The Research On The Impact Of SME Financing Structure On Corporate Performance

In recent years,the world economy has been sluggish for a long time.Countries are fully aware that the development of small and medium-sized enterprises can create new economic growth points.SMEs generally have the characteristics of high added value,high growth,and high risk.Compared with other types of enterprises,they have multiple advantages and are more conducive to adapting to the various needs of market development.In the development of a country,SMEs are undoubtedly the most promising element in development and vitality.They are the basic entry points for enhancing international competitiveness and comprehensive national strength,and are the basic guarantee for the country's economic prosperity and development.However,SMEs are generally subject to financing problems in their actual development.Unreasonable financing structure directly affects the multiplication of SMEs' performance.Therefore,the analysis of the financing structure of SMEs as a research object will help resolve the adverse effects of financing constraints and promote independent innovation,and then drive the economic development of a country.The research framework of this paper is as follows: the first chapter mainly introduces the background and significance,research content,research status at home and abroad,innovation points and textual framework;chapter 2 briefly reviews the relevant theories of financing structure and corporate performance,and elaborates the impact;chapter 3 focuses on the financing channels,financing structure,and financing status of domestic SME;chapter 4 designs the index system of financing structure and corporate performance.Through the use of panel data fixed-effect models,Focusing on the three perspectives of debt financing structure,overall financing structure and equity financing structure,the paper analyzes the impact of financing structure on corporate performance,and examines the effects of differences in the nature of equity and regional distribution;the last chapter summarizes the research findings and proposes countermeasures.And it Explains the lack of research and focuses on future research directions.The empirical results of this paper show that: at the overall financing structure level,the inward financing rate has a positive impact on the company performance,and the debt financingrate and the equity financing rate have a negative impact on the company's performance;Around the debt financing structure and equity financing structure,the loan financing rate,commercial credit financing rate,long-term debt financing rate,short-term debt financing rate,and liquidity ratio all have a negative impact on company performance,while equity concentration can form a positive direction.The regression results also show that the choice of financing methods for SMEs has obvious differences in the nature of equity and regional distribution.At the sample level of equity classification,the inward financing rate of non-state-owned SMEs has a negative impact on company performance,while the commercial credit financing rate of state-owned SMEs has a positive impact on company performance,and the short-term debt financing rate is not significant impact,the equity concentration on the company's performance has a negative impact,the proportion of circulating shares on the company's performance have a positive impact.At the sample level of regional layout,the equity concentration and commercial credit rate has no impact on company performance in central and western SMEs,while the proportion of circulating shares in eastern SMEs has a positive impact on company performance.