The Study On The Influence Of Financing Structure To Corporate Performance Of The Listed SMEs In China

Small and medium-sized enterprises (SMEs) are the important component of Chinese economy, but the financing problem restricted the development of Chinese SMEs. Different financing structures have the different effects on corporate performance directly. For the Chinese SMEs how to change the financing structures in order to get financing but maintaining corporate performance, is the point. So, for sake of solving the financing problem of SMEs, the relationship and influence between enterprise financing structure and corporate performance should be discussed in depth. The SMEs listed on small and medium-sized board of Shenzhen are the representational examples of various SMEs. Therefore, base on the SMEs listed on small and medium-sized board of Shenzhen, total liability ratio, long term liabilities, short term liabilities and the first shareholding ratio were the indexes of the financing structures of listed SMEs; Otherwise the return on net assets, main business return, total assets return and the earnings per share were the indexes of corporate performance measures; by using the annual financial data as the samples, the model of the relationship between financing structure and corporate performance was built up. The demonstration and the research were processed under the cross-section data analysis.It is demonstrated that, the corporate performances of Chinese listed SMEs were reasonably related to the financing structures:corporate performance is positive correlated to liability ratio, long term liabilities and the first shareholding ratio, but negative correlated to short term liabilities. However, the correlation coefficient of these indexes, presently, the correlation of corporate performances of Chinese listed SMEs and financing structure was not absolutely evident. It illuminated that the financial leverage effect was not sufficiently available of the Chinese listed SMEs.Eventually, by the researches of Chinese listed SMEs, the financing problems of Chinese SMEs were located, and the policy suggestions of how to enhance the corporate performance of SMEs were provided.