Research On Credit Constrain Of Small And Medium一sized Enterprises In Chin

Although Small and medium-sized enterprises (SMEs) SMEs have an irreplaceable position in national economy and society development, they are in the state of "high position but low potency" when accessing debt finance from commercial banks. It is difficult for SMEs to get effective supply from banks to fulfill their credit demand. Credit constraint postpones growth plans, also hinders SMEs’transformation and upgrading, and even influences macro-financial stability and economic growth. SMEs actual performance can sufficiently prove the harms of credit constraints under the international financial crisis in2008and Chinese tight monetary policy in2010. In recent years, government has taken lots of measures to reduce SMEs’financing obstacles, and banks have increased input and strengthen to service SMEs. However SMEs in China still suffer severer credit constraint than in other countries. While this serious problem in reality lacks systematic basic research and sufficient empirical evidence in theory. So this paper takes SMEs’credit constraint as research theme, constructs theoretical model of SMEs credit constraint, analyze factors and causes leading to SMEs credit constrain systematically, suggests ease mechanism and provides some suggestions. This paper not only enriches the SMEs financing theory, but also provides guidance for SMEs to enhance financing capacity, banks to improve supply efficiency, and government to make scientific decisions. The main contributions in this paper are as follows:(1) Define and develop the connotation of SMEs’credit constraint, distinguish the three similar nations of credit constrain, credit rationing and credit discrimination, summarize the performances of SMEs’credit constraints in China.(2)Build the theoretical model of SMEs’credit constraint. Under the analytical framework of Capital Structure Theory and Financial Intermediation Theory, demonstrate the reasons of SMEs’credit demand and the advantages of banking credit supply. Explain the formation of Supply-based credit constrain with Credit Rationing theory, and interpret the production of demand-based credit constrain with Transaction Cost Theory(3)Analyze the key influencing factors and multiple causes of SMEs’credit constraint. Firstly, study the relationship between credit constraint and SMEs’area, industry, property right, life cycle, scale, entrepreneur characters, government structure, bank-SMEs relation and financial condition, applied gene analysis, correlation analysis and regression analysis. Secondly, discuss how banks’capital supervision, management institutions, government structure and credit discrimination lead to SMEs’credit constraint, then quantitatively research the constrain effect brought by banking credit supply on SMEs’financing structure. Thirdly, investigate the effect of banking structure, social trust and law protect on SMEs’credit constraint with panel data fixed effect model.(4)Construct credit constrain governance system for SMEs. Credit information sharing mechanism can reduce information asymmetry, credit promotion mechanism can compensate credit inadequacy of SMEs, reputation mechanism can make up current defect of institutional environment, lending-technology innovation mechanism can ease the restriction from banking management system.(5) Propose countermeasures to SMEs’credit constraint. Every advice is in response to above-mentioned analysis and result, making policies targeted and suggestions possible. Obtain several significant policy implications:①financial institutions should pay attention to the adaptability of credit products and service, especially decrease SMEs’financing costs through innovation of technology and management②banking structure orderly adjustment is premise with the enhancement of banking operational efficiency, government should optimize financial system through "transformation" instead of ""new establishment" of existing small financial institutions, and "guidance" instead of "open" of private finance.③Credit information system should take establishment pattern of "unify after decentralizing" and operation pattern of "government and market parallel" Government should guide instead of dominate guarantee industry. The key point to increase SMEs credit supply lies in perfection of financing environment instead of administrative means.