Research On Financing Mode Of Small And Medium-sized Enterprise Set Bills

SMEs account for the majority of Chinese enterprises,which make a greater contribution in easing the employment pressure and promoting economic development,but the financing that SMEs obtain did not match the contribution that they made.Small and medium enterprises couldn't achieve the general commercial bank loans,stock financing and other financing channels because of their own limitations,which are often trapped in the financing of the development of the status quo.But our country has been to solve this problem and continue to make efforts in the bill market and bonds.A set of SMEs was launched in 2007,but relatively developed slowly.And then Small and medium enterprise collection notes were in vogue in 2009.In the next two years,on this basis,the introduction of regional set of excellent set Bill caused the concern of SMEs,but the issue has been in the interrupted state.126 sets of notes has been issued since 2009,which has meet more than 300billion's financing needs of more than 400 enterprises,and it has important practical significance.Therefore,this paper takes the collection notes as the research object,joins the regional gifted notes samples,combines qualitative and quantitative analysis of the problems existing in the collective notes financing model and puts forward the specific suggestions,which makes the financing mode really become effective for small and medium-sized enterprises financing channels to ease the plight of financing.This research not only for small and medium enterprises,intermediaries,government and other major subjects to understand the financing model provides an important reference,but also enriches the collection of paper theoretical research.The article first combs the relevant theory of the set notes and analyzes the current situation systemically.In terms of the quantitative analysis,Efficiency as an important measure of the economic field is the optimal allocation of resources to achieve the most effective use of theoretical research,and the enterprise which is as micro-subject,through the enterprise investment resources,bear the risk and get a greater output efficiency to measure whether the financing model will be a reasonable allocation of resources.Thus in terms of quantitative analysis,financing efficiency is an important basis for the evaluation of financing mode,and it is also an important basis for the enterprises to choose the financing channel.Therefore,based on the DEA model,this paper improves the model,and uses the super efficiency DEA and the three-stage empirical to study on the efficiency of bill financing of SMEs.Through the comparison with the financing efficiency of SMEs bills and bonds,it isfound that the financing model is still feasible.Through the analysis of the efficiency of the regional set of excellent bills,we found that there are many problems under the set of notes,for example the joint issuer has invested too much redundancy,the poor output ability,the rigidity of the screening process and the reasonable use of raised funds to a lower level,and environmental factors have a greater impact on financing efficiency.Then,based on the analysis of the present situation of the notes and the empirical analysis of the efficiency,the paper summarizes the causes of the development of the set of bills,including macro factors such as the economic factors,the non-market factors,and the micro factors such as the high cost of bills,the poor liquidity,the way of a single,high degree of relevance,high regional concentration,the use of funds raised too high,the higher risk of default and so on.Finally this paper fully put forward the countermeasures and suggestions to optimize the set of bill mode,so that the small and medium-sized enterprise set of bills better serve the small and medium enterprises.