Empirical Study On Financing Efficiency And Its Influencing Factors Of Small And Medium Sized Construction Enterprises

As the main material production sector of the national economy,the construction industry has made important contributions to the economic development of our country and the improvement of people’s material lives.Whether it is from the perspective of the construction industry’s leading role in related industries or from the perspective of the construction industry’s regulatory function on the national economy,the construction industry is an important engine for my country’s economic development.Small and medium-sized construction enterprises are the main component of my country’s construction industry.Due to the inherent characteristics of the construction industry such as high operating costs,long payback periods,and high operating risks,small and medium-sized construction enterprises often encounter various obstacles when financing in the capital market.In order to alleviate the financing problems of many small and medium-sized enterprises in the initial stage,my country formally established the New Third Board in 2013 to provide a more convenient financing platform for small and medium-sized enterprises.Based on this background,studying the current situation of the financing efficiency of construction companies listed on the New Third Board and analyzing the influencing factors of their financing efficiency,exploring effective ways to improve the financing efficiency of small and medium-sized construction companies,can also provide feasible suggestions for the majority of small and medium-sized construction companies to improve financing efficiency.This article combs the research results of domestic and foreign scholars on financing theory,and accurately defines the definition of "financing efficiency,which lays a theoretical foundation for the empirical research on financing efficiency in this article.This paper selects 201 construction companies in the NEEQ as the research objects.After combing the relevant research literature and combining the characteristics of construction companies,a more reasonable evaluation index system for financing efficiency has been constructed.In order to conduct static evaluation and dynamic trend analysis on the financing efficiency of sample companies,this paper combines the traditional DEA model with the Malmquist index method to evaluate the financing efficiency,and uses the Tobit model to conduct empirical research on the influencing factors of the financing efficiency of small and medium construction companies.The empirical results show that the overall financing efficiency of construction companies in my country’s new third board market is low,and it shows a downward trend during the research period.The pure technical efficiency of construction enterprises is relatively good,the scale efficiency is low,and most of the enterprises have seen the phenomenon of diminishing scale efficiency,which is the main reason that restricts the improvement of the financing efficiency of small and medium-sized construction enterprises.Further analysis of the influencing factors of financing efficiency,it can be seen that the profitability of construction companies and the higher concentration of equity have a positive effect on the financing efficiency of construction companies on the New Third Board,and the level of asset-liability ratio of construction companies is between the scale of the company and the efficiency of corporate financing.There is a negative correlation.Finally,based on the conclusions of empirical research,this article gives reasonable suggestions for improving the financing efficiency of small and medium-sized construction companies from the internal perspective of construction companies and the new third-board market.