A Study On The Financing Of SMEs Based On The Perspective Of Industrial Cluster

The financing of small and medium-sized enterprises (SMEs) is a worldwide problem and has always been the bottleneck of the economic development and structural optimization over time. The issue has attached the attention of the academia, financial institutions, enterprises and the government as well. All of them have been seeking to solve the problem theoretically and practically. However, there is a flaw in the traditional study to the issue, when we only take the SME and the lender as "economic person" and lay stress on the transaction behavior between them. What we ignore are the external environment and the influence of the environment to the financing of SMEs. Given the fact that clustering has been the popular trend of SMEs, this paper is analyzing and discussing the problem of SMEs financing in the special background of industrial clustering, trying to find an exit to alleviate the financing dilemma.There are many credit advantages in the process of financing for those SMEs in clusters, compared with that of the separated single SME. As a middle form between market and section layer organization, the complex cube social network in industrial cluster constitute soil for survival and development for SMEs. When SMEs embed into production network, transaction network and social relations network of the cluster, the degree of good faith and cooperation will level up. The widely intensive social relation network accelerate and promote soft information spread speed and range. At the same time, the small world network characteristic of the industrial cluster network also have a unique advantage in the aspect of information transmission and proliferation. All of above factors combine to ease as the core financing difficulties which is the information asymmetry caused by the fragility of SMEs.This paper introduce the concept of social capital and believe that the SMEs in cluster would obtain trust because of the embedded-ness, locality and repeated game, which can benefit to reduce information asymmetry, transaction cost and opportunism. It will lead to improve the trust between SMEs and prevent from credit deficiency and moral risk, and then lower the financing risk.the financing mechanism of SMEs in industrial chusters is a dynamic process of financial markets replace each other. When financial restraint in the macro environment is more serious and there is a significant supply shortage of official external finance, the clusters develop a range of formal and informal mechanisms to address the financing bottlenecks encountered by enterprises. In the early stage of industrial clusters the cluster environment strengthen social capital effect through the trust mechanism and social networking to increasing the size of the informal financing supply. With the developing and growing of industrial cluster, the powerful agglomeration externalities can ease the problem of information asymmetry between SMEs and financial institutions, reduce adverse selection and moral hazard in credit markets and enhance credit benefits of financial institutions. This will change the credit constraints of SMEs financing to some extent and contribute to broaden the external financing channels of SMEs.To verify the above theory, this article has carried on the empirical study to the financing advantages, the promoting effect of the capital trust to financing efficiency and industrial cluster environmental change impact on SMEs financing mechanism through thesurvey to the financing status of SMEs. inside and outside the industry cluster. The empirical results show:(1) The SMEs. inside the industry cluster has the obvious advantage of financing, financing convenience and financing efficiency are both improved. According to the financing convenience degree, through comparison analysis of the cluster enterprises and enterprises outside the cluster from four index of capital supply situation, average capital gain time, diversity of the collateral, asset-liability ratio, cluster enterprises has more convenient financing; In terms of the financing efficiency, the paper use DEA method for input and output data processing,and establish CCR model to evaluate the cluster financing efficiency, the result shows that due to the advantages of industrial cluster, the financing ability of the SMEs. inside the industry cluster is stronger, and the financing efficiency is higher;(2) The trust capital of the cluster enterprise is higher than the non-cluster enterprise and the relation between trust capital and financing efficiency is positively correlated. Through establishing regression model on the basis of the factor analysis method to conduct comparative analysis on the different impact degree of trust capital to financing efficiency, the results show that the trust capital effectively overcome the transaction costs rising and opportunistic behavior caused by the information asymmetry,through the way such as kin altruism, and improve the level of trust between the SMEs. In the regression model where trust capital is independent variables and financing efficiency as dependent variable, the trust capital relative coefficient is the largest, namely the trust capital plays the biggest role in cluster enterprises;(3) The financing behavior of the SMEs. inside the industry cluster is the result of gradually adapting to the external environment change. By means of three types of index:financing obstacles, the financing, financing to improve index, this paper compares and analyzes that the cluster environment in different development stage presents different state. With the change of the status the enterprise financing demand are put forward higher request from quantity to quality aspects.In order to meet the needs of the development the SMEs will inevitably take appropriate financing behavior, which leads to the changing of enterprise financing mechanism.