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Collection of SME financing efficiency of Trust

Author: WangRongZong
Tutor: ChenXiaoHong
School: Central South University
Course: Finance
Keywords: SMEs Collective Trust Financing Efficiency DEA
CLC: F832.49
Type: Master's thesis
Year: 2010
Downloads: 350
Quote: 4
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Abstract


The SMEs play an increasingly larger role in the process of economic restructuring. With the economic incentive policies are issued constantly, for SMEs, especially small business financial innovation of lending policies is also emerging. Collective trust emerged as a new ways of lending to SMEs. It is has unparalleled advantages in support of SME development and is new financing channel suitable for SMEs.It is hard to see the research of SMEs collective trust financing, lacking system to induce analysis theoretically, lacking more in the theorics to guide a next positive research. Based on the SMEs financing efficiency theory and SMEs collective trust theory, the paper analysis the financing mechanism of SMEs collective trust It has been found that the financing mechanism has the characteristics of low cost of financing, wide sources of funding, and structured arrangements of product risk after the introduction of venture capital. Therefore, it is a new way to solve financing difficulties of SMEs. Furthermore, this paper builds a DEA financing efficieney model. Through comparative study of collective trust, bank loans, private finance, we find that the efficiency of collective trust is the higher than bank loans but lower than private finance. Then, using the resource-based two-stage DEA model, this paper evaluates financing and capital using efficiency in the process of SMEs financing by collective trust. The conclusion is most of the SMEs only focus on the efficiency of capital funding, but neglect of the rational allocation of funds, which results in low efficiency in the use of funds. Finally, measures and suggestions have brought forward to the SMEs financing efficiency of collective trust.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Trust
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