Research On The Impact Of Financing Structure On The Investment Efficiency Of Small And Medium-sized Listed Companies

With the continuous development of the economy,the operating results of listed small and medium-sized companies have also attracted attention.However,small and medium-sized listed companies face financial difficulties due to their short-term operating scale,insufficient mortgage assets,no corporate culture,low credit rating,and poor operating stability.Therefore,in recent years,the government has adopted a series of measures such as financing guarantees,improving regulations and systems,and creating financing platforms to expand financing channels for SMEs and reduce financing costs.With the promotion of policies,the financing needs of SMEs have been met to a certain extent,but whether the funds obtained based on different financing channels have been effectively allocated and has really promoted the healthy development of SMEs is still worth exploring.Therefore,taking small and medium-sized listed companies as an example,studying the relationship between their financing structure and investment efficiency,we can find the effectiveness and problems of SME capital allocation.The policy optimization suggestions based on this can help improve SMEs.The investment efficiency promotes its healthy development.This thesis first theoretically analyzes the impact of equity refinancing and debt structure on the company's investment efficiency,describes its impact mechanism,and then adopts a combination of qualitative research and quantitative research to select SMEs based on reference to relevant domestic and foreign literature.The 512 companies in the sector are used as research samples.Using Richardson's investment efficiency model,the company's growth,asset-liability ratio,cash holdings,management expense ratio,investment expenditure and other indicators are selected for regression and residuals are obtained.Absolute value to measure a company's inefficient investment.Then take inefficient investment as the explanatory variable,and select indicators as explanatory variables from the aspects of equity refinancing,debt scale,debt source,debt maturity,etc.,and then perform regression again todecompose the influencing factors that determine inefficient investment.The empirical research draws the following conclusions:(1)the equity refinancing and inefficient investment of listed companies on the small and medium-sized board are reversed;(2)the debt scale of listed companies on the small and medium-sized board and the inefficient investment of the company are reversed;(3)The short-term liabilities and inefficient investment of listed companies change in the opposite direction,and the long-term liabilities and inefficient investment change in the same direction;(4)Commercial credit and bank borrowing are positively related to inefficient investment,and commercial credit borrowings are less sensitive to inefficient investments than banks Borrowing;(5)Equity refinancing and inefficient investment in the construction industry reverse changes,and in the information services industry,the scale of liabilities changes in the same direction as inefficient investment.After empirically analyzing the impact of financing structure on investment efficiency for SMEs,based on the research results and combining the characteristics of SMEs,the following suggestions are proposed to promote the healthy development of enterprises:(1)improve the company's internal governance mechanism and increase the degree of information disclosure;(2)optimize the debt structure and rationally construct the debt source and debt maturity ratio;(3)broaden the company's financing channels and improve the relevant system of equity refinancing;(4)improve the support policies for small and medium-sized enterprises;(5)improve the construction of capital market related systems.