Study On The Relationship Between Financing Structure Of The Technological SMEs And Enterprise Performance

The technological SMEs plays an important role in China’s national economic development, optimization of the industrial structure, improvement of people’s living standard and enhancement overall competitiveness of enterprise, however the financing structure of the technological SMEs is not perfect in our country, which greatly affected the technological SMEs’performance improvement and health-sustainable development. In order to promote our country’s technological SMEs sustainable development and enrich the research content of financing structure and perfect the financing structure to improve the enterprise performance,it is necessary to study the relationship between financing structure of our country’s technological SMEs and enterprise performance.This paper adopts the combination of theoretical research and empirical research methods, Through consulting relevant SMEs, financing structure and enterprise performance research literature at home and abroad, Systematic reviewed the SMEs, financing structure and enterprise performance related theories, including the definition of SMEs, the financing structure and enterprise performance, the basis of financing structure theory, our country’s SMEs’present financing situation, characteristics of financing, financing environment and financing ability. Based on the related theoretical analysis, Empirical analysis of the relationship between financing structure and enterprise performance is carried out, specifically speaking, from capital structure, Debt maturity structure, Debt source and Equity structure respects to put forward8hypotheses, chosing2010-2011year of two years’data to study. According to the definition of industry of SMEs, the datas were screened and ultimately selected128enterprises as the research sample, and from the debt paying ability and development ability, profit ability, operation ability four aspects using the factor analysis method to carry on the analysis of12different index, drawing the conclusion that integrated factor performance as the dependent variable, and at the same time, this paper studies the selected independent variable and control variable and then overall empirical test analysis about the relationship between financing structure and enterprise performance on our country’s SMEs was carried out. This thesis draws the conclusion:Compared with other enterprises our country’s technological SMEs asset-liability ratio is on the low level, the financing structure needed to be further improved; Asset liability ratio to improve enterprise performance has significant negative correlation influence; Debt financing repayment period has a certain impact on the enterprise performance, but the effect is not obvious; This shows that debt source have a significant impact on the enterprise performance, Enterprises should pay more attention to debt source; the proportion of state-owned shares and corporate performance is negatively correlated; proportion of tradable shares is positively related to corporate performance; Equity concentration has a certain effect on enterprise performance,but the effect is not significant, and According to the research conclusion of this paper,the thesis put forward to improve the financing structure to improve enterprise performance recommendations.This paper takes the technological SMEs as research samples, it provides certain ideas for other listed companies’research about the relationship between financing structure and enterprise performance, in addition, It provide some reference for our country’s technological SMEs on perfecting the financing structure to improve the enterprise performance.