Study On Effect Of Financing Structure On Financial Sustainable Growth In Small And Medium-sized Listed Companies

The Small and Medium Enterprise Board officially set up in the motherboard market of Shenzhen Stock Exchange on May 27,2004. As a supplement to the function of the main board market, it also paves the way for the establishment of the Growth Enterprises Market. At present, small and medium enterprises play an important role in promoting the economic development in our country. Even so, small and medium enterprises can not effectively solve the problem of financing due to the constraints of their own and external environment, which restricts the development of small and medium enterprises from many aspects. The purpose of financing is to survive and survival needs to grow. In the pursuit of maximization of enterprise value, combined with their own actual situation, enterprises should pursue a balanced growth mode, in order to achieve the coordination between financial resources and growth. The impact of different financing structures or sequences on the sustainable growth of enterprise finance is different. So enterprises should take full account of the requirement of the financial sustainable growth in the process of selecting and adjusting financing structures. How to make reasonable financing structures to promote the sustainable growth of enterprise finance has become an important problem to be solved urgently for small and medium listed companies.The research of this paper includes two parts of theory and demonstration. First of all, based on the review of domestic and foreign literature research, this paper discusses the financing theory and the theory of financial sustainable growth. It also discusses the correlation between the two. Secondly, we have a simple analysis of the current financing situation of small and medium listed enterprises in our country, which provides a realistic basis for the following empirical research. The empirical part selects the small and medium listed companies in our country as research samples, collects the 2009-2014 financial data and financial ratios of the Small and Medium Enterprise Board to make tests and analysis, verifies the influence of different financing structures on financial sustainable growth. It provides further proof for the analysis of the theoretical part, which makes the conclusion more convincing. At last, we try to put forward suggestions about making the financing strategies for small and medium listed companies in our country. The main content of this paper includes the following parts:The first part is the introduction. First comes a brief description of the research background, purpose and significance of the full text. And then, we discuss the review of relevant literature research at home and abroad, followed by the research ideas and methods of this paper make a detailed introduction. Finally, this paper makes a brief summary of the innovation points and deficiencies of this study.The second part introduces the related theoretical basis. In this paper, the financing theory and sustainable growth theory are discussed respectively. We try to find out the similarities between the two theories and make analysis of the impact of corporate financing strategy changes on financial sustainable growth.The third part analyzes the financing situation of small and medium-sized listed companies in our country. Through the collection and processing of relevant data, this part respectively analyzes three aspects including operating conditions, financing scale and the financing structure of small and medium-sized listed companies. We have a comprehensive understanding of the current situation of the financing of small and medium sized enterprises.The fourth part is the empirical research. This article selects the 2009-2014 small and medium-sized listed companies as samples, eliminates unnecessary data, puts forward the research hypothesis, select appropriate variables to construct a regression model. We use the statistical software SPSS22.0 to conduct an empirical test with the relevant data. We get the empirical results and analyze the conclusions.The fifth part is the conclusion of the study. On the basis of theoretical analysis and empirical test, this paper summarizes the conclusions of this study, and puts forward some policy recommendations based on the development of small and medium-sized listed companies in our country, and finally puts forward some research prospects.The innovation is reflected in three aspects:research object, research perspective and research design. The research object of this paper is set for the small and medium-sized listed companies. Based on the perspective of financial sustainable growth, the convergence between the actual growth rate and the sustainable growth rate to means that the company realizes the sustainable growth. We define the difference between the two as the dependent variable, test the impact of financing structures of small and medium-sized listed companies on financial sustainable growth. The following conclusions are drawn in this paper:(1) it is certain that the internal financing should be the first choice for the small and medium-sized listed companies financing. (2) when the internal financing can not meet the demand of small and medium-sized enterprises, enterprises should select the appropriate external financing, in which debt financing is a good choice of financing. (3) current liabilities and long-term liabilities can play roles in promoting the growth of small and medium-sized listed companies, but for different groups of enterprises, the effect on sustainable growth is not consistent. (4) companies select the equity financing, which should be combined with the comprehensive consideration of various factors in reality, must not blindly.