The Research On Capital Operation Efficiency Of China's SME Board Listed Companies Based On Malmquist Index

The capital operation is the main economic activity of enterprises in our country. It can optimize the enterprise economic structure and it is the best means in our country developing mixed ownership economy. With the expansion and development of our country's small and medium-sized enterprises and SME board market, capital operation has become the core part of these enterprises. But because the capital market is not perfect, the capital operation efficiency is low, resulting the loss of business capital in serious. Therefore, with the nation's attention, capital operation efficiency has become the common issues concern of academic circles and enterprises. Especially the efficiency of the capital operation of SME board listed companies, have great significance for the development of medium-sized enterprises in China.Based on expounding the capital operation on the related theories, This paper analyse present situation and problems in China's SME board listed companies capital operation from the macroscopic angle. Then we use the Malmquist index from the micro perspective to analyse the efficiency of SME board listed companies capital operation in China from 2010 to 2013, and resolving the Malmquist index to the comprehensive technical efficiency change index TEC and technological progress index TC. From the mode of capital operation, industry, area to start, analyse and compare the MRD, TEC and TC, and finally reaching the following conclusions. During the study period, the overall average capital operation efficiency in China's SME board listed companies is gradually improves. Factors affecting the efficiency of the capital operation of each are not identical, but overall, the technological progress is the main driving force in China's SME board listed companies to improve the efficiency of the capital operation, but the low level management to capital operation efficiency to form a certain drag. The efficiency of the capital operation of different models on the SME board listed companies has different effects, capital operation efficiency is highest under the debt restructuring mode and it is lowest under the asset replacement mode. In all sectors the comprehensive technical efficiency and the progress of technology in China's SME board listed enterprises unbalanced development in the same period, the comprehensive technical efficiency weakens the positive effects of technology progress on the efficiency of the capital operation.The capital operation efficiency growth speed of the western area SME board listed companies is far higher than the east and central. Its efficiency elasticity is relatively large.In order to improve the efficiency of capital operation, this paper accords to the empirical conclusion and problems of capital operation, puting forward the relevant countermeasures from the small and medium-sized listed enterprise board itself and external environment in two aspects. Namely, improving the ability of choice the capital operation model to adapt development of the enterprise; improving the management level of the enterprise and enhancing the investment and financing ability of enterprise; implementing enterprise technology innovation; developing the scale economy and improving the scale efficiency; increasing the government support of policy; ensuring the stability of financial markets.