The Evaluation Research Of Small And Medium-sized Enterprise Debt Financing Of Jiangsu Province Based On The Three Stage DEA Model

These small and medium-sized enterprises of Jiangsu province play very important role in promoting economic growth,technological progress and expanding employment,but the financing difficult problem is still the main factor of restricting the development of small and medium-sized enterprises.On the one hand,due to the weak economic strength,imperfect management system,management risk or other characteristics,make the small and medium-sized enterprises difficult to get financial support from financial institutions;on the other hand,as these enterprises have funds,there may be idle that they didn't make effective use of funds,take to the low efficiency of capital allocation result.Therefore,under the severely debt financing environment,improve the efficiency of small and medium-sized enterprise debt financing is particularly important.Based on the related literature,combing the main factors influencing the efficiency of debt financing of small and medium-sized enterprises in Jiangsu province,make its small and medium enterprises as the research object.Fist,to analyze the debt financing situation and existing problems qualitatively,and then redefine the concept of debt financing efficiency into debt capital efficiency and debt capital allocation efficiency,and build new index system of input and output,and use data envelopment analysis method to measure them respectively.Considering the random error and environment factors may affect the efficiency,use SFA regression analysis them respectively,to isolate the random error and environmental factors,to measure the real debt capital of debt finance efficiency and debt finance allocation efficiency.Finally,Based on the different areas and different trades,respectively from such angels :the internal structure of financing for small businesses,debt capital utilization,such as financing policy and capital market development,to put forward some constructive suggestions for the debt financing efficiency of small and medium-sized enterprises in Jiangsu province.This paper get the following results:fist,though the debt financing efficiency of small and medium-sized enterprises in Jiangsu province has been in a relatively high level,but has not yet to achieve full effective,to promote the debt financing of small and medium-sized enterprises,should not only focus on the situation of debt capital,but also focus on whether the debt financing have been used to create the biggest benefits;second,through the sub-regional analysis,found that small and medium-sized enterprises in different areas of debt finance efficiency and the debt allocation efficiencyhave obvious difference,due to the developed financial market,numerous of small and medium-sized enterprises,scale affection,coupled with remarkable talent advantage geographical advantages in the southern region of Jiangsu province,regardless of its debt efficiency or debt capital allocation efficiency is better than other regions of Jiangsu province;third,there obvious differences in debt financing efficiency between industries,traditional industries such as machinery manufacturing industry has obvious advantages in debt into the efficiency of funds,and technology innovative industries such as information technology and electronic industries in terms of the debt capital allocation efficiency is higher than other industry.Finally,put forward some related constructive suggestions such as improve the ability of debt financing and capital allocation,adjusting industrial structure,to speed up the space of transformation and upgrading,and strengthen the external environment of thees small and medium-sized enterprises.