The Study On Evaluating Financing Efficiency Of Small And Mid-sized Enterprises

On the background of the deepening of reform and open door policy andthe fast development of our socialist marketing economy, the small and Medium sized Enterprises have been expanding continuously, and become the main part of our national economy of China. However,in their development,comparedto the large sized enterprises,serious lack of capital and economic strength forced the financing difficult and low financing efficiency of the SMEs.Therefore,the study of financing efficiency of the SMEs is significant both to the development of the enterprises and that of our national economy.The thesis is based on finance theory,efficiency theory-based,use DEA method toevaluate the financing efficiency of the152companies listed in our GEM2011in2010and2011.If the share of sample enterprise’s constructing project in thepossession of total assets is more than10%,the sample enterprise is removed and putinto innovation output indicators,new indicators.Finally,find a way of improving thefinancing efficiency of SMEs based on the results of using multiple linear regressionmethod to identify the important factors that affect the financing efficiency ofSMEs.On this thesis,several specific conclusions are as follows:(1)Due to the rate of assets and liabilities isn’t enough high,to raise the necessarycapital for development from the external institutions is very difficult for the SMEs inChina.(2)The financing efficiency of SMEs in China is lower,in other words,the fundsdidn’t effectively utilize.Under the circumstances of the limit of raising capital,theSMEs haven’t been achieve the goal of utility maximization of fund investment.Theenterprise funds don’t fully play the best utility.(3)Among the microcosmic factorsthat influence the raising fund of SMEs,current ratio,the net profit growth rate andrate of owner’s equity have significant positively correlated with financing efficiencyof SMEs.The net profit rate is not significantly correlative with financing efficiencyof SMEs,there is no linear correlation between the total asset turnover and financingefficiency.On this thesis,just the microcosmic factors that are easy to quantify werediscussed.Of course,the financing efficiency is also effected by the microcosmic factors that are impossible to quantify,for instance,intellectual capital.In addition,thefinancing efficiency is also affected by the external financing environment.Due to the financing efficiency of SMEs in our country is lower,in order to breakthrough the bottleneck of the development,the SMEs must improve the financingefficiency as soon as possible.The solvency,growth ability and composition of capitalare reflected in the current rate,net profit growth rate,rate of owner’s equity,so theimprovement of financing efficiency on SEMs must depend on themselves.However,due to raising financing efficiency is a complex system engineering,relying on SEMsto improve hematopoietic level alone can’t solve the problem,therefore,a excellentfinancing environment must be provided by the government.In a word,only thebusiness and government take the joint efforts,can we truly achieve the improvementof financing efficiency of SMEs continually.