| As an important aspect of the national economy, SME play a very important statusin the entire national economy. Scan the development history of SME, we find thatfinancing and financing efficiency are the crucial factors which determine the fate ofSME in China. However, the financial support they enjoyed mismatches seriously withtheir contribution to the national economy. It is required that researchers shouldstrengthen the research on corporate financing theory and financing practice to providetheoretical guidance for SME about how to establish a reasonable financing size andstructure, how to develop the best financing policy, how to reduce financing cost andrisk, how to improve financing efficiency.Based on the existing research, this paper analyses influencing factors on financingefficiency of SME, brings in regional economic development indicators, corporatecredit indicators and corporate social responsibility indicators, and establishes an indexsystem to measure financing efficiency, and carrie s out an empirical research by the useof entropy value method. It is shows that: first, the financing efficiency of SME inChina is generally low. Second, the influence of regional economic development levelon financing efficiency of SME is maximum; Which follows is the impact of companysize, because small scale is the root causes of difficult financing for SME; Among thecompany credit indicators, the degree of profitability and growth ability is larger thanthe degree of solvency and operational capacity, corporate credit conditions will beimproved only when the profitability and growth ability improved. Then not only theiraccumulation increases, but also the external financing difficulties caused byinformation asymmetry alleviates; the influence of equity fluidity is also importantwhich is because, there is a certain number non-tradable shares in SME in China whichcauses capital not flow free completely, affecting the enhance of equity financingefficiency; corporate social responsibility affects the financing efficiency in a certainextent, but not in a enough high level, which may be have large relation with the realitythat only factors beneficial for the development of their own rather than from the overallsituation of society, as a result, the attention to corporate social responsibility is far fromenough; Third, the choice of financing methods of SME in China fits the Pecking Order Theory, and the internal financing efficiency is higher than equity financing and debtfinancing efficiency. Study found that the credit financing efficiency of SME is higherthan the other three forms of financing, which is because the policy advocatedenergetically in recent years that enterprises credibility promoted and informationasymmetry eased has achieved some results. More and more attention is paid for SMEto improve their credit and the overall quality, which is fundamental to improve thefinancing efficiency of SME. |
