中小板上市公司债务融资效率研究

基于江苏省20家中小板上市公司的面板数据，采用聚类和数据包络分析相结合的方法，对这些公司进行债务融资效率分析。研究表明，中小板企业在融入资产的配置效率方面更为关注自身盈利状况和成长前景，而没有充分认识到节约融资成本的重要性，从而导致企业债务融资效率偏低。对此，我国中小板企业应充分发挥债务融资的杠杆作用，优化资本结构，通过强强联合和以强带弱的途径分散经营风险，在扩大规模效益的基础上持续增强企业盈利能力。

Analysis on Debt Financing Efficiency of Listed SMEs

Taking panel data of 20 small and medium-sized listed companies in Jiangsu as the research object, this paper chooses the method of Hierarchical Clustering combined with DEA to access their real efficiency conditions of debt financing. According to the analysis, this study puts forward following conclusions and suggestions： China＇s small and medium-sized enterprises have ignored the efficiency of asset allocation instead of being concerned about their own profitability and growth prospects, which resulted in lower debt financing efficiency. To solve these prob- lems, small and medium-sized listed companies have no choice but to try the best to exert the function of leverage of the debt financing in order to improve the capital structure. And the powerful combination or the way that the strong help the weak is essential to reduce enterprises＇ business risks and enhance the continuous profitability of the busi- ness on the basis of expanding the scale of benefits.