An Empirical Research On The Effect Of Financial Structure On The Financing Efficiency Of Enterprises

As the most important subject of market,enterprises are the main force of social and economic progress.The survival and development of enterprises depends on the injection and effective allocation of large amounts of funds.Also,the financing efficiency of enterprises has been the focus of academia.Enterprises in China,however,have long been facing difficulties in financing and financing efficiency.In nature,the financing behavior of enterprises is the choice of financing methods under the given market constraints.The supply of financing instruments is determined by the financial environment,so the financing efficiency of enterprises is influenced by the development of a country's financial system to a great extent.In this sense,the financing efficiency of enterprises depends on both the demand side and the supply side of the capital,i.e.enterprises themselves and financial system.Since the reform and opening up,China's financial scale has been expanding rapidly.In this process,structural problems,such as the high proportion of indirect financing and the high degree of banking concentration,become increasingly prominent.Reviewing the history of financial structure,it can be seen that the financial structure often plays a decisive role in the financial function and efficiency promotion when the total amount has reached a certain extent.In this context,analyzing the financial structure and its impact on the efficiency of corporate financing is beneficial to improve the financial efficiency and promote financial services to the real economy.In addition,researching micro enterprise behaviors under the macro economic background is a front and hot field of accounting and corporate finance.It is a relevant attempt to study the effect of financial structure on the financing efficiency of enterprises.Based on the financing theory,information asymmetry theory,financial structure theory and efficiency theory,this thesis reviews and analyzes the literature about the financing efficiency of enterprises,and the relationship between financial structure and corporate financing.Academia has carried out fruitful and effective researches in these fields.However,the main concern of previous studies is the impact of financial structure on the degree of corporate financing constraints,while the research on the corporate financing efficiency from the perspective of financial structure is rare.In this thesis,the data of 745 enterprises in 2011-2015 is selected as the sample.First,the efficiency of the sample enterprises is measured by the super efficiency DEA model.The results show that the financing efficiency of enterprises in China is generally low.Furthermore,the hypotheses were tested by descriptive statistics,correlation analysis,panel fixed effect regression model and robustness test.The results show that the level of financial market development is positively correlated with the efficiency of corporate financing;the development of financial market is more beneficial to the financing efficiency of large enterprises;the degree of banking concentration is negatively correlated with corporate financing efficiency;reducing the degree of banking concentration is more beneficial to the financing efficiency of SMEs.In order to optimize the financial structure and improve the financing efficiency of enterprises,the following suggestions are put forward based on the above empirical results.(1)Broaden the financing channels for enterprises in the financial market,and bring capital market's superiority of information collection,liquidity and risk sharing into full play.(2)Develop small and medium banks to reduce banking concentration,and give full play to their important role in the field of SME financing.