Research Of Investment Efficiency Issues In China Small And Medium-sized Enterprises

In recent years, the prosperity of China’s economy, the alleviation of employment problem and in innovation, and the extension in export are inseparable from the support of small and medium-sized enterprises in china. And small and medium-sized enterprises is at a rapid pace of development will continue to expand in number. However, the problem of inefficient investment in SMEs has become a stumbling block to the development of small and medium enterprises. There are two main factors that cause the inefficient investment of SMEs, one is the external financing problem,another is the conflict of interests caused by the internal agency problem. Therefore, the small and medium-sized enterprise investment efficiency problems should be paid attention to and resolved, so that the value of enterprises will be improved, China’s financial system will be perfect. Firstly of SMEs in the economic development function and the development present situation analysis, and then analyzed the characteristics and non efficiency investment related information asymmetry theory, principal agent theory, and free cash flow theory, combined with China’s SME Board Listed Companies Analysis of the above three theories induced non efficiency of investment, based on the basic theory of system analysis our country small and medium-sized enterprise board of listed companies financing and investment, and sum up the effect of the small and medium-sized enterprise non efficiency investment factors. Finally, the empirical analysis. Firstly, it analyzes the total liabilities, debt term structure and debt source structure of inefficient investment effect. Secondly, from the equity concentrated degree, stock checks and balances, managerial ownership three aspects to study the influence of ownership structure on non efficiency investment.In this paper, it selects the listing Corporation as the research object, and uses spss22.0 software to carry on the empirical analysis of the model of 2012-2014. China’s SME board listed companies financing situation and investment situation and model of the empirical analysis results show that China’s small and medium-sized enterprises widespread lack of financing constraints and investment of inefficient investment behavior, and then analyzes the influence of non enterprise investment efficiency factors. From the point of view of financing, small and medium enterprises mainly in external financing and debt financing slightly higher than equity financing. Firstly, this paper from the overall debt, debt maturity structure and debt source(bank loans, commercial credit) analysis the impact of debt financing on non efficiency investment, compared to the empirical results show that debt not only cause lack of investment, but also to ease the shortage of investment and bank loans and commercial credit can more effectively inhibit underinvestment, short-term borrowing than long-term borrowing more effective mitigation investment insufficiency. Generally higher proportion of the first large shareholder is leading to inadequate investment and managerial ownership can effectively alleviate the lack of investment, in the small and medium-sized enterprise ownership restriction is not obvious, can effectively inhibit the company’s non efficiency investment are drawn from the perspective of ownership structure. This article according to the above conclusions put forward the corresponding policy recommendations, to solve the problem of financing difficulties of small and medium-sized enterprises; improve the commercial credit debt market; banks to expand to the small and medium-sized enterprises the proportion of long-term loans; reasonable distribution of equity, play the function of ownership balances.