A Study On Debt Financing Methods,Financing Constraints And Financing Efficiency Of Small And Medium-sized Enterprises

In recent years,China has entered the new normal of economic development and faced a series of structural reforms.Small and medium-sized enterprises have made unspeakable contributions to promoting social scientific and technological progress and innovation,creating jobs and maintaining social stability.However,financing constraints faced by smes have increasingly become the "ceiling" hindering their rapid development.Information asymmetry is the cause of high cost of obtaining external capital and financing constraint.China's stock market has been in the doldrums for a long time and the bond market has been underdeveloped.Therefore,it is of great significance to study financing methods and actively respond to the government's call to increase the proportion of direct financing to alleviate the financing constraints of small and medium-sized enterprises in China.Based on creditor's rights financing theory foundation and the small and medium-sized enterprise financing present situation and the difficult comb,studies three kinds of creditor's rights financing of small and medium-sized enterprises and alleviate the effect of financing constraints,in addition,the bank loans,bonds,debt and credit continue to research claims that the relationship between the three kinds of financing and financing efficiency,in the external financing needs and investment efficiency two aspects has carried on the further expansion of the research,and it is concluded that the creditor's rights financing can effectively relieve external financing needs and improve the efficiency of investment.Previous studies mainly focused on the development of regional financial markets and the impact of macro policies,and seldom considered the impact of different financing channels on the dynamic process of financing and investment.In this paper,366non-financial listed companies of small and medium-sized enterprises listed on gem from2013 to 2017 were selected,and the two-way fixed effect of the panel was used for regression analysis.Empirical conclusion three creditor's rights financing of small and medium-sized enterprises(smes)in bank loans and credit claims can effectively alleviate the gem listing of small and medium-sized enterprise financing constraints,and bond debt financing as a way of direct financing for small and medium-sized enterprises financing constraints relief was not significant,the above conclusion is also passed the SA index of the stability test.All three kinds of debt financing methods can alleviate the external financing demand of the company and improve the investment efficiency of thecompany,indicating that the debt financing method has effectively improved the financing efficiency of small and medium-sized enterprises.By grouping small and medium-sized enterprises with different growth capacities,whether the choice of debt financing channels needs to be distinguished for small and medium-sized enterprises with different growth capacities and development stages,so as to provide Suggestions on the choice of financing channels for small and medium-sized enterprises with different growth capacities.When the growth ability of small and medium-sized enterprises is good,it is easier to get financing support from Banks,while when the growth ability of small and medium-sized enterprises is low,it is more necessary to resort to credit claims for financing.At last,this paper puts forward relevant policy Suggestions from the three aspects of government,financial institutions and smes,and summarizes the deficiencies of this paper.