Study of Debt Financing of GEM Listed Companies in China

摘要

Small and medium enterprises (SMEs) have a major role in contributing towards long-term economic growth and employment. The objective of this paper is to investigate the influencing factors of debt financing for the GEM listed companies in China. The current status of debt financing for GEM listed companies was analyzed, and highlights current policies and measures supporting the debt financing for GEM listed companies in China. By learning the experience and successful practices, some measures and suggestions on policy for improving the debt financing efficiency of GEM listed companies was proposed. The study shows that over-investment increases debt financing of a company, while an increasing new debt-financing restrains over-investment of the company. The study is of great help to gain a better understanding of debt financing of GEM listed companies in China and effectively obtain debt financing through external and internal debt financing for GEM listed companies in China by improving the internal corporate governance and external creditors governance, optimizing the structure of corporate finance.