Research On Financing Efficiency Of Private Enterprises And Its Influencing Factors

Since the reform and opening up,private enterprises have increasingly become an important part of our economy.Private enterprises have contributed to many aspects of our economy,employment and people's quality of life.However,the development of private enterprises is not optimistic,especially small and medium-sized private enterprises.The biggest problem in the development of private enterprises is financing.At present,most private enterprises are faced with "financing difficulties","expensive financing" and "low financing efficiency" and other financing problems,which seriously hinder the development of private enterprises in China.Although many scholars in China pay great attention to the financing problems of small and medium-sized enterprises and put forward many suggestions of construction significance,few scholars distinguish the property rights of these small and medium-sized enterprises in the research process.The financing needs of enterprises with different property rights are different,and the degree of difficulty in financing is also different.Compared with the state-owned enterprises,the financing of private enterprises is more prominent.Therefore,this paper takes the private enterprises listed on gem as a sample,analyzes the financing efficiency and its influencing factors of small and medium-sized private enterprises,and puts forward some suggestions for the development of private enterprises.Firstly,this paper combs the relevant literature,expounds the development and financing status of private enterprises in China,and points out some problems existing in the current development and financing process of private enterprises.Secondly,using DEA model with variable returns to scale and Malmquist index,we analyze 100 private enterprises listed on GEM from 2013 to 2017,and get static and dynamic financing efficiency values.Thirdly,Tobit model is established,and the efficiency values obtained by static DEA model are interpreted variables,with total liabilities,equity concentration,operating income,financial expenses,asset-liability ratio as explanatory variables.And the six factors of GDP that may affect the financing efficiency of private enterprises are used as explanatory variables for regression analysis.Finally,the paper summarizes the previous problems and the conclusions of DEA model,Malmquist index and Tobit regression analysis,and puts forward some suggestions to improve the financing efficiency of private enterprises.The research finds that:(1)the financing structure of private enterprises in China is unreasonable,excessively dependent on internal financing,and the scale of indirect financing is low,and the information between private enterprises and investors is asymmetric;(2)the overall financing efficiency of private enterprises is low,and most of the financing efficiency of private enterprises are not as effective as DEA,but the overalltrend is still rising;(3)pure technical efficiency is not high.However,the scale efficiency is relatively lower than pure technical efficiency,and the main reason for the low financing efficiency is the scale efficiency,which still has a larger room for improvement;(4)The total liabilities and financial expenses pass the 0.01 significance test,which has a significant negative correlation with the financing efficiency,and the operating income and GDP pass the 0.05 and 0.01 significance test,respectively.There is a significant positive correlation between the efficiency of financing.Based on this,this paper puts forward relevant suggestions from the perspectives of enterprises and governments: private enterprises should reasonably set enterprise scale,strengthen internal management level of private enterprises,pay attention to personnel training mechanism,control debt scale and financing cost,pay attention to the development trends and environmental changes of the industry,actively adapt to the changing living environment and improve business level;the government should expand Broaden financing channels for private SMEs,optimize industrial structure and increase national income.