Research On Financial Support Efficiency In The Process Of Development Of Small And Medium-sized Enterprises Of High-end Manufacturing Industry In China

High-end manufacturing industry is stage when the manufacturing industry has developed into a certain level.It is emerging,with high technology,high added value and strong competitiveness manufacturing industry,as a subdivision of manufacturing industry.In modern economic society,the development of high-end manufacturing industry has become an important driving force for economic development.High-end manufacturing industry in our country has made some achievements in the process of development and has formed a batch of well-known large corporations around the world.Meanwhile,the development of small and medium size enterprises in high-end manufacturing industry is still relatively slow,resulting in unbalanced development within the industry,therefore limiting its further development.Finance as the core of modern economy,provides support in aspects of capital formation and resource allocation and promotes the development of small and medium size enterprises of high-end manufacturing industry.Therefore,the existence of financial support from financial department and how to improve the efficiency of the support has become the key to the development of small and medium size enterprises of high-end manufacturing industry in China,that is,the core problem in the research.This paper analyzes the mechanism and the present situation of financial support of small and medium size enterprises of high-end manufacturing industry.It uses the data of 154 small and medium size listed enterprises of high-end manufacturing industry in SME board of Shenzhen Stock Exchange,direct financial investment,indirect financial investment,return on equity and operating income growth rate as the index,DEA efficiency evaluation model,to measure the efficiency of financial support in the process of development of small and medium size enterprises of high-end manufacturing industry in China.It uses the efficiency indicator as dependent variable,the financial structure,technology growth,and private equity investment indicators as independent variables,using Tobit model to analyze the factors and effects of the financial support.The results show that at present there is still room for improvement of the financial support efficiency in the process of development of small and medium size enterprises of high-end manufacturing industry in China,including the expansion of direct financing market,the improvement of technology of small and medium-sized enterprises,the participation of private equity investment,all producing positive influence on the efficiency of financial support.Accordingly,the paper offers suggestions respectively from the government,financial institutions and small and medium-sized high-end manufacturing enterprises.These suggestions include establishing adaptive credit rating system,providing supports for technology innovation of small and medium-sized high-end manufacturing enterprises,perfecting the exit channels of private equity investment funds from the government,providing differential financial services according to financial needs of the enterprises from commercial banks,performing its function of guiding funds from industry guiding fund,reasonably carrying out research and development activities and improving the proportion of endogenous financing and direct financing from small and medium-sized enterprises.