Research On The Financing Efficiency Of Small And Medium-sized Enterprises Assemble Bond Of China

Small and medium-sized enterprises play a more and more important part in the process of adjustmentof economic structure. Under the background of relevant economic policies to encourage, for small andmedium-sized enterprises, the innovation of small business financial loan policy also emerge. Small andmedium-sized enterprises assemble bond, has unparalleled advantages in supporting the development ofsmall and medium-sized enterprises, is a new financing channel for small and medium-sized enterprises.With the gradual issuance of small and medium-sized enterprises assemble bond, the financing efficiencybecome the focus of the community. So it is necessary to study the financing efficiency of the small andmedium enterprises assemble bond that have been issued in depth.Theoretical and empirical research was included in this paper. On the basis of theoretical research, acomparative study on financing efficiency by using DEA and super-efficiency model of small andmedium-sized enterprises assemble bond, the small and medium-sized enterprises board and the small andmedium-sized enterprises on the GEM was made. And then a predicting model of multiple analysis wasestablished to analyze affecting factors of financial efficiency on small and medium-sized enterprisesassemble bond using SPSS17.0software.Firstly, it reviewed the related study on financing of small and medium-sized enterprises, small andmedium enterprises assemble bond, financing efficiency of small and medium enterprises.Secondly, thedefinition of small and medium-sized enterprises, small and medium enterprises assemble bond andfinancing efficiency concept, and then put forward the theoretical basis of this study that the small and medium-sized enterprise financing theory and the financing structure theory. Then, small andmedium-sized enterprises assemble bond financing mechanisms and financing constraints of small andmedium-sized enterprises was analyzed in theory. Then, through constructing DEA and super-efficiencymodel,comparative study on financing efficiency of small and medium-sized enterprises assemble bond,the small and medium-sized enterprises board and the small and medium-sized enterprises on the GEM wasmade, and the financing efficiency of published small and medium enterprises assemble bond wasevaluated respectively from the point of view of bond types and industry. Finally, according to thecharacteristics of financing enterprises which the financing efficiency was high and the study on theefficiency of the financing of small and medium-sized enterprises of previous scholars, the financing affectfactors of the small and medium-sized enterprises bond were presented. Then it established the regressionmodel to analyze the influencing factors of the small and medium-sized enterprise collection efficiency ofbond financing. The study found that, small and medium-sized enterprise assemble bond overall financingefficiency was higher than the small and medium enterprise board, but lower than the gem; In the issuedsmall and medium-sized enterprise assemble bonds, the financing efficiency of“10Wuhan SME assemblebond" and "07Shenzhen SME assemble bond" were higher according to bond types; also, in industry,efficiency of finance Special Equipment Manufacturing Industry financing enterprises was higheraccording to an industry. The regression results showed that, influence degree of these various factors werenot identical: credit rating, assets and liabilities rate, the quality of enterprise.