An Empirical Study On The Influence Of Financing Structure On The Growth Of Listed Small And Medium-sized Board Enterprises

At present,the most promising,active and innovative enterprises in China's market economy system are smes.The financing difficulties of small and medium-sized enterprises have been hindering the development of small and medium-sized enterprises.This paper focuses on the financing predicament and financing structure of SME,and studies the optimal financing structure for SME.By studying the influence mechanism of financing structure on the growth of SME,it is concluded that equity financing,debt financing and endogenous financing in the financing structure have an impact on the growth of small and medium-sized enterprises.The financing predicament of SME is in the long term of financing weak position,single financing channel,regional financing demand difference and incomplete supporting system.Firstly,the paper studies the present situation of the financing of 476 SMEs in China,the result is: the average of the 2012-2016-year equity financing rate of China's SMEs is 44%,the average assets-liability ratio is 4.31,that is,the total liability is 23% of the gross asset value,and the endogenous financing rate is 21%.SMEs have a clear preference for equity financing,while endogenous financing and debt financing levels are lower.Then based on the theory and the analysis of the status quo,to small and medium-sized plate company as the research sample,by right of independence coefficient method to build small and medium-sized enterprise comprehensive growth indicators,to take equity financing ratio,asset-liability ratio,current liabilities and long-term liabilities,and endogenous financing rate as explanatory variables,equity concentration,intangible assets accounted for,enterprise scale,the scientific research investment,executive pay as control variables to establish the relationship between financing structure and firm growth panel regression model,through Stata12 statistical software to carry on the empirical analysis,the following conclusion: under the confidence level of 0.05,our country small and medium-sized enterprise endogenous financing and equity financing on the horizontal level has positive effect on firm growth,and endogenous effect is greater than the equity financing,debt financing is no significant effect on enterprise growth,in addition,ownership concentration and firm size has positive effect on firm growth,negative effects of intangible assets of enterprises growth,r&d and executivecompensation had no significant effect on enterprise growth.Finally,combining theory and empirical analysis,some Suggestions are proposed including: improving the quality of small and medium-sized enterprises and enhancing the ability of endogenous financing;Improving the debt and equity financing structure;To establish a diversified financial service system;Establish a credit evaluation guarantee system for small and medium-sized enterprises.