Study On Behavior Of Rural Small And Medium-sized Enterprises Financing

As the main force of rural economic development,rural small and medium-sized enterprises(SMEs) are the important carrier to implement the strategy of"develop rural industry to subsidize agriculture, and develop cities to subsidize villages". However, under the influence of current global financial crisis and macroeconomic policies, the problem of fund shortage has become the bottleneck for its development. Through analyzing SMEs financing will and financing channels, this paper aims to propose improving measurements to macroeconomic policies, especially finance policies. In this respect, it will be helpful to realize financing equilibrium and provide theoretical basis and policy suggestions for government decision.Based on economic theory, this paper is from the perspective of behavioral economics to study financing behavior of rural SMEs. It has used methods of both of dynamic analysis and static analysis, empirical analysis and normative analysis, spot investigation, establishing econometric model and so on. It is according to the thinking line of"description of current situation---theoretical analysis---empirical analysis---policy and suggestion"besides of defining relative concept and literature review. This paper is divided into six parts. The first part is to define the concepts of rural SMEs and financing behavior of SMEs and make clear the purpose, meaning and main content of this study. It also learns and comments on studies of domestic scholars who used theories of capital structure, cycle of financial growth, relational financing and private finance, and then concludes gained achievements. In the end of this part the author proposes what we should study in the future. The second one is about analysis of the role of rural SMEs and describes their characteristic and current situation. The third one analyzes internal and external factors of SMEs financing and evaluates influence degree of those factors by DEMATE model. On this basis, it uses theories of economics to analyze possibility and conditions of each sort of medium-sized enterprise to realize equilibrium in different financial market. In the forth one, based on the investigation of rural SMEs in He Nan province, this paper tests the wills and channels of rural SMEs by empirical analysis and establishing econometric model. In the fifth part, it makes a comparative analysis of credit guarantee system of SMEs in developed countries, and then empirically analyzes the financing will of rural SMEs in loan system using statistics. The last part is based on analysis of the first five parts to make a conclusion and propose policies and suggestions for realization of financing equilibrium of rural SMEs.It makes a conclusion after analysis. Firstly, small sum and temporary financing are mainly chosen by rural SMEs. Rural credit cooperatives, rural commercial banks and private finance are funds providers. Secondly, in the formal financial market, rational rate of collateral is propitious to achieve equilibrium and expand financing scale; however, it will cause rural SMEs which have low profit to seek financing in informal financial market. In informal financial market, the funds providers have the ability to distinguish rural SMEs of high profit and ones of low profit, and bring about separation equilibrium in the level of different ratio. Thirdly, financing of enterprises is apparently affected by law and policy environment, rural finance environment, period of business and operation scale. At the same time, collateral, guarantee institutions and medium-sized financial institutions are in favor of realization of financing equilibrium. Fourthly, selection of financing channels presents to be pluralism. It makes a great difference because of different enterprise age, different education level of legal representative and different scale. Fifthly, rural SMEs are willing to raise capital through credit guarantee institutions influencing the rural SMEs positively.According to conclusions above, it puts forward some policies and suggestions. First of all, the government should increase policy inclination and build law system which protects financing of rural SMEs. Besides, it needs to establish medium-sized financial institution, innovate financial products of banks and regularize private financial market, so as to improve rural financial system and promote the service ability of rural financial institution. In addition, it should speed up the reformation of enterprise property rights, improve financial rules, promote human capital and complete self-construction which is based on enterprise credit management system. What's more, it's necessary to construct environment of credit, to make rural credit evaluation system perfect and to build reasonable credit incentive mechanism system step by step. Last but not the least, it necessitates to build credit guarantee institutions which are guided by government and operated as enterprises, and construct perfect rural credit guarantee system.