Research On China Small And Medium-sized Enterprise Bond Financing Efficiency

The importance of SMEs to national economy is growing. In recent years, to solve the financing problems of SMEs and innovative financing methods, relevant economic policies have been released.In this context, SME collective notes, SME collective bonds and SME private debt have come into being as innovative SME direct financing channels.With the gradual release of SME debt,financing corporates’ level of efficiency has become the focus of public attention.It’s essential to deeply study the financing efficiency of SME collective notes, SME collective bonds and SME private debt.The main contents of this paper are as follows: Firstly, conduct a literature review on the related researches of bond financing for SMEs and SME financing efficiency;Secondly, define the concept of SMEs, SME debt and financing efficiency,then present the theoretical basis, namely SME financing theory and SME financing structure theory; Thirdly, theoretically analyze the SME debt financing mechanism and the constraints of SMEs financing. Forthly, make a dimensionality reduction to 14 indicators through factor analysis and sum up the main factor indicators as DEA model input and output indicators,and then build CCR, BCC and super-efficiency-DEA model to comparatively study the efficiency of SME debts, then analyze the scale efficiency and pure technical efficiency of SME debts in-depth. Finally,draw conclusions of this paper and put forward policy advice.The study found that the overall efficiency of SME collective notes set the highest, followed by the SME collective bonds, and the SME private debts’ efficiency are the least.SME collective bonds usually have low pure-technical financing efficiency and small financing scale, while SME collective notes have higher pure-technical financing efficiency and appropriate financing scale, and SME private debts’ pure-technical financing efficiency and financing scale both developed polarized..