Research On The Effect Of Financing Structure On The Investment Efficiency Of SME Board Listed Companies

As China's economy continues to develop steadily,small and medium-sized listed companies have gradually become new bright spots.However,most of the small and medium-sized listed companies in China still have problems such as a single financing structure and low investment efficiency.The reform process of financing structure and investment behavior is difficult.In recent years,China has created a number of small and medium-sized board financing platforms to make small and medium-sized listed companies get out of the dilemma of“financing difficulties”.This has allowed the financing channels of small and medium-sized listed companies to expand.The reform of the physical constitution of the capital market has continued to improve,and the small and medium-sized listed companies have raised funds.The effective configuration has also become more important.Therefore,the study of the relationship between the financing structure and the investment efficiency of small and medium-sized listed companies will help improve the capital allocation of small and medium-sized listed companies and increase investment efficiency.This article adopts a combination of normative research and empirical research.Based on literature review and theory at home and abroad,a total of 810 companies have been selected for trading in Shenzhen SME Board from January 1,2008 to December 31,2016.For the study sample,9-year financial data was selected as the empirical analysis sample.Using Richardson's(2006)investment efficiency model,the changes in the equity structure after the private placement of small and medium-sized listed companies were theoretically analyzed,and the impact of the ownership structure on investment efficiency was described.The mechanism of action,using data from small and medium-sized listed companies,empirically analyzes the impact of debt size structure,source structure,and term structure on investment efficiency,and finally draws conclusions:(1)Targeted issuance can effectively alleviate the phenomenon of under-investment in small and medium-sized listed companies;(2)Debt scale is negatively related to corporate investment efficiency,which may result in excessive investment or insufficient investment;(3)Sensitivity of bank deposits and corporate investment efficiency is greater than commercial credit;(4)Investment in long-term liabilities compared to short-term liabilities Greater impact on efficiency.This paper theoretically elaborates the mechanism of the influence of equity structure and debt structure on the investment behavior of SME listed companies,and provides a reasonable basis for optimizing the financing structure of SME listed companies.In practice,the agency cost and information asymmetry cost of scientific rational investment of listed companies in China's small and medium-sized boards have been reduced,which has provided feasible paths and methods for improving investment efficiency.The research results provide policy support for the competent authorities to formulate relevant policies and provide policy guidelines for protecting the interests of small and medium investors.