Analysis On Regional Heterogeneity Of Factors Affecting Financing Efficiency Of Small And Medium Enterprises

The growth of small and medium-sized enterprises is undoubtedly the important engine of our current economic growth.At present,the problem of difficult and expensive financing of small and medium-sized enterprises is still prominent,which restricts the development of small and medium-sized enterprises.In order to increase the possibility of financing of small and medium-sized enterprises,it is necessary to start from the existing problems of small and medium-sized enterprises to find countermeasures.From a deep level,the most important issue of financing is whether an enterprise can use the lowest cost and achieve the best allocation of funds when obtaining the funds needed for operation,which is also a financing efficiency issue.Therefore,improving the financing efficiency of SMES is the key measure to solve the fundamental problem.Therefore,it is extremely important to study the influencing factors of financing efficiency.This thesis combines the research results of the existing literature and related financing and efficiency theory,first of all,defines the concept of SMES and financing efficiency and expounds the current situation of financing of SMES in our country.Secondly,it analyzes the factors affecting the financing efficiency of SMES from the macro and micro levels,puts forward the hypothesis and builds the Tobit model to determine the relevant research indicators.This paper selects 1424 listed enterprises on the New Third Board as research objects and measures financing efficiency by using the DEA-Malmquist model.Based on the results,this article briefly analyzes the current situation of financing efficiency of Chinese small and medium-sized enterprises.Finally,the efficiency value calculated by DEA is taken as the explained variable,and the specific influencing factors of the financing efficiency of SMES are analyzed by regression,and the regional heterogeneity analysis is carried out to study the different effects of the influencing factors of financing efficiency in different regions and provinces,and finally the relevant policy suggestions are put forward.The research results of this thesis are as follows:In terms of influencing factors,at 1% confidence level,macroeconomic development level,enterprise size,cost and capital structure are negatively correlated with financing efficiency.Profitability,financial development level,operating ability and solvency are positively correlated with financing efficiency;There is no significant correlation between development ability and financing efficiency.Compared with other influencing factors,capital structure has the highest negative impact,followed by enterprise size,and profitability has the highest positive impact.In the analysis of the heterogeneity of influencing factors,the influence degree of profitability,operating capacity and debt paying capacity is basically the same in all regions.The positive influence degree of profitability is at a high level,while the positive influence of operating capacity and debt paying capacity is generally low.The negative impact of capital structure on financing efficiency is the strongest in the four regions,followed by the negative impact of enterprise scale.Meanwhile,the positive impact is the strongest on profitability,which is consistent with the overall regression results as follows.All the negative factors in the eastern region have the weakest effect on the financing efficiency.Among the specific provinces,Shanghai and Beijing have the weakest effect on the financing efficiency.On the contrary,in Zhejiang Province,the negative effect of the macroeconomic development level on the financing efficiency of SMES is about 2.8 times that of Beijing.Enterprise size has the strongest negative impact on Hebei,Tianjin and Hainan.In Shandong Province,Fujian Province and Jiangsu Province,capital structure has the strongest negative impact,and the negative impact of Shandong Province is about 4.1 times that of Beijing.The central region had the strongest negative impact on capital structure,more than 2.6 times that of the eastern region.Among them,the financial development level of Anhui Province and Jiangxi Province has a weak positive impact.The negative impact on the macroeconomic level of Henan Province and Hubei Province is relatively strong,and the negative impact of Henan Province is about 3.9 times that of Jiangxi Province.The negative impact of cost on the financing efficiency of smes in Hunan Province and Shanxi Province is relatively strong,and the negative impact of Hunan Province is about 5.2times that of Hubei Province.The positive impact of financial development support in western China is the weakest,and the positive impact in central China is about 4.1times that in western China.Among them,Sichuan Province and Chongqing have the weakest negative impact on the macroeconomic level.The negative impact of Yunnan Province’s macroeconomic development level on the financing efficiency is about 2.5times that of Sichuan Province.The capital structure and cost control ability of Inner Mongolia and Yunnan Province have a stronger negative impact on financing efficiency than that of other provinces.The negative impact of cost control ability of Yunnan Province on financing efficiency is about 6.7 times that of Sichuan Province,and the negative impact of capital structure of Inner Mongolia on financing efficiency is about 3.3 times that of Sichuan Province.At the same time,the level of financial development in Inner Mongolia is contrary to expectations,which has a negative impact on financing efficiency.The negative impact of cost control ability in northeast China is the strongest,and the gap between Northeast China and eastern China is too large,about 36 times that of eastern China.The financial development level of Heilongjiang province is also negatively related to the financing efficiency,and the negative impact of macroeconomic development level,enterprise scale,capital structure and cost control ability is the strongest.In particular,the negative effect of cost control ability on financing efficiency is about 3.6 times that of Liaoning Province.The solvency of Liaoning and Jilin provinces is not significant.