Government Actions And Small And Medium-sized Enterprise Investment Efficiency

In the process of building harmonious society of socialism with Chinese characteristics energetically,the market economy in China is changing its high development stage to a stable one.Meanwhile,China is searching for a long-term motivation of economy growth with its reform of economy structure.Therefore,as the core motivation of the development in every economic subject,the relevant explores in the enterprises of micro-level and its management condition has become more and more important.The investment with high efficiency not only needs a long-term and stable healthy capital flow,but also the effective intervention activities from the government.In recent years,the SMEs' development has been highly regarded,and Chinese government is no exception which introduced relevant policies to stimulate it.But it can't be an optimistic situation for the SMEs in China to strengthen themselves.First,this thesis aims at the collation of the SMEs' current development situation in typical developed countries and China with some relevant researches in preceding government actions and enterprise investment efficiency.Then,based on the micro-data of listed SMEs in China from 2008 to 2014,this thesis analyzes the sample enterprises' investment level by using dynamic panel analysis.Also,the variation tendency and the developing pain points which is derived from the SMEs in every year,every industry and every province in the period of sample observation are both studied deeply.At the same time,the SFA is used for the measure value of the enterprise investment efficiency.At last,after the classification and the successive regression,this thesis reveals the influencing mechanism in financing restriction and government actions of the listed SMEs' investment efficiency in China.It is showed in this study that,indeed,the intervention actions from the government could promote the SMEs' investment efficiency and the enterprise's financing restriction could be the same positive reason.However,the last investment results can be deeply influenced by the difference of the SMEs' current development and the actual controller.Next,owning the features such as high management risk and narrow financing channels,the SMEs could make an inferior result than it is expected by positive intervening measures which comes from the government.Besides,the market actions by the government are not standing on an optimal level due to the lack of specific implementation and supervision of relevant policies.On the whole,nowadays,there are still many problems existing in the current development of the SMEs in China which eagerly needs cooperation and promotion from the government and the enterprises to improve the management environment of every micro-economic subject in China.This thesis concretely measures the investment level of listed SMEs by using mature empirical methods and deeply analyze the relevant impact factors.The results of this thesis enrich the relevant researches,which have studied the influencing mechanism of investment efficiency from inner micro-environment and outer macro-environment of the SMEs in current China.Also,this thesis,in the future,provides new reference and evidence of the relevant supportive policies' introduction and implementation for the SMEs in China.