The Study Of Financing Efficiency Of Private Small And Medium-sized Enterprise In Bohai Economic Zone

Since the reform and opening up, especially since the21century, the scale of China’sSMEs continue to grow and the proportion of the output value taking up in GNP continuesto increase. Meanwhile, the ownership structure of SMEs has undergone profound changes,and private enterprises have gradually become a major part of the SMEs. In the marketeconomy, private SMEs are not only the beneficiaries of the reform and opening up, butalso the active participants and promoter of the economic construction. Therefore it has amore and more important strategic position in China’s economic and social development.However, not match with its scale and its contribution to the development of economy, thedevelopment of private SMEs has been constrained by the problem of financing difficulty.According to the National Federation statistics, the financing of private enterprises takesup less than10%of the whole society. Over56%of non-public enterprises lending arerefused by banks, and more than70%of bank loans flow to state-owned enterprises, whichis particularly serious in private SMEs.In the above background, firstly, this paper reviews a great deal of research literatureat home and abroad, and then briefly summarize and evaluate the related research on theefficiency of private SME financing. On this basis, this paper further elaborates thetheoretical basis of the efficiency of SME financing, and analyzes the factors andevaluation methodology of financing efficiency, combining with the academic definition ofthe concept of private SMEs and the concept of financing efficiency..In this paper, taking the private SMEs in the Bohai Economic Zone for example,combining a lot of data analysis, summed up the operation of the overall economy of theregion, the development of private SME and the financing situation of private SME. Onthis basis, in order to evaluate the efficiency of financing of SMEs in this region, the paperselects90private SMEs listed on the Shenzhen SME board as a sample, which coversdifferent provinces, different industries, and then takes financial data of the sampleenterprises for the input and output variables to do the empirical analysis by DEAefficiency evaluation method. For the empirical results, we analyze it from the four aspectsof the overall level of efficiency financing, financing efficiency trends, industry efficiency comparison and region efficiency comparison: the financing efficiency of private SEMs inthe Bohai Economic Zone is low overall, the number of enterprise to achieve the scaleefficient and technology efficient simultaneously is few. But by comparing the last threeyears, we can see that the financing efficiency continuously improve year by year, whichmay be due to a number of supportive policies for SMEs financing carried out by thecountry. In addition, there is a big difference in enterprises finance among various sectorsand different provinces. The finance efficiency in Beijing is the hightest, and that oftelecommunications services, information technology industry, the healthcare industry ishigher than other industries, which is consistent with and regional economic developmentand industry characteristic.At last, according to financing problems of the private SME in the Bohai EconomicZone, the paper, from two levels of government and enterprises, proposes policies tooptimize its financing model and improve its financing efficiency..