Analysis On Financing Efficiency About Chinese Listed Companies In SMEs Board

Since its establishment, the market of SMEs board had developing rapidly. Its market size had continuously getting larger. And it had become an indispensable part of the developing multi-level capital market in China. Most of listed companies in SMEs board had get more opportunities of development through raising funds. Then they had improved their management and financing efficiency so as to gradually increase their competitiveness and independent innovation ability of SMEs. But how to promote the development of SMEs and improve their financing efficiency was one of the key factors to their success.Paper was aimed at identifying the important factors of financing efficiency by the analysis on financing efficiency of chinese listed companies in SMEs board. So reasonable countermeasures and suggestions about improveing their financing efficiency were given for consultations. Paper had made full use of qualitative and quantitative methods to do in-depth research on the connotation and factors of their financing efficiency. Based on the analysis of research status home and abroad, it had combined with the problems about the market of SMEs board and the financing characteristics of listed companies in SMEs board, and tried to find out main factors of financing efficiency. It had established an evaluation system of financing efficiency for listed companies in SMEs board. In addtion, it had adopted the methods of factor analysis, ANOVA and pannel data regression as empirical study in order to analyze the influence of financing efficiency's fators. And the changes of total financing efficiency were significant. Various factors'influence on financing efficiency was also identified. In this way, how to improve financing efficiency had been known. Results show that the main factors of financing efficiency were capital costs and capitalization levels of long-term debt. Listed companies in SMEs board had been easily effected by macroeconomic environment. But their imbalance of financing structure and faulty management were the key factors. In all, it is necessary to create a favourable environment for financing efficiency of listed companies in SMEs board.