The Research On The Financing Efficiency Of Small And Medium-sized Enterprise Collective Bond Of China

Being an important part in the main body of national economy,small and medium-sized enterprises(SMEs)play an significant role in China's economic growth and its stable operation.Over the past years,our country has successively made various fiscal and monetary policies providing strong support and guidance regarding difficult financing for SMEs.Under the background of robust support of government policies,The SME Collective Bond,a debt instrument directly used for financing to SMEs,was born at the right moment.As more and more SME Collective Bonds are released and circulated under support of state policies and local governments,and the financing efficiency by the method attracts much attention from all walks of life,deep research needs to be conducted.In this paper,on the basis of summarizing the influencing factors of SME financing efficiency and conducting a realistic inspection of the issued SME bonds,from the five perspectives of financing cost,financing operation mechanism,freedom of financing subject,capital utilization rate and solvency,a comprehensive evaluation of the financing efficiency of SME Collective Bond was conducted,which indicates that its financing efficiency has both favorable and unfavorable factors,and it can not perform a comprehensive evaluation well;In terms of the empirical part,in this paper,it selects 45 small and medium-sized enterprises in the same industry that used SME Collective Bond,SME listing,and GEM for the first time from 2014 to 2015.Based on the theoretical analysis,seven input indicators and eight output indicators were selected for factor analysis.After three input indicators and three output indicators were summed up,they were substituted into the data envelope model,and a comparative study was conducted on the financing efficiency of SME Collective Bond,sme board and gem board.The empirical results of this paper show that the financing efficiency of the SME Collective Bond was lower than that of SME board and GEM listed financing companies both in terms of overall efficiency and pure technical efficiency,and there were significant differences.After further analysis of the slack variable,it found that the main reason for the inefficiency of the financing efficiency of the SME bonds pooling enterprises is that the owners' equity is too low,the long-term debt ratio,and the long-term debt ratio are too high.Finally,in this paper,it proposed to bring uppolicies to improve the efficiency of collective bond financing for SMEs from the perspectives of optimizing the financing operation mechanism,improving the management capabilities of SMEs,and improving the market environment.