Research On Financing Performance Of Small And Medium - Sized Enterprises

Small and medium-sized enterprise is an important part of national economy and directly decides the success of our country to speed up the economic transformation and upgrading. Small and medium-sized enterprises’ credit financing channel is unblocked which increases financing difficulty. Equity financing provide a new channel for small and medium enterprises to raise funds, but IPO effect becomes the focus of scholars’ studying at home and abroad. Therefore, we try to study IPO effect of small and medium-sized enterprise and analysis the dynamics of structural factors which result in IPO effect, and provide practical significance of small and medium enterprises’ listing and financing for future studying.Due to the short history of our small and medium-sized enterprise, empirical test of IPO effect is just simple descriptive statistics method, and hypothesis to explain IPO effect mainly in the qualitative stage. Therefore, we try to empirically the existence of IPO effect and solve small and medium-sized enterprise financing business performance change after listing. We analysis IPO effect of small and medium-sized enterprise in perspective of profit ability, operation ability, debt ability and growth, then use two-paired T test and one-way ANOVA method to compare difference between before listing and after listing, finally structure cross section multivariate regression model to analysis the influence factor of IPO effect.This paper devoted to the study on IPO effect of small and medium-sized enterprises and influence factors. The paper is divided into six parts. The first part mainly introduces the research background and significance; the second part is carding literature review and sum up theoretical research and empirical assumptions of IPO effect. The third part mainly describes the current financing situation and financing structure of small and medium-sized enterprises; The fourth part mainly empirically researches on small and medium-sized enterprises’ IPO effect in Zhejiang province and use two-paired T method to test IPO effect of small and medium-sized enterprises from2000to2012; The fifth part constructs the cross section multivariate regression model structure to analysis the affecting factor on IPO effect The empirical results show that IPO effect of small and medium-sized enterprises is obvious, IPO effect of small and medium-sized companies is related to enterprise surplus management, internal equity structure and macro economic cycle; Finally, we put forward policy to decreasing the IPO effects in perspective of strengthening distribution regulation, strengthening the small and medium-sized enterprise surplus management, improving the quality of the investors.This paper innovation place mainly embodied: Respectively with two-paired T test and the multiple regression model of cross section to research IPO effect which is reasonable; small and medium-sized enterprises in Zhejiang province are selected as the research object which has the regional and professionalism; The influence factors of IPO effect are divided into surplus management, entrusted agency, market select and the macro economic cycle factors which has research perspectives.