Study On Financing Efficiency And Its Influencing Factors Of Small And Medium-Sized Enterprises In Southwest China

"support the development of private enterprises,stimulate the vitality of various market players,and strive to achieve higher quality,more efficient,more equitable and more sustainable development," the report said.The proportion of small and medium-sized enterprises in China's private enterprises has reached more than 90 %,which has become an important basis for China's economic and social development.Although small and medium-sized enterprises play a vital role in economic growth and social development,due to their own lack of adequate collateral,high operational risk and information asymmetry,their financing is greatly restricted.Therefore,how to improve the financing status of small and medium-sized enterprises and improve their financing efficiency has become an urgent problem for the steady development of China's economy.Compared with the eastern region of China,the financial environment in southwest China is more fragile,which leads to the imbalance of economic development for many reasons,such as the inclination of national policy,regional geographic location and the degree of opening to the outside world.Specifically,the particularity of the financial market in southwest China is reflected in three aspects:(1)because of the small number of financial institutions in the region,financing is difficult and expensive;(2)the capital market in the region is not developed,and the proportion of direct financing is low;(3)the dependence of enterprises on banks is too strong.The particularity of financial market in southwest China will affect the financing mode and efficiency of small and medium-sized enterprises.In this paper,the small and medium-sized listed companies in southwest China as the research sample,using its 2012-2016 financial data,to evaluate its financing efficiency.From the analysis,it can be seen that the number of enterprises that achieve DEA efficiency is gradually reduced during the observation period,which is mainly due to the reduction of scale efficiency value.In the non-DEA effective enterprises,there are more enterprises in the high efficiency interval,which shows that although there are not many enterprises with DEA reaching 1,the efficiency level of most enterprises is higher.The Malmquist index decomposition shows that the total factor productivity change index mean value is declining,that from a dynamic point of view,the efficiency value of enterprises is declining,and is mainly caused by the decline of technological progress change index.Then,based on the calculation and analysis of the financing efficiency of small and medium-sized enterprises in southwest China,through the establishment of panel regression model,using tobit regression method to explore the main factors affecting the financing efficiency of small and medium-sized enterprises in southwest China,focusing on the analysis of profitability,operating capacity,growth capacity and solvency on the financing efficiency.The empirical results show that the financing efficiency of small and medium-sized enterprises in southwest China is obviously affected by micro-factors.the more profitable,operational,growth and debt-paying enterprises have higher financing efficiency.The conclusions of this chapter provide empirical support for small and medium-sized enterprises in southwest China to improve financing efficiency.Finally,according to the empirical results,this paper puts forward some policy recommendations to improve the efficiency of financing,which has a certain reference value for the sustainable development of small and medium-sized enterprises in southwest China.