Research on Debt Financing Efficiency and Influencing Factors of SMEs in China
DOI:
https://doi.org/10.54691/bcpbm.v20i.976Keywords:
Debt Financing Efficiency; DEA Model; Malmquist.Abstract
The development of small and medium-sized enterprises is of great significance to the growth of the national economy. The efficiency of debt financing reflects the efficiency of enterprises' comprehensive utilization of debt funds, and is an important indicator to reflect the operation and development of enterprises. Taking Chinese listed SMEs as a sample, this paper measures the efficiency of corporate debt financing through the traditional DEA model and the Malmquist index model, then constructs a Tobit model to empirically analyze the factors that affect the efficiency of debt financing. The research shows that: the overall debt financing efficiency of SMEs is low, and pure technical inefficiency is the main reason for restricting the efficiency of debt financing. The solvency, operating ability, profitability, growth ability and R&D investment of SMEs have a significant positive impact on debt financing efficiency, while enterprise scale, debt financing amount and equity concentration have a significant negative impact on debt financing efficiency.
Downloads
References
Bi Chao, Li Xiaowen. Research on equity financing efficiency and influencing factors of new third board enterprises [J]. Communication of Finance and Accounting, 2019 (35): 31-34.
Cao Weixing. Analysis on Financing Efficiency of Energy Conservation and Environmental Protection Industry [D]. Zhejiang University, 2020.
Chu Liping, Su Fang. DEA Analysis of the Financing Efficiency for Non-life Insurance Companies in China [J]. Insurance Studies, 2013 (04): 22-32.
Deng Yingchun, Huang Xiaojun. Research on Financing Efficiency of New Energy Listed Companies in China Based on Niche and Two-Stage DEA Model [J]. Ecological Economy, 2019 (07): 82-86.
Fang Fang, Zeng Hui. Comparison of Financing Mode and Efficiency of Small and Medium Enterprises [J]. Economic Theory and Business Management, 2005 (04): 38-42.
Guo Ping, Luo Qiuping, Meng Huiting. An Empirical Study on the Financing Efficiency of GEM Listed Companies——Based on Principal Component Analysis and Entropy Method [J]. Communication of Finance and Accounting, 2012 (17): 13-15.
Huang Qiong. A Comparative Study on the Financing Efficiency of Enterprise Financing and Project Financing [J]. Journal of Kunming University of Science and Technology (Natural Sciences), 2014 (02): 108-112+119.
Huang Rentong. Debt Paying Ability, Accounting Conservatism and Corporate Debt Financing [J]. Communication of Finance and Accounting, 2018 (36): 21-25.
Huang Yongfu. Research on the Financing Efficiency of Chinese Logistics Enterprises Based on DEA-Tobit Model——From the Panel Data of 38 Listed Logistics Enterprises [J]. Journal of Commercial Economics, 2020 (14): 112-117.
Li Dan. Research on Financing Efficiency and Influencing Factors of SMEs [D]. Hefei University of Technology, 2020.
Liao Yan, Shen Yajuan, Yang Xuansi. Research on the Financing Efficiency of Small and Medium-sized Enterprises on the New Third Board and Its Influencing Factors [J]. Friends of Accounting, 2017 (11): 49-53.
Lin Yan, Wang Hui, Liu Xia. Credit rating, profitability and corporate financing efficiency [J]. Communication of Finance and Accounting, 2019 (26): 21-24.
Liu Chao, Fu Ruoyu, Li Jiahui, Zhou Wenwen. Research into Financing Efficiency of Artificial Intelligence Industry Based on DEA-Tobit Method [J]. Operations Research and Management Science, 2019 (06): 144-152.
Liu Renqi. The Research on Debt Financing Efficiency and Influencing Factors of Energy Conservation and Environmental Protection Listed Companies in China [D]. Suzhou University, 2018.
Ren Haizhi, Xu Bingyu. A Study on the Financing Efficiency of Listed Companies in Biomass Energy Industry [J]. Science & Technology for Development, 2019 (04): 408-415.
Wang Haofei, Qian Jun. Equity Pledge of Major Shareholder and Debt Financing Cost [J]. Journal of Shanxi University of Finance and Economics, 2021 (02): 86-98.
Wu Qingtian, Wang Qian. The Quality of Inclusive Financial Development and the Financing Efficiency of Small and Medium-sized Enterprises [J]. Finance and Economy, 2020 (09): 37-43+67.
Wu Yangfen, Zeng Fanhua. Research on the Measurement of Financing Efficiency of Small and Medium-sized Enterprises on my country's New Third Board [J]. Hubei Social Sciences, 2019 (01): 69-77.
Zeng Kanglin. How to treat direct financing and indirect financing [J]. Journal of Financial Research, 1993 (10): 7-11.
Zhu Yaqin. Fuzzy Comprehensive Evaluation of Financing Efficiency of Small and Medium Enterprises [J]. Communication of Finance and Accounting, 2016 (14): 35-37.
Zhu Yao. The Evaluation on Debt Financing Efficiency of Coal Listed Companies Based on SE-DEA Model [D]. Hunan University, 2013.
Zou Huixia, Liu Yi. The Financing Efficiency, Property Rights and R&D Investment [J]. Modern Finance and Economics-Journal of Tianjin University of Finance and Economics, 2015 (02): 3-12.
Downloads
Published
Issue
Section
How to Cite
