Research On The Impact Of Financing Constraints On The Performance Of Small And Medium Sized Board Enterprises

Small and medium-sized enterprises(SMEs)are the main participants of economic and social activities and play an important role in the process of sustainable development in China.To better solve the financing constraints of SMEs,the government created a SMEs segment following the main board market and sought to develop new channels for financing.Currently,SME board has become a gathering platform for many outstanding companies and plays a significant role in the structure of the capital market.Its development will directly affect the speed and quality of China's economic restructuring.In view of this,it would be necessary to clarify the financing status quo and the total factor productivity(TFP)level of small and medium-sized board companies,and to explore the relationship between them and the formation mechanism.It is also a good reference for the healthy development of China's large and small enterprises.In this context,this paper takes the listed companies of SME board from 2011 to 2015 as the research object,and conducts empirical analysis of their financing constraints,the level of total factors,and the relationship between them.First,the SBM-Malmquist model is used to measure the total factor productivity of a company,and it is further decomposed into two parts:efficiency change and technical progress.Meanwhile,it compares and analyzes the trend of change and reasons and explanations from the angles of years,industry,and ownership.Secondly,the logistic regression model was used to estimate degree of financing constraints of small and medium-sized listed companies and a comparative analysis was conducted.Again,on the basis of the first two steps,the hypothesis test adopts a random effects model to conduct panel regression analysis on the relationship between the financing constraints of SMEs and TFP and explore the underlying reasons.Finally,combining the relationship and the causes of the two issues,it puts forward feasible suggestions that focus on internal potential exploration,targeted reduction or promotion of some enterprises' financing thresholds,adjustment of government subsidies,and encouragement of research and innovation.The main conclusions of this paper are as follows:(1)The TFP level of SME board enterprises showed a downward trend from 2011 to 2015,but the decline rate has been narrowed.The main reason is that the improvement of efficiency is less than the reduction of technological changes.In addition,the corporate efficiency of different industries varies greatly.(2)The financing constraint is closely related to industry attributes.Firms with large investment funds,long construction periods,and slow profits are often subject to higher levels of financial constraints.(3)During the empirical test,the financing constraints promote the increase in TFP of the small and medium-sized board companies.,The reason may be that enterprises are better motivated to maintain good business operations to carry out internal potential exploration and optimize resource allocation.(4)Financing constraints are positively related to changes in efficiency and negatively related to technological progress.Insufficient research&development costs may hinder corporate efficiency.