Theoretical And Empirical Study On Financing Of Rowing Small And Medium Sized Enterprise

Growing small and medium sized enterprise (SME) is strengthening on overall scale and the strength, and becoming the important factors to improve continually sustainable and stable growth of economy. But the weakness on financing has been restricted the development of SME. How to make growing SME under quicker development and overcome financing paradox is an increasingly issue that should be solved. In recent years, there are lots of research literatures on the study of SME financing issue. Existing researches mainly concentrated on the general financing research of SME, and the availability and financing conditions under industrial economics, financial economics theory structure. There is little systemically research on growing SME financing problem. Therefore, the study on growing SME financing has theoretical and practical value.Under the financing theory and enterprise growth theory structure, in this dissertation, by using dynamic study and static analysis method, the financing issue, which runs through the whole life cycle of enterprise, is systematically studied. The evaluation system of growing degree is created based on the resolving of the problem of financing situation depending process and the problem of information asymmetry in the process of enterprise growing. The natures and path of the SME growth are analyzed, and hereby the rule of SME financing is disclosed. Based on the created evaluation system, the internal and external affecting factors and the interaction among them are discussed. The innovated financing system with different stages is generated. With the results of the paper, the control of the conversing choosing is strengthened. Hereby the financing opportunity could be better grasped, and the financing ability and efficiency could be increased. In this paper, based on the analysis of the current situation of SME financing, the financing supporting system is established by using for reference of succeeded experience of developed countries. Some theories and methods are empirically studied, and some results with academic and practical value are concluded.The main chapters of this dissertation including:Chapter 1. Introduction. Mainly including the research question proposing, the research significance, national and international research situation on the topic, research method and technical route, research main contents and innovation spot.Chapter 2. Theoretical study on SME financing. This chapter is the theoretical basis of financing study. Including the MM model of the capital structural theory, balance theory, asymmetrical information theory, enterprise growth theory and its financial growth cycle theory, and the financing demand and supply theory of SME.Chapter 3. Study on growing SME and the financing characteristics. In this chapter, the nature and path of the growing of enterprise is disclosed. The evaluation indicator system and model are created. The SME financing risk features, financing demand features, financial ordinal curve, the Macmiron gap in financing, the relationship between enterprise and bank under information asymmetry are in detail analyzed.Chapter 4. study on affecting factors of growing SME financing. The internal and external affecting factors on growing SME financing are analyzed. Internal factors on enterprise institutional level mainly include the relationship of ownership, governance structure, organization structure; on enterprise resources level include management capacity, financial capacity, human resource capacity, technology innovation capacity, market capacity and so forth. The three-order transition model of enterprise growth under internal affecting factors is established. External affecting factors include polity, law, economy, technology, social culture, finance, industrial environment. The evaluation indicator system and model of external affecting factors is created.Chapter 5. Financing capacity and efficiency evaluation of growing SME.in this chapter, the financing capacity evaluation indicator system and main factor analysis evaluation model are generated while financing efficiency fuzz synthetic evaluation model is established.Chapter 6. current situation of China SME financing analysis. In this chapter, field survey, questionnaire and multi-channel collected data are used to study the position, function and characteristics of growing SME. The financing demand, environment, channel and method of China growing SME are analyzed. Especially analyzes the obstructive factors and the causes in SME financing. All the studies provide the basis of the establishment of financing system.Chapter 7. Establishing financing supporting system of growing SME. In this Chapter, American, Japanese, Korean, and Tailand SME financing supporting system are compared. Based on the synthetic analysis, China financing supporting system which is composed of environment system, capacity system, growth system, channel system, is integrated and designed. The system support China SME financing from the aspect of policy, law, finance, information, service and so on. The deep study on policy, finance, and credit culture issues in the system is fulfilled.Chapter 8. Case study. Take Jilin Northeast Tiger Pharmaceutical Company as case, analyzed it's financing issue in the process of development. The types of it's growth are evaluated by using methods formerly mentioned.Chapter 9. Conclusion and Implication. In this chapter, a summary is made to get corresponding conclusions and the countermeasures of resolving the problem of SME financing.