The Regional Comparative Analysis Of The Financing Efficiency Of China's Small And Medium-sized Board Listed Enterprises

With the improvement of marketization level in China,the status of small and medium-sized enterprises in national economy is becoming more and more important.However,the financing difficulty of smes has been restricting the development of China's economy for a long time,and improving the financing efficiency of small and medium-sized enterprises has become an important method to solve the financing problems of small and medium-sized enterprises.Firstly,this paper reviews the literature of domestic and foreign research financing efficiency and puts forward its own research purpose on the basis of discovering its deficiency.Secondly,this paper describes the theoretical basis of the research and the qualitative analysis of various factors that influence the financing efficiency.And then choose the appropriate evaluation index,using the DEA method to various areas of small and medium-sized boards of listed companies financing efficiency is evaluated,and found that the financing efficiency of small and medium-sized board listed companies in our country overall is low.On the basis of the listed on the small and medium-sized plate of eastern,central and western three areas of the enterprise financing efficiency on the basis of the comparison,find the most economically developed eastern region,and in the western region had the highest quality of small and medium-sized boards of listed companies.Then measure the pure technical efficiency as dependent variable,by including total assets return rate,the influence of the financing efficiency of 12 indicators as independent variables in the small and medium-sized board listed on the eastern,central and west,respectively,three areas of the enterprise to carry on the multiple linear regression analysis,to calculate the influence degree of each index in different regions.The study found that in all the factors,profit factor and the eastern,central and western region of small and medium-sized boards of listed companies financing efficiency are positive correlation,the influence degree from high to low arrangement,in turn,is the western region,the eastern region and central region.The operation factor is positively correlated with the financing efficiency of the small and medium sized board listed in the east,middle and western regions,and its impact on the east,middle and western regions is basically the same.Ownership structure factors and the east,the central region of small and medium-sized boards of listed companies financing efficiency are negative correlation relationship,and its influence degree of central enterprises financing efficiency is 2.5 times that of the eastern region and its influence on western enterprise financing efficiency is not significant.,the western region in the development factor and the financing efficiency of small and medium-sized board listed companies into positive correlation,and its influence on enterprise financing efficiency in central China 5 times that of the western region,and its influence on eastern enterprise financing efficiency is not significant.Finally,some Suggestions are put forward for enterprises and governments listed in small and medium-sized boards.