Research Of Investment Efficiency Of Small And Medium Sized Enterprises

In the 21 st century, China's rapid economic development, in which SMEs play a crucial role. According to statistics, more than half of small and medium enterprises to create total economy, it can be said to SMEs to promote the economic development of great strategic significance. However, the SME capital market, the impact of capital structure is more prominent, resulting in non-efficiency of business investment.Investment efficiency has been an important subject of economic research,investment efficiency of SMEs through their own research to more accurately recognize their own problems, to improve the efficiency of their investment. Feature article first investment in SMEs, definition, investment efficiency factors of investment efficiency were analyzed, obtained investment in small businesses primarily inward investment,shorter investment horizon, risk facing greater investment, which will affect small and medium enterprises investment efficiency factors include capital markets, capital structure and cash holdings, the paper selected 26 SME financing proportion comparison analysis, the proportion of debt financing accounted for more than half of the total financing, high financial leverage, financial risks facing increased, so that SMEs exhibit non-investment efficiency; secondly Construction investment efficiency evaluation system for SMEs, this paper selects the non-parametric evaluation method which uses data envelopment analysis(DEA), in consideration of the enterprise under the premise of efficiency of investment, with selected equity ratio, tax rates and the rate of investment in technical innovation as input indicators, the growth rate of fixed assets, intangible assets and long-term growth rate of investment growth as output indicators, according to the eastern, central and western SMEs the proportion of SMEs from the board selected from respectively 35, 10 and 7 companies to the index into the DEA model basic model CCRmodel analysis, the lower the efficiency of investment value of most small and medium enterprises, namely enterprises exhibit non-investment efficiency; efficiency for small and medium non-investment problem, we propose, should optimize the capital structure in order to improve investment efficiency of SMEs, the corporate tax rate should be reduced in order to improve the efficiency of investment, should increase the rate of investment in technological innovation to improve SMEs investment efficiency.