The Financing Efficiency of Enterprises Listed on SMEs Board

Abstract

There are many small-scale and high-growth companies in SME board. Such enterprises have great financing need, but they are faced with the dilemma of financing. This paper selects three samples from companies in SME board to avoid the impact of enterprise age and enterprise scale, then calculates the financing efficiency of enterprises by using the input-oriented BCC model with DEA method. By comparing the score to analyze the financing efficiency of firms with different characteristics, the results show that corporate financing with low asset-liability ratio is generally more efficient than those with high asset-liability-debt ratio; SOEs are more likely to efficiently finance than privately owned enterprises.