Empirical Research On The Relationship Between Financing Structure And Operating Performance Of SME Board Listed Companies

Small and medium-sized companies are the important part of China’s economic development,but there are many development problems and challenges to them due to various reasons,especially in financing, the financing channel has been a bottleneck in the development of SMEcompanies. Although the scholars at home and abroad have done a lot of research on therelationship between financing structure and operating performance from the differentperspectives and industries, there are few researches on financing structure how to affect operatingperformance and influence degree of SME companies. Therefore， this paper takes SME BoardListed Companies as the research object.This paper researches the influence of the financing structure to operating performance fromthe whole financing structure angles, selects5indexes: Loan Financing Rate, Bond FinancingRate, Commercial Credit Financing Rate, Equity Financing Ratio, and the Internal Financing Rateas financing structure index; chooses5indexes from financial data to represent the operatingperformance, using entropy method, calculate the comprehensive evaluation value as the operatingperformance index. This paper takes SME Board Listed Companies’2009-2011three years of dataas sample data, and constructs the model of financing structure and operating performance to doempirical research.The empirical results shows: the debt financing rate has negative influence on operatingperformance, but equity financing rate and internal financing rate has positive influence onoperating performance. Investigate its reason, mainly because SME Board Listed Companies existfinancing order contrary to optimal sequence financing theory, and prefers to equity financing;The internal structure of debt financing is unreasonable, and the companies emphases onshort-term financing; the enterprise bond market lags behind, the bank credit becomes companymain source of creditor financing fund, but China’s special relationship between companies andbanks leads to no supervision and constraint function on operating performance. Finally, in viewof the above questions, this paper finally puts forward some suggestions in order to help SMEcompanies to further improve the financing structure, improve the company’s operatingperformance, and promote the development of China’s capital market.