Research On Capital Efficiency’s Factors Of Listed Companies In Small And Medium Enterprise Board

With the rapid development of market economy, SMEs, especially in the growing period and with innovative ability have become an important force to promote the rapid development of national economy. The usage of funding has a close relationship with the development of Small and Medium Enterprise Board. Generally speaking, funding comes from debt and equity. Small and Medium Enterprise Board as an effective equity financing platform solves the financing problem for the listed companies. SMEs developed rapidly after raising a lot of money, but there are also some problems, for example, the unreasonable usage of funding in some listed companies of Small and Medium Enterprise Board caused excessive investment and so on. And it not only brought uncertain business and financial risk but also caused the result that operating cash flow of companies is negative. Thus the inefficient usage of funds affected the ability to create value of enterprises. The study of funding efficiency and the factors of listed companies of Small and Medium Enterprise Board to improve the efficiency of funding, thereby increasing the ability to create value has important significance for the survival and development for the listed companies of Small and Medium Enterprise Board. From theoretical perspective, the study can make the research on funding efficiency issues integral to some extent; from the practical perspective, the study can make some contribution to the healthy development of the Small and Medium Enterprise Board and security market.In this paper, the concepts that efficiency, cost of capital and capital efficiency are defined based on the related capital efficiency theory. The related capital efficiency theories including MM theory, control theory, EVA theory are elaborated in detail. On the basis of these theories the measurement methods including financial index method,DEA model method, EVAR method, of listed companies’ capital efficiency are introduced. Then the advantages and disadvantages of these three methods are compared, and the method of empirical analysis is finally determined. Financial index method and EVAR method are used to describe the situation of listed companies’ capital efficiency. Afterwards,320 listed companies in Small and Medium Enterprise Board are taken as samples, multiple regression analysis model is established and EVAR is selected to represent the capital efficiency, meanwhile, size, growth, technological innovation, capital structure, ownership concentration and so on are selected to represent the factors of capital efficiency. Data of 320 listed companies in Small and Medium Enterprise Board in the period of 2012-2014 is selected to analyze and test the results. In the end, conclusions are got and reasonable, specific suggestions are put forward to promote the capital efficiency of the listed companies in Small and Medium Enterprise Board.