Research On The Financing Efficiency And Its Influencing Factors Of Manufacturing Listed Companies On SME Board

In recent years,with the increase in the cost of labor production factors,the increase in land prices and land use taxes,and the rise in the prices of various resources and raw materials,China is no longer the manufacturing industry base with the lowest production cost in the world.At the same time,all countries in the world,especially major countries,have begun to pay attention to the development of manufacturing industries.For example,the United States' Advanced Manufacturing Partnership Program,German Industry 4.0,and the French New Industrial Plan.Focus on current development difficulty of manufacturing industry in our country,the Chinese government has followed the footsteps of these developed countries,that is the Chinese government putting forward the "Made in China 2025" action program,aiming at entering into the ranks of manufacturing power before 2025.A majority of manufacturing companies listed on the small and medium-sized board are those companies with strong independent innovation capabilities,high technology content,and representing the development direction of their respective sub-industries.In this regard,this article takes the manufacturing enterprises listed on the SME board as the research object,analyzes their current financing status,and measures their financing efficiency,then studies their influencing factors,and finally offers some targeted proposal to improve the manufacturing industry.The policy suggestions are put forward in this article,in order to provide some help for the development of the manufacturing enterprises on the SME board in China.In this paper,68 manufacturing enterprises listed on the SME board before December 31,2006 are selected as research objects,the financing efficiency is estimated first,and the factors that affect the financing efficiency are analyzed after that.Therefore,the empirical studies of this article consists of two parts:In the first part,this paper chooses equity ratio,debt-to-asset ratio,retained earnings/total assets as input index,net profit margin on sales,the year-on-year operating revenue growth rate and the total assets turnover as output indicators.The non-radial super-efficiency model is used to evaluate the financing efficiency of sample enterprises.The result shows that,the financing efficiency of manufacturing listed companies on Chinese SME board is generally low,and there has been a decline in recent years.The second part is the regression analysis of the influencing factors of the financing efficiency of the manufacturing listed companies on SME board.In this paper,the financing efficiency of the sample enterprises' measured by non-radial efficiency model is chosen to be the dependent variable,the logarithm of total assets,equity ratio,management expense ratio,current ratio,and shareholding ratio of top ten shareholders are selected as the independent variables to establish the panel data model,then the fixed effect model is chosen to examine the impact of these five factors,such as the company's size,capital structure,managerial agency costs,corporate asset liquidity,and equity concentration,on the financing efficiency of manufacturing listed companies on SME board.The empirical results show that the financing efficiency is significantly affected by four factors:the size of the company,the capital structure,the agency costs of the manager,and the liquidity of the company's assets.The regression coefficient of equity concentration and financing efficiency has not passed the test of significance.Finally,on the basis of empirical research,this paper puts forward some suggestions to improve the financing efficiency of manufacturing listed companies on Chinese SME board.