Research on Financing and Financing Efficiency of SMEs in China
|School||Zhejiang University of Technology|
|Keywords||SMEs Financing Methods Financing Efficiency|
As the most active power in contemporary economic life, small and medium-sized enterprises (SMEs) play a vital role in national economy of one country. However, due to the innate growth and high management risk characteristics of small and medium-sized enterprises, the financing predicament of SMEs has not only been much-talked-about research topic by theorists, but also been an inevitable difficult problem during the development of small and medium-sized enterprises. Especially after the financial crisis, choosing the right financing way to increase the financing efficiency for the development of small and medium-sized enterprises and supply SMEs some useful suggestions and then solve our country’s financing difficulties has become a problem that need to solve urgently.This thesis discuss Chinese SMEs financing ways and its efficiency, based on collecting some related financing references, classifying related theory of enterprise financing, summarizing financial theories of various financing ways and analyzed theoretically its efficiency, and also based on the analysis of predecessors study. We found the relationship between the financing methods and financing efficiency of SMEs by extracting and calculating the model parameters and adopting various methods such as hierarchical clustering, multiple linear regression and etc. Furthermore, we got the conclusions by processing the integrated dates of 357 SMEs displaying on the small and medium enterprise board in 2009.We found that the SMEs of the small and medium enterprise board could be classified to three categories. The one inclining to debt financing has the worst financing efficiency. The one with the same proportion of debt financing and external rights has the relative mediate financing efficiency. The one inclining to external equity stakes financing exhibits the best financing efficiency.The conclusions of this thesis as following: The assets-liabilities ratio had the conspicuous side-effect on the financing efficiency. The higher assets-liabilities ratio meant the lower financing efficiency. But rights retained rate showed obvious direct action on the financing efficiency. The higher rights retained rate meant the higher financing efficiency. In addition, the financing efficiency of capital stake and other equity stakes was higher than that of retained earnings. The main reason is that the sample of SMEs impacted by the environment of financial crisis didn’t exploit the superiorities to the full due to the insufficient retained earnings. Based on the empirical results, we give out the suggestions and countermeasures to improve the financing efficiency of SMEs from the two aspects of macroeconomic policies and micro-management.