high risk, the shortage of fund has always been a hot problem for the development of small and medium enterprises. So governments and scholars in many countries have been studying in order to find and develop a proper way of financing to solve the financing problem of the small and medium enterprises of our country and improve the utilization of financial resource.Based on the corporate capital structure theories of financial economics, this paper analyzes the factors influencing the financing efficiency and compares the efficiencies of different ways of financing for SMEs. By using the Fuzzy Comprehensive Evaluation method to appraise the overall financing efficiency of several kinds of financing ways, it came to a conclusion that the most suitable way of financing for SMEs is internal-financing while among external-financing, Debt-financing is better than Equity-financing. Also, by using the method of Data Envelopment Analysis (DEA), this paper evaluates the efficiency of equity financing of 38 listed companies which are initially public offered in 2004 on Shenzhen SMEs-tier board. And the result is that about 94.74% listed companies can't reach both technique and scale efficiency, that about 89.47% can't do neither technique and scale efficiency, so efficiency of equity financing of listed companies in this board is low in all.In this paper, it presents a new three-tier definition about Corporate Financing Efficiency on the basis of Economic Efficiency. And, apart from analyzing the financing efficiencies of different ways of financing for small and medium enterprises, this paper has done a deeper analysis on financing efficiency of Equity-financing with DEA Model.