Research On Financing Constraints Problem Of Small And Micro Enterprises

Small and micro enterprises are the most active cells in the national economy, and are a very special group in our country’s economy and society, playing a huge role on promoting economic development, creating employment opportunities and promoting innovation in science and technology. However, because of the deep-seated problems such as financial structure, the predicament of financing constraints faced by small and micro enterprises has not been solved effectively in our country. The persistence of this state will likely affect the survival and development of small and micro enterprises, affect the adjustment of industrial structure and employment, affect the implementation of the strategy of expanding domestic demand, and even affect the whole social stability. There is a direct relationship between the financing constraints plight of small and micro enterprises and financial structure in China, especially in the structure of financial institutions. Therefore, based on the perspective of financial structure, this article studies the financing constraint problem of small and micro enterprises in depth that has important practical significance and theoretical value.Based on the domestic and foreign research dynamic summarized and reviewed, this article studies the relationship between financial structure and financing constraints of small and micro enterprises combining the related theory. On this basis, this article firstly studies the present situation of financing needs and financing constraints of small and micro enterprises in our country, and small and micro enterprises are facing discretionary behavior and its consequences under financing constraints. Then, this article researches supply capacity and willingness of financial institutions to carry out financing of small and micro enterprises. Afterwards, from the perspective of the financial structure, this article explains the problem of small and micro enterprises facing the financing constraints, analyzes the behavior logic of different types of financial institutions to finance small and micro enterprises emphatically, and analyzes the monetary policy adjustments and credit technological innovation to affect the financing of small and micro enterprises under the existing financial structure. On this basis, this article explores the system root and environmental conditions of the formation mechanism of the financial structure in our country, and puts forward to the optimization path and related supporting measures of financial structure, in order to alleviate financing constraints of small and micro enterprises.Specific conclusions are as follows:(1)At present, small and micro enterprises generally have a strong financing needs, but it is difficult to obtain the necessary financing for development, facing the financing constraint problem in our country. Small and micro enterprises in the face of financing constraints, the enterprises will make discretionary behavior to financing, such as choosing their own accumulation, making full use of the shadow banking funds, but do not realize to solve the finance constraint problem of enterprise really, causing increased pressure to adjust the industrial structure, lacking of motivation of the economy sustainable development, and other consequences.(2)At present, financial institutions generally have the various capabilities to carry out financing of small and micro enterprises, including product design capabilities, credit technological innovation capability, internal management mechanism having greater impact on financial institutions to the financing capacity of small and micro enterprises. Most financial institutions are willing to carry out the financing of small and micro enterprises, but influenced by the type of financial institutions, the main purpose of carrying out the financing of small and micro enterprises, the likelihood of gaining profits and other factors. Especially the different types of financial institutions to carry out the financing willingness of small and micro enterprises will have very big distinction.(3)The behavior logic of the different types of financial institutions to finance small and micro enterprises is different. Large financial institutions do not have natural advantages to provide financing services for small and micro enterprises, and small and medium-sized financial institutions have comparative advantage. In the present, the system of the financial structure exists in our country that large financial institutions and the branches are the main body status, and the development of small and medium-sized financial institutions is insufficient relatively. This financial structure leads to small and micro enterprises face serious financing constraint problems. Under the existing financial structure, the monetary policy adjustments and credit technological innovation have a significant impact on small and micro enterprises.Therefore, there are symbiosis of large financial institutions and small and medium-sized financial institutions to provide financing for small and micro enterprises in reality. Large financial institutions and small and medium-sized financial institutions provide financing for small and micro enterprises by choosing different credit technology actively.(4) Related institutional reform such as economic system, financial supervision system, ownership structure and changes, etc, and environmental conditions such as social and cultural conditions, modern science and technology, law rules and regulations, credit relations, etc, they have common influence on the formation of financial structure in our country.(5) Our country should set up a reasonable distribution, fully function, multi-level system of financial institutions, through deepening the reform of large commercial banks, developing small and medium-sized financial institutions vigorously, setting up small and micro enterprises policy financial institutions, continuing to regulate the folk financial development, speeding up the private bank pilot, etc. At the same time, it make relevant matching measures, such as making a favorable fiscal and taxation support policy, implementing reform of financial regulatory system, perfecting the legal system, in order to optimize the financial structure constantly and ease financing constraints of small and micro enterprises.The main innovations of this article are as follows:(1)Using Logit model and Tobit model, this article focuses on the influence of the basic characteristics of business owners of small and micro enterprises on financing demand and financing constraints, and takes the lead from the angle of capital suppliers to research the financing constraint problem of small and micro enterprises, using Probit model to analyze empirically the influence factors of supply willingness of financial institutions to small micro enterprise financing, in order to fill the gaps in existing research.(2) This article takes the lead from the perspective of the financial structure to explain the problems of small and micro enterprises facing the financing constraints, and discusses the monetary policy adjustments and credit technological innovation to affect the different types of financial institutions to provide the financing capacity of small and micro enterprises under the existing financial structure.(3) This article puts forward to the operational and targeted financial structure optimization and related supporting measures, in order to alleviate financing constraints of small and micro enterprises and provide decision-making reference to make financial reform policies for the relevant government departments and promote the development of small and micro enterprises.