A Study On Financing Efficiency Of Small And Medium-Sized Enterprises Of Nanjing

In recent years, under the complex and ever-changing macro-economic circumstances, small and medium-sized enterprises(SME for short) in Nanjing maintain stable and rapid development momentum, and all sectors of society have increased the support for SMEs. Finance, as the lifeblood of business survival, also becomes a research priority in recent years. However,there are much conflict and difficulty in the developing process of the SMEs.The SMEs can not financing in the view of profit maximization,and so the financing efficiency is rather low.This paper, on the basis of the efficiency theory, make a descriptive statistical analysis of the current financing situation of SMEs in Nanjing first. Then using DEA model to appraise the efficiency of financing, and establishing fixed effect model to analyse the factors influencing the financing efficiency. The outcome is that the financing efficiency of SMEs in Nanjing is low and presents "U-Shape" tendency, and the main factors influencing the financing efficiency are capital structure and profit ability. Therefore, the SMEs should adjust capital structure and improve the profit ability to improve the financing efficiency and walk out financing rattrap,and then develop healthily.