Research On The Impact Of Financing Structure On The Growth Of Small And Medium-sized Listed Companies

In recent years,with the transformation of the national economic structure,more and more external investors are concerned about the growth of the company itself,and it is no longer just the short-term operational capability and profitability of the enterprise.Growth emphasizes the long-term development capability of the company,emphasizing that only companies that can continue to make profits are good growth companies.Therefore,growth as an important indicator to measure a company's comprehensive capabilities has gradually become the focus of the practical and theoretical circles..One of the prerequisites for a company to achieve high growth is that the company must have sufficient cash flow in its operations.The reality is that the company's own funds are limited.Therefore,for enterprises,It is very necessary to construct a sufficient and reasonable financing structure.If any country wants to achieve sustainable economic development,it cannot leave a large number of small and medium-sized enterprises.The reason is not only that it provides opportunities for most people in the country to solve employment problems,but more importantly,The rapid and high-quality development of SMEs has made a significant contribution to all aspects of this country.However,most enterprises inevitably face such a dilemma in the development process,and financing is difficult.In this context,this paper selects a sample to study the relationship between the financing structure and growth of SMEs,and provides reference suggestions for SMEs to construct a reasonable financing structure based on the research results.Therefore,this paper selects the small and medium-sized listed companies from2014 to 2017 as research samples,and selects 603 companies each year,selects the relevant data and uses the factor analysis method to calculate the comprehensive scoreof the company's growth,using it as the explanatory variable,and using the internal financing,equity financing structure and debt financing structure as explanatory variables.The research on the impact of financing structure on the growth of small and medium-sized listed companies,in order to provide a reference for SMEs to build a reasonable financing structure.The results of this paper are as follows: The internal financing rate and the growth of the sample companies show a significant positive correlation;in the equity financing structure,the equity financing rate and the shareholding ratio of the largest shareholder are positively correlated with the growth of the company.In the debt financing structure,The asset-liability ratio and short-term borrowing rate all have a negative impact on the growth of the company,while the commercial credit rate has a positive impact on the growth of the company,but it has not passed the significance test.It can be seen that the positive effects of debt financing have not been exerted in SMEs.