An Research On Accounts Receivable Financing Efficiency Of Small And Medium-sized Enterprises

Any enterprise which is to sustain growth,the adequate funding is inevitable,but whether developed or developing countries,the funding bottleneck and the financing problem of SMEs are no doubt a number one problem,and the use of accounts receivable to raise funds in a large extent facilitate SMEs' financing work.However,due to the small size,immature development and low level of credit,coupled with the many limitations of macroeconomic environment,so that the acquisition of accounts receivable financing and efficiency of capital allocation has not been ideal.Therefore,to analyze the present situation of SMEs' accounts receivable financing and the causes in this context,and to study the efficiency of accounts receivable financing SMEs through the empirical analysis,which is practical significant for SMEs to solve the funding bottleneck and the financing problem.Because of the non-public nature of non-listed enterprises financial data and management mode,it is difficult for outsiders to accurately acquire the required data,and CSRC ruled that listed enterprises financial statements must be disclosed on the stated website.Therefore,this paper focuses on the listed SMEs in Anhui and Jiangsu province,combined with DEA method and panel data model to analyze accounts receivable financing,and then infer the efficiency of SMEs' accounts receivable financing.Firstly,using the DEA model respectively from the overall analysis,scale return analysis and regional analysis to evaluate the accounts receivable financing efficiency,concluded that the efficiency of listed SMEs' accounts receivable financing in Jiangsu and Anhui provinces is low.Then to construct a panel data regression model to analyze the influential factors of accounts receivable financing efficiency.The results indicate that except enterprise-scale have no appreciable effect on the listed SMEs' accounts receivable financing efficiency,the remaining factors are significantly through.Finally,to discuss several ways to improve the SMEs' accounts receivable financing efficiency from the angle of enterprises,financial institution and government.