A Study On The Financing Efficiency Of Private Bond In China's Small And Medium-sized Enterprises

The financial market of China started late with high listing threshold and imperfect mechanism.For small and medium-sized enterprises,it is difficult to use equity,claim and other direct financing methods to get finance.The result is that the proportion of direct financing and indirect financing methods are imbalance,which is not conducive to the development of China's small and medium-sized enterprises.However,small and medium-sized enterprises are increasingly important to the development of national economy.In recent years,relevant economic policies are introduced to solve financing problems and broaden the financing channels for small and medium-sized enterprises.Among them,as the latest financial innovation products,private placement bond services the real economic development,acts as an effective mean to rich the multi-level market structure and innovatively solves the problem of small and medium enterprises financing.May 22,2012,the private placement bond of small and medium-sized enterprises is officially launched to the market in China.Therefore,both in theory and at the realistic level,the research of the private bond financing of small and medium-sized enterprises is essential.Since the private placement bond is an option for financing channels,the financing efficiency is the core issue of their concern.The financing efficiency mentioned here includes the efficiency of fund raising and using,and these two aspects should be included in the study.At the same time,the financing efficiency of the private placement bond of small and medium-sized enterprises directly affects its future development.Only to improve the financing efficiency will the vitality of the private placement bond of small and medium-sized enterprises be enhanced and benefits the national economy.In this paper,the analysis method considers the combination of theory and empirical,qualitative and quantitative methods.First of all,the financing efficiency and the release status are theoretically analyzed,then the suitable measure of efficiency is excavated.Secondly,the influencing factors of the efficiency of small and medium-sized enterprises private placement bond financing are analyzed,including the macroeconomic factors economic systems,financial markets,government decision-making and legal systems;enterprise micro factors:enterprise size,capital structure.corporate profitability.corporate solvency,financing costs,financing structure and channels,etc.Then,the evaluation model of the financing efficiency of private placement bond of small and medium-sized enterprises is established,and the evaluation index system of financing efficiency is established according to the analysis of the influencing factors of financing efficiency.In addition,252 companies which issue the private placement bond are selected as samples by Wind Database.Firstly,the sample data is briefly described,and then the DEA model(Data Envelopment Analysis Model)is used to empirical analyze the financing efficiency of private placement bond.Based on the existing literature and the research needs of this paper,the appropriate input and output indicators are picked out toanalyze one by one.Afterwards,by overall analysis,trend analysis,industry analysis,influencing factor analysis and scale pay analysis,the financing efficiency of the private placement bond is proved unsatisfactory.Finally,according to the five conclusions of the empirical analysis,this paper puts forward the countermeasures and suggestions to improve the financing efficiency of private equity bonds issued by small and medium-sized enterprises.By optimizing the financing environment,paying attention to the quality of enterprises itself and promoting the innovation of bond market products,the financing efficiency of private equity bonds issued by small and medium-sized enterprises will be promoted its development.