The Comparative Study Of Listing Corporations’ Financing Structure And Financing Efficiency

Because of their small scale, weak anti-risk capability, the absence of relevantlegal and other reasons, the financing problem of Small and Medium Enterprises（SME）has been a bottleneck in their development. Although there are related taxincentives for SME supported by the state’s high-tech industry, their financingproblem still exists. With the opening of the Growth Enterprises Market (GEM) in2009, the financing of small and medium high-tech enterprises got new channels. Dueto the low cost of equity financing in our country, there is a large number of thefinancial capital. Each of the small high-tech enterprises competes aggressively forlisting on GEM in order to solve the financing problem. Therefore, after the listing onGEM, there is a big difference in small and medium high-tech enterprises’ structuresand preferences. However, whether the financing structures of the GEM-listedcompanies are reasonable? What about capital efficiency? Whether the currentfinancing structure and financing efficiency are in coordination? These issues arerelated to the financing efficiency of the GEM and the whole stock market.Based on the empirical analysis of GEM and the Main Board data from2010to2012, the article studied the financing structure and financing efficiency of high-techenterprises, traditional state-owned enterprises and private enterprises respectively.Through using the contrasts of different time periods and different business categories,I found that on the one hand GEM companies have obvious preference for equityfinancing than other types of businesses in the financing structure, but the efficiencyof its equity financing is the lowest of the various financing methods; On the otherhand, debt financing with a high efficiency in various types of companies doesn’tget a high proportion in the financing structure. Combined with the macro and microfactors of the low cost and risk of equity financing, our imperfect financial system, theunstandardized capital market,and their own problems of medium and small high-techenterprises,the writer ultimately gave targeted recommendations.