An Empirical Study Of Asset Specificity And SME Financing Decisions

Find wider financing channels are the demands of SMEs, October 23,2009 the official opening of the GEM, which opened a new financing channel for SMEs in particular SME financing and development plays an important significance. High-tech, high-innovation-based companies are the salient features of our listed SMEs, compared to traditional businesses, these companies need to invest more resources in the high precision and advanced equipment and human capital, so that these companies have a stronger the special feature of assets. Explore the impact of asset specificity whether and in what way affect the financial structure of SMEs can provide theoretical support for the financing decisions of management authorities to further improve the efficiency of capital, enhance the core competitiveness of enterprises, to solve the problem of SMEs on financing, suggestions to solve our country small and medium-sized enterprise financing difficult problem, health development escorts the emperor convoy.Based on the specific assets perspective, the article uses the method of theoretical analysis and empirical research to explore the factors that influence SME financing institutions. First, in the review after previous theories about special financing structure and assets, using signaling theory and transaction cost theory to explore the internal mechanism of the influence of corporate finance structure dedicated.assets, and for the empirical test proposed research hypothesis. Secondly, in the review of previous studies based on the capital structure model was constructed under the Theory of transaction cost economics based on empirical testing of various factors affecting the financial structure of SMEs.Taking the financial data from 2010 — 2013 in the Shenzhen SME GEM listed as the research object, using statistical description, linear regression and other statistical methods, empirical tests between Specificity and financing structure of assets relationship. The results show that the capital structure of asset specificity and SMEs a significant positive correlation, that as companies invest more in assets dedicated stronger overall corporate debt ratio will be higher. And corporate debt ratio and overall company size and growth was significantly positively correlated, that with the expansion of business scale, the ability to grow growing, companies are more willing to debt financing; and corporate competitiveness and solvency and capital structure significantly negative correlation, when the company’s competitiveness and solvency significantly enhanced its prefer equity financing. Because of the empirical structure is not consistent with the theoretical analysis, the article gives the explanation may be due to China’s capital market imperfections, because the equity preferences, equality of unfair competition, and for the above reasons, provided with ethical and sound policy recommendations.