The Empirical Study Of The Listed Companies’ Financing Efficiency On The Small And Medium Enterpirse Board In China

As the most active and prospective type of enterprise，small and medium-sizedenterprises in market economy system play a crucial role for the development degree ofone nation’s economy. Throughout small and medium-sized enterprises’ developmenthistory all over the world, especially the information age coming from the new technologyrevolution, the small and medium-sized enterprises play a significant role in supportingtheir economic growth and solving the employment. But, they are confronted with manydifficulties in their growth process; one of the most critical is financing difficulties. Smalland medium-sized enterprise financing is a worldwide problem, which has become thebottleneck of the development of small and medium-sized enterprises. And restricted theeconomic and social development seriously.This paper attempts to anatomize the financing scale, financing structure and financingways and of the listed company on small and medium-sized enterprises in China boardthrough the empirical study of listed company’s financing efficiency.And this paperattempts to analysis the influence factors for the small and medium-sized enterprises’financing efficiency. Finally, this paper attempts to provide effective countermeasures andsuggestions on improving the efficiency of the financing of small and medium enterprises.This article firstly elaborates the domestic and overseas scholars about the financingefficiency of research, and then analyzes the related theory about the financing efficiency,in the related based on the theory of small and medium-sized enterprises board for thelisted company is analyzed and studied. Using DEA method, December31,2010, small andmedium-sized enterprises in Shenzhen stock exchange of the524companies listed on theboard (deducting home ST shares and different strands) as the research object. For themedium and small enterprises in China listed companies the financing efficiency ofcomprehensive analysis, The small and medium-sized enterprises in China that listedcompanies the financing efficiency low conclusion, And analyzes reasons for the lowefficiency, The small and medium-sized enterprises in China are given for the financingway of improving the related measures and Suggestions.This paper mainly includes seven parts. The first part is the introduction, which mainly introduces the research background, the research significance, the research state,innovation points and the shortcomings; The second part is about the financing efficiencyof small and medium-sized enterprises related theory of analysis, which mainly containsCapital Structure Theory, Financing optimal ordering Theory, Financial growth cycleTheory, Credit Rationing Theory, and Relationship Lending Theory; The third part is thestatistical description of small and medium-sized enterprises’ financing efficiency in China,including the development history of medium and small enterprises in China, divisionstandard, financing scale, financing structure; The fourth part is to analyze the influencefactors of the small and medium-sized enterprises listed company board, which can besummed up as enterprises’ scale, Capital cost, fund utilization rate, Pay off ability, thestandard of degree financing mechanism and the standard of degree Financing body; Thefifth part is empirical study of listed company’s financing efficiency on small andmedium-sized enterprise board, which mainly includes index selection, sample selection,data sources and empirical analysis. The last part is the conclusion.