Study On Credit Evaluation Of Small And Medium-Sized Enterprises Based On Social Capital

The small and medium-sized enterprises (SMEs) of our country play more and more important role in the economy, but their development are restricted by the constrictive financing policies. To solve this difficulty in financing of SEMS, the scholars and practicers in our country have made some positive attempts. Our country's finance system is still leading by the large-scale state commercial banks and the financing of SMEs is difficult and constrained, so the large-scale commercial banks are still the main financing source of SMEs for some time.The imperfect corporate governance, finance condition and mortagage ability are bottleneck to SMEs to obtain financial supports from commercial banks'credits. The effective evaluation of the credit ability of SMEs is key process of commercial banks to support the development of SMEs with efficient funds. Now there are still some theoretical and practical questions about how to improve the evaluation process and ability of the credit of SMEs should be solved. So this research aims to analysis the credit evaluation of SMEs based on the social capital, enrich and develop the theory and methods of the credit evaluation of SMEs, and finally offer some theoretical guidelines and methodology to lead the credit funds to those capable SMEs.Starting from the analysis of SME's features and credit evaluation theories, this paper constructs the theoretical framework of credit evaluation of SMEs based on the social capital, analyzes the influencing factors, selectes the evaluation indexes and establishs the evaluation model to study the credit evaluation of SMEs in depth. This research is divided into four parts.Firstly, this study defines the concept and feature of the credit evaluation of SMEs,constructs the theoretical frame of credit evaluation system based on social capital, reveals the main content of credit evaluation of SMEs, and propose the concept and definition of credit evaluation of SMEs based on social captial. And then defines the main body of the social capital of SMEs, and proposes the classifying method of the social capital according to the real condition of outside social network of SMEs. Secondly, analyzes the factors influencing the SMEs'credit from financial ability, corporate social capital and entrepreneurial social captial. Empicial data is collected through the face to face interview and survey. The depicting statistical analysis of the informants shows the background information of entrepreneurs, and the reliability and validity analysises confirm the reliability of the data. The structural equation model is formed and testified based on fit indexes to test the hypotheses and to reveal the degree and direction of factors influencing the credit of SMEs.Thirdly, constructs the credit level evaluation index system of SMEs which includes the financing ability, corporate social capital and entrepreneurial social capital three first level indexes. The principal component analysis is applied to simplify the structure and reduce the internal correlation of data to optimize the evaluation indexes.Finally, the credit evaluation model based on social capital of SMEs is formed. Because the credit evaluation process of SMEs always face some difficulties, such as small sample size, non-linear and partial minimum, the support vector machine (SVM) is selected as the core arithmetic of the model to effectively solve these difficulities. The LIBSVM software package is usded to train this evaluation model. The RBF kernel function is chosed as the core function of SVM and the key parameter is confirmed through crossing verification technology, and the forecast precision is testified. The case study is performed to testify the effect of the credit evaluation model.