Study On The Improvement Of Drainage Efficiency Of Small And Micro Enterprises Financing Supported By Social Surplus Funds

Small-and-micro-sized enterprises of science and technology have gradually developed under the background of national innovation-driven development,so both of the "13th Five-Year" and the 19 th National Congress of CPC have stressed its important strategic position.The development of small-and-micro-sized enterprises of science and technology not only affects the level of international scientific and technological competition of China,but also is an important driving force for domestic employment,people's life,and industrial structure reform.However,the development of small-and-micro-sized enterprises of science and technology has been always restrained by the obstacle of finance.Because of information opaque,lack of tangible guarantees and other characteristics,the small-and-micro enterprises of science and technology are easily rejected by banks whose preferred customers are the large-and-medium-sized enterprises,forcing them turn to the informal finance who regards social surplus funds as the main source.Choosing the borrowing objects within a certain social network or region,the small-and-micro enterprises of science and technology,to a great extent,solves the trust problem of investment and financing,which leading to the extreme fitness between the small-and-micro enterprises of science and technology and social surplus funds.Most of the financing is based on small credit,online platform,even usury and other gray financing,and the financing efficiency needs to be improved.In view of this,based on "social surplus funds" concept and scope,guided by the resource of the capital,small and micro enterprise financing supported by social surplus capital status has been investigated,the key links in financing have been summed up in this paper.Furthermore,the super efficiency DEA has been used to measure the drainage efficiency of the existing financing.Moreover,based on the panel data model,Eviews data analysis software has been used to test the factors affecting the efficiency of financing drainage.Eventually,the targeted strategies have been raised to promote the development of the small-and-micro enterprises of science and technology.The results showed that: 1)drainage efficiency of the small-and-micro enterprises of science and technology financing supported by social surplus funds is generally low,and the efficiency from the eastern to the western region is gradually decreased;2)potential investment funds,the development level of the non-formal financial institutions,the interference degree of the government,survival probability of the enterprises as well as the degree of opening significantly affect the drainage efficiency of small-and-micro enterprises of science and technology financing supported by social surplus funds;3)advise have been proposed to improve the drainage efficiency of the small-and-micro enterprises of science and technology supported by social surplus funds from aspects of investment,government intervention and social surplus capital utilization.