The Financing Efficiency Evaluation Of Small And Medium- Manufacturing Listed Enterprises Of China

From the 1980s,with the development of gradual reforming and opening policy, Chinese SMEs obtained a chance to increase economic benefits fleetly.Development of SMEs stimulated China’s economic growth;at the same time,SMEs played a significant role in improving employment opportunities,balancing economic structure,increasing exports and achieving other social and economic benefits.However, there were not enough effective policies and measures to support our domestic economy developing smoothly.The historical background lead to financial markets are not perfect and financing channel has severe limitation.All of these factors have a negative effect on SMEs to solve financing issues.Capital is a necessary condition for supporting enterprises sustained development "Ischemia" of SMEs has an important influence on period of operating cycle and "ischemia" can lead to business operating instability. Currentlyfinancing difficulty has become the biggest obstacle to restrict development of SMEs.In a word,the matter is immediate,which how to bring SMEs through financing difficulty and how to help SMEs profitably use capital for creating more benefits.The paper summarizes a great number of the relative overseas literatures and the related theories,selected and used 415 SMEs-manufacturing listed companies up to the December 31,2010 as the subject investigated.2011-2013 financial data was used as the basis, according to these data,firstly,analyzed what factors have significant effect on the financial efficiency of SMEs.Secondly,the data envelopment analysis (DEA) was utilized by the three-year holistic analysis,the 2011-2013 trend analysis and region analysis,then came to a conclusion:there were a small quantity of Chinese small and medium-manufacturing listed enterprises can achieve great efficiency of business financing; financial efficiency of the enterprises presented irregular tendency.The sample corporations from different areas reflected diverse financial efficiency,Most of listed firms need to put futher funds for achieving scale merit.Finallythe proposals and countermeasures were presented for improving financing efficiency of SMEs.