Corporate Credit, Investor Risk And SME Financing Efficiency

Corporate finance has always been a concern of many scholars,because the operation of capital is crucial to the future development of the company,so researching financing efficiency is of great significance to academics and theorists.Most SMEs are emerging industries or innovative companies.These SMEs are characterized by small scale and weak fund base,so they are growing and in the development stage.Because of the low market share,SMEs will face more risks and challenges than large enterprises,but they also have potential.The development of small and medium-sized enterprises plays an important role in improving market competitiveness and promoting economic development.Based on information asymmetry theory,signal transmission theory and superior order financing theory,this paper constructs a theoretical analysis framework for the correlation between corporate credit,investor risk and SME financing efficiency,and collects a large amount of sample data for empirical testing.The method provides evidence for the theoretical framework.The research object is positioned as a listed company for SMEs.Using the data from 2011 to 2017 as a sample,the mediation effect model is used to test the relationship between corporate credit,investor risk and financing efficiency.After a series of regressions,this paper has obtained the following main conclusions: corporate credit has a significant positive effect on the financing efficiency of SMEs;in addition,this paper also proves that corporate credit and investor risk have a significant negative correlation,that is to say the increase in corporate credit will reduce the investment risk of investors.The final conclusion is: The higher the corporate credit,the better the financing efficiency of the enterprise.The higher the corporate credit,the lower the investor risk;the lower the investor risk,the better the financing efficiency of the enterprise.The research results show that investor risk is a partial mediator of corporate credit impact on corporate financing efficiency.Finally,according to the research conclusions of this paper,several suggestions are put forward: 1.Improve the corporate credit of SMEs;2.Reduce the investment risk of investors by pre-investment prevention,supervision in the investment process and emergency measures after investment;3.SMEs improve the financing efficiency of SMEs by optimizing their corporate governance and national supporting policies and measures.