| Small and medium-sized enterprises play an important role in China’s economic development,and their output value accounts for more than 50%of GDP.The recently established Beijing Stock Exchange is the main position to provide equity financing for SMEs,which provides a good opportunity for SMEs to grow and develop,and debt financing is also an important way for SMEs to obtain financing.At present,the investment expenditure of most small and medium-sized enterprises is inefficient,which makes it difficult for enterprises to obtain better benefits.There are many factors that lead to the inefficiency of investment in enterprises.This paper mainly explores the factors that affect the investment efficiency of enterprises from the perspective of debt structure,which is beneficial for SMEs to adjust the scale and structure of debt,make investment reach a reasonable level,improve investment efficiency,and further optimize capital structure,so that enterprises can develop continuously and efficiently.This paper makes an empirical analysis of 552 companies in GEM and NEEQ from 2015 to 2019,and measures the investment efficiency by using the residual model proposed by Richardson,and distinguishes between under-investment and over-investment.Then,the influence of total asset-liability ratio on investment efficiency is explored,and the correlation analysis of investment efficiency is made from the perspectives of debt term and debt source.The results show that debt financing of SMEs in China can restrain overinvestment behavior and improve their under-investment.Look from that perspective of debt maturity,both short-term debt and long-term debt can restrain the over-investment of SMEs or alleviate the under-investment of SMEs,and the short-term debt has a greater restraining effect than the long-term debt.From the perspective of debt sources,the results are similar to those from the perspective of debt maturity,that is,both bank liabilities and commercial credit liabilities can restrain the over-investment of SMEs or improve the underinvestment of SMEs.Finally,combined with the actual situation of the development of small and medium-sized enterprises and the research results of this paper,it is considered that adjusting the debt scale in time according to the current investment state of enterprises,reasonably adjusting the term and source of liabilities according to their own borrowing costs,and keeping the debt structure at a good level will help to improve the investment efficiency of enterprises and promote them to obtain stable income.In addition,financial supervision institutions should also create good financing relief for SMEs,broaden their financing channels,and reduce their financing costs,which is also conducive to improving the investment efficiency of SMEs and promoting their healthy development. |
