Study On Financing Effieiency Of Listed SMEs In Hebei Province

Since China’s reform and opening up, China’s rapid economic development, small and medium-sized enterprises also continue to develop, but the development of small and medium-sized enterprises are faced with many difficulties, due to their economic strength is weak, the high risk and low credit, the financing has become the biggest problem. Capital is the blood of enterprise, is the enterprise’s survival foundation, the survival and development of enterprises to profit and achieve the ultimate goal, need capital to support, so the financing efficiency is one of the indexes related to the fate of the enterprise. That western new capital structure theory, when the company to finance, will be the first choice of internal financing, then choose debt financing, finally consider the equity financing, this financing order has been confirmed in the United States of America enterprises, but because of the economic market of our country and western developed country level, the pecking order theory is not suitable for our country, the characteristics of capital structure of China’s listing Corporation is a widespread preference for equity financing, with the optimal sequence pecking order theory, thus our scholars have successively started on China’s listed Corporation financing and the financing efficiency of research, the results are consistent, to explore suitable for China’s small and medium-sized listed companies financing way, financing order, supplement and perfect the relevant theory of financing of SMEs in our country,this paper takes Hebei Province all listed in the SMEs board and the gem enterprise as the research object to carry on the research analysis, also hopes to suggest optimizing efficiency of financing of small and medium-sized listed companies in Hebei Province and provide reference for other SMEs, promote enterprise health fast development in Hebei Province.First of all, this paper is based on a large number of literature data compilation, on the basis of the theories about financing structure and financing efficiency theory at home and abroad reviewed and comb, and summarizes the characteristics of different financing way. Secondly, through data collection and analysis, summarizes the overall development of economy and the listing Corporation in Hebei Province, an objective description of the current financing situation of small and medium-sized enterprises in Hebei Province, and analyzes the reason and forming the financing problems, explores the factors influencing the financing efficiency of small and medium listed enterprises in Hebei Province. Thirdly, based on the enterprise small and medium-sized listed all the Hebei Province as the research object, the input-output ratio as the research angle of view, access to data from the relevant corporate annual reports, to determine the input and output indicators from the factors influencing the financing efficiency, the use of DEA model for empirical research and the software deap2.1to calculate the results of the analysis. Finally, comprehensive the above study, this paper puts forward the suggestions for the improvement of efficiency of financing of small and medium-sized listed companies in Hebei Province, hoping to improve the efficiency of enterprise financing level, promote the healthy and rapid development of small and medium-sized listed companies in Hebei Province. The paper obtains the following innovation points and conclusions:(1)The listed SMEs in Hebei Province preferred equity financing in the financing, secondly choose debt financing, the final choice of endogenous financing, this order with optimal sequence financing theory.In view of this, our country’s enterprise, especially small and medium-sized enterprises should stablish themselves’ financing theory according to their own characteristics.(2)The problems existing in the financing of small and medium-sized listed companies in Hebei Province have insufficient endogenous financing and creditor’s rights financing, high financing costs. Insufficient endogenous financing is mainly due to poor earnings, as well as the operators self accumulation consciousness difference, the distribution of profits, the presence of short-term tendency of corporate profits; Shortage is mainly due to debt financing of small and medium-sized listed companies themselves small scale, poor profit and low credit risk aversion, risk is high, and business operators, disregarding the tax debt and financial leverage, in addition, Banks tend to be large enterprises caused by asymmetric information are also important reasons.(3)Only4of15home small listed companies in Hebei Province enterprise DEA effective, the financing efficiency is low, most of the enterprise is "excessive" or input-output "shortage" problem, funds are not being used efficiently. In non DEA effective11companies, only two in size increasing return state, the remaining nine were in a state of scale diminishing returns, the companies should appropriate contraction investment scale, strengthen internal management and technology innovation to improve business performance.(4)The suggest that small and medium-sized listed companies in Hebei Province from strengthening the construction of the enterprise itself, to optimize enterprise financing structure, improve the bond market, financial institutions and financial products innovation, improve the credit rating system and credit guarantee system, strengthening the support government and central bank foundation, these aspects of improving the efficiency of enterprise financing.