The Evaluation On The Financing Pattern Of Small And Medium-sized Enterprises From The View Of Financing Efficiency

Abstract:The problem that how choose appropriate financing pattern to solve the financing difficulties is of great importance. With proper financing mode, it can promote the rapid development of small and medium-sized enterprises and the sustained growth of the national economy. From the perspective of financing efficiency, this paper explores the financing pattern of small and medium-sized enterprises in China, and put forward a series of policy suggestions to optimize their financing modes.Based on the previous definitions of financing efficiency, this article uses six indexes to measure the financing efficiency of cost of small and medium-sized enterprises, which includes financing cost, capital utilization, solvency, financing risk, the freedom degree of financing object, and market maturity. Furthermore, comparing the existing methods of financing efficiency, this paper reconstructs a comprehensive evaluation model combined hierarchy process with grey correlation. Results show that for small and medium-sized enterprises, the priority of the financing model are inner-source financing, bank loans, private loans, issuing stocks and private equity. Furthermore, to verify the applicability of the evaluation results, using153listed companies, this paper uses multiple linear regressions to discuss the effects of debt financing and equity financing on their capital profit abilities in the whole sample and from the view of industry. The empirical results show that the positive effect of asset-liability ratio on the net assets yield is significantly higher than that of shareholders’ equity ratio. Moreover, the positive impacts of the two financing patterns in the manufacturing industries are above the average level, while in the information technology industry is lower than the average level. And, the strength of debt financing superior to equity financing in manufacturing industry is higher than that in information technology industry.Based on the theoretical analysis and empirical research, combining with the status quo of the financing patterns of small and medium-sized enterprises at current stage, this article puts forward some suggestions to optimize the modes of small and medium-sized enterprise financing pattern. At the enterprise level, they should accelerate the reform of enterprise itself and broaden the financing channels. At the government level, improving the capital market in our country, accelerating the development of small and medium-sized financial institutions, strengthening risk investment to solve the problem of information asymmetry, constructing a multi-level financial system and improving the credit guarantee system of small and medium-sized enterprises, are the key points.