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Study on Financing Efficiency of Listed Companies on the Smes-tier Board of Zhejiang

Author: YuChangYu
Tutor: HuXuWei
School: Zhejiang University of Technology
Course: Business management
Keywords: Small and Medium Enterprises (SMEs) Equity Financing Efficiency Debt Financing Efficiency Data Envelopment Analysis
CLC: F276.3
Type: Master's thesis
Year: 2011
Downloads: 252
Quote: 1
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Abstract


Zhejiang is the most active in economic development in China, and the most concentration of small and medium enterprises(SMEs). Until November 2010, the SME board listed the companies from Zhejiang has reached 88. SMEs play an irreplaceable role in the promotion of market competition, increase productivity, optimize the industrial structure, job creation, promoting economic development. However, the financing of SMEs has been plagued its development, due to insufficient funds, many companies miss the good development opportunities. SMEs’financing is actually less efficient to the financing, how to improve financing efficiency, improvement and address the financing problem, the government and many scholars try to do.This paper card the theory of the efficiency of SME financing literature based on reviewing the efficiency of domestic and international finance theory , Define the meaning of the efficiency of the SME and the scope of the study. Considering the efficiency of the four elements of SME financing, based on the Zhejiang SMEs’financing status, selected 42 SMEs in Zhejiang listed on the Shenzhen SME board only cutoff in 2007, empirical study the SMEs’financing efficiency on DEA, empirical results indicate that: Equity financing for SMEs listed in our province more efficient than the efficiency of debt financing, equity financing and debt financing both achieve to the efficiency of the sample are only seven companies, in general are inefficient, most state enterprises in the size are increasing . Project through the DEA, the efficiency of financing did not meet efficient, , this paper argues the following main aspects for a reason:①For most SMEs are grow from family business. the level of enterprise management are low, asset management efficiency are not high,;②Equity are still highly concentrated, corporate organizational efficiency need to be improved;③Irrational structure of corporate finance, financing channels for a single, mainly depends on the source of financing, equity financing shortfall in external financing, over-reliance on credit facilities, and do not match the size of the business;④High financing and main business costs , in particular the cost of debt financing. although there are plenty of main business income , but the level of profitability are not high. Under the current situation of the efficiency of SMEs’financing in Zhejiang Province, with evaluation results, this paper give the advices to improve the efficiency of SMEs’financing in Zhejiang.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Small and medium-sized enterprises, township enterprises
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