Empirical Study On Small And Medium-sized Enterprises’Financing Efficiency

The development of small and medium-sized enterprises has become an important link of economic development in China, which is not only the strong driving force to promote the sustainable development of social economy, but also one of most important aspects of the adjustment of economic structure. In September2011, China’s ministry of industry and information technology released the "twelfth five-year" small and medium-sized enterprises growing plan, stressed that we should improve the present situation of small and medium-sized enterprises financing, strive to broaden the financing channels of small and medium-sized enterprises, optimize the structure of financing of small and medium-sized enterprises and improve the financing efficiency of small and medium-sized enterprises at the important historical stage of economic growth’s mode transformation in our country. In recent years, with the further development of the capital market in China, especially the establishment of small and medium-sized board market and the growth enterprise market, capital market has gradually become an important channel of small and medium-sized enterprise financing. But compared to the capital requirements of small and medium-sized enterprise vigorous, the financial support is far from enough. Based on this background, the New SanBan market rose at the historic moment, and gradually develops. So, how about financing efficiency of these enterprises after entering the New SanBan market? Are these small and medium-sized enterprises’ performances being positive impacted by the New SanBan? How about the current overall situation of the New SanBan? How should the New SanBan develop in the future? The realistic problem will be the starting point and the key point in the research of this paper.In the existing western literature on enterprise financing, there is nearly nothing about the definition of enterprise financing efficiency. Domestic research about the financing efficiency were mostly according to the characteristics of the financing way, and studied the financing efficiency of different financing way, to find the optimal sequence financing way that was suitable for enterprises in our country. Targeting to the specific index to evaluate the financing efficiency of specific object of study is rare, some only existing in the study of a specific province of small and medium-sized enterprise financing efficiency. Therefore, in such a big background, this paper choose small and medium-sized enterprises listed on the new SanBan in our country as the research object; use the method of DEA; evaluate the financing efficiency in the form of specific indicators According to the sample enterprises financing efficiency values, I analyze the results and put forward the corresponding policy recommendations, and hope to act as a positive role to the development of small and medium-sized enterprises.This paper combines methods of normative research and empirical research. Firstly, it reasonably analyzes a large number of theoretical and then determines which DEA model is suitable to this paper by exploring the definition of the financing efficiency, studying the affecting factors of the financing efficiency and evaluating the method of the financing efficiency. Then this paper constructs a evaluation index system considering factors which affect the financing efficiency of input and output. In the process of the empirical analysis, this article first states clearly about the trend of enterprises’ number in the new SanBan market year by year, and the distribution of these enterprises, the assets and earnings by statistical analysis. Then use DEAP2.1software to calculate the financing efficiency of the sample companies, to investigate whether the New SanBan market expansion affects the financing efficiency of small and medium-sized enterprises. This study found that the financing efficiency of small and medium-sized enterprise listed on the New SanBan market is low, and the gap between the optimal output results under the condition is large; and most companies are at the stage of decreasing returns to scale and low efficiency of capital operation; but from2011to2013, the financing efficiency presents a rising trend. The expansion of New SanBan market is helpful to improve the financing efficiency of small and medium-sized enterprises. The paper is divided into six parts, and the major research content of this essay is as follows:The first part is an introduction. In this section reviews development situation of small and medium-sized enterprise and the difficulties as well as the development of capital market situation, combined with the effect of New SanBan market for small and medium-sized enterprises financing efficiency, which illustrates the selected topic background and significance of this article; then put forward the research method and possible innovation place, making foreshadowing for the later research.The second part is literature review. It is the basis of this article. This chapter reviews the meaning of small and medium-sized enterprises’financing efficiency, influence factors of corporate financing efficiency and the evaluation methods of financing efficiency, and makes a literature review.The third part is theoretical basis. It expounds the financing cost, efficiency and financing structure of related basic theory, which is in order to lay a theoretical foundation of small and medium-sized enterprise financing efficiency index system in the New SanBan market in our country. Then this chapter introduces the concept of small and medium-sized enterprises, characteristics and related definition of OTC market.The fourth part is the empirical research, also the core of this article. On the basis of literature review and theoretical analysis, this part includes the financing efficiency evaluation model selection, index system construction, sample selection. From the enterprise quantity, industry distribution, asset size and profitability of small and medium-sized enterprise listed on the New SanBan market this study carries on the descriptive statistics. Finally this paper uses DEAP2.1software to calculate and analysis the financing efficiency of the selected sample companies, and makes evaluation through the DEA method.The fifth part is policy recommendations. In accordance with the above series of empirical results, this paper puts forward the corresponding policy recommendations of improving the efficiency of small and medium-sized enterprise financing.The sixth part summarizes the content of the above, reiterated that the New SanBan and other OTC market for small and medium-sized enterprise development strategic significance, pointed out the shortage of the paper, and subsequently, set a goal and direction.Innovation point of this article mainly are:it based on the capital market in our country of the OTC market——New SanBan markets, to explore the level of small and medium-sized enterprises’ financing efficiency. Through theoretical analysis and carding domestic and foreign research on the financing efficiency, according to the results of the sample companies’ financing efficiency assessment, from the micro enterprise itself and the macro level of the financial system and government, this paper puts forward policy suggestions for the improvement of small and medium-sized enterprise financing efficiency, and emphasizes the New SanBan and other OTC market for small and medium-sized enterprises development the important strategic significance.