Beijing Sme Financing Efficiency Study

In recent years,small and medium-sized enterprises have already developed rapidly.These small and medium-sized enterprises have given great contribution to the national economics and to the standard of people's live.they also played a positive role in solving unemployment,promoting market prosperity and safeguarding social stability,From the credit situation of Beijing, the credit configuration generally tilted to large enterprises.there are phenomenons of varying degrees of financial strain and financing difficulties for SME.This paper is based on the reality of SME finance in Beijing, first described the SME financing structure, financing and financing aspects of the theory of efficiency. Subsequently, there are further analysis for the financing channels for SME and the classification of the financing.The focus and highlight of this paper is the empirical analysis, in two steps. The first step is to use fuzzy comprehensive evaluation method.then evaluate the efficiency of the five financing methods of SME in Beijing.this paper provides financing efficiencies of five financing methods mostly adopted by the order of membership:self-accumulation, private lending, bank loans, bond financing, equity financing.The second step is to select 14 listed SME s of Beijing, the financial data for the sample regression model, to further verify the fuzzy comprehensive evaluation method to get financing on five of debt financing and equity financing in the efficiency level.Concluded that in the face of corporate debt financing and equity financing of the dilemma, should give priority to debt financing.The last part is recommendation for how to improve the efficiency of bond financing policy, in the conclusions of theoretical research and empirical studies, based on the actual situation for small and medium enterprises in Beijing and present, respectively, from banking, government, and SME themselves. put forward different aspects of the policy recommendations.