Research On Financing Efficiency Of Private Equity Bond In Small And Medium - Sized Enterprises

Paul Samuelson said,So far,We have implied the assumption that the economyis on the edge of production possibilities curve and the economy operation isefficient.SME private bond as the latest financial innovations,expand the financingchannels for SMEs to solve the financing problems of some enterprises,but forvarious reasons,some SMEs pay a huge cost of financing was able to successfullyissue bonds, SME financing efficiency of private bond is a problem they mustattention.On the other hand,the financing efficiency of SME private bond related toits future development,Only by improving the efficiency of financing,we can attractmore enterprise use this financial instruments to enhance the vitality of SME privatebond.In this paper,I used the theoretical and empirical, qualitative and quantitativemethods, First, give the definition of "finance efficiency" and "financing"concept,SME financing theory, private bond financing efficiency of SMEs and SME privatebond theory was introduced. Secondly, it analyzes the main factors of SMEsefficiency of private bond financing, including financing costs, capital utilization,financing risks, the degree of normative financing mechanisms, the degree offreedom and solvency capital financing body. Then the evaluation model for SMEsis to build private bond financing efficiency, and according to an analysis of thefactors affecting the efficiency of the financing to establish a financing efficiencyevaluation system, and then select the30private bond issuance SME companies,used DEA model for SMEs private bond financing efficiency empirical analysis,from a purely technical efficiency and scale efficiency perspectives drawn privatebond financing for SMEs is not efficient conclusion. Finally, to improve theefficiency of small and medium private bond financing suggestions, by controllingthe financing costs and improve enterprise management system to improve SMEcredit guarantee system to establish a favorable financing environment and other areas to improve the efficiency of small and medium private bond financing topromote SMEs in private bonds better development.