| Rural architectural small and medium-sized enterprises are the main supplier of unfocused diversity construction service requirements, and are the main carrier of rural construction work personnel (Research group of the MOHURD policy research center, 2011) . But in the process of its development, the rural architectural small and medium-sized enterprises is faced with many of the"bottleneck", among them, the financing problem is one of the important barrier. Due to lack of collateral as well as the business is not stable, the rural architectural small and medium-sized enterprises are more difficult to get loans from the formal financial institutions compared to other rural small and medium-sized enterprises, and most of their money demand can only meet through informal financial channels. Therefore, further study of the non-formal financing problem of the rural architectural small and medium-sized enterprises is very necessary. So, how is the rural architectural small and medium-sized enterprises' will of financing through non-formal finance? What are the influence factors of the informal financial it receives? Whether informal finance improved operating performance of the rural architectural small and medium-sized enterprises? And whether informal finance reduced the financing constraints of the rural architectural small and medium-sized enterprises?Around the above questions, this paper treats the rural architectural small and medium-sized enterprises as the research object in the perspective of the informal finance. Using the combination of theoretical and empirical research method and the survey data of 13 cities in Jiangsu province, the paper studies the financing problems of non-formal finance of the rural architectural small and medium-sized enterprises. First of all, based on the sample, the paper discusses the characteristics of enterprise and finance of the rural architectural small and medium-sized enterprises. Then the paper empirical analyzed the influence factors of the will and scale of non-formal finance of the rural architectural small and medium-sized enterprises from the perspective of fund demand, and analyzed the reason that the rural architectural small and medium-sized enterprises choose informal finance. Then the paper analyzed the influence factors of obtaining the informal financial finance from the perspective of the money supply.Then this paper test whether the informal finance help to improve the business performance as well as the influence of the rural architectural small and medium-sized enterprises. Then this paper studied the effect of informal finance that easing the financing constraints of the rural architectural small and medium-sized enterprises. Based on the research conclusion, the paper put forward suggestions to alleviate the financing problem of the rural architectural small and medium-sized enterprises.Here are this paper core research contents and research conclusions:Core content A: Empirical analysis of the influence factors of the willingness and scale of non-formal finance of the rural architectural small and medium-sized enterprises from the perspective of fund demand.It includes two basic dimensions: One is the analysis of the affecting factors of the willingness that the rural architectural small and medium-sized enterprises choose informal finance in the perspective of the short-term and long-term. The other is the analysis of the affecting factors of the informal financial financing scale that the rural architectural small and medium-sized enterprises obtain in the perspective of the short-term and long-term.The results of the financing willingness display: Business owners' income has a positive influence on the enterprise financing of non-formal finance in short-term, but in long-term, it has a negative impact. National asset participation have a negative impact on the enterprise financing of non-formal finance in short-term and long-term. Low asset?time of get a loan and the cost of gift-giving have a significant positive influence on the enterprise financing of non-formal finance in short-term and long-term. The results of the financing scale display: The higher the education degree of business owners, the more he can control the enterprises' financing costs, and the financing amount is not the more the better. The first payment after delivery has a positive influence on the non-formal financing scale of the rural architectural small and medium-sized enterprises in short-term and long-term.Core content B: Empirical analysis of the influence factors of obtaining the informal finance from the perspective of the money supply.The result shows that: National asset participation did not have influence on the enterprise financing of non-formal finance in short-term, but in long-term, it has a positive impact. Having leader member of relatives and friends has a positive influence on the enterprise financing of non-formal finance in short-term and long-term. The time of obtain non-formal finance also has a positive influence on the enterprise financing of non-formal finance in short-term and long-term.Core content C: Empirical analyses of the influence of informal finance to the business performance of the rural architectural small and medium-sized enterprises, and based on the different stages of the financial crisis, compare the informal financial impact on its business performance.The result shows that: Comparing with the formal financial, the informal financing objective function of the rural architectural small and medium-sized enterprises is corresponds to the goal of maximizing the corporate interests. Informal finance can positively enhance corporate performance, and promote the sustained and healthy development of the enterprises.Before the financial crisis, relative to the formal financial, informal finance has positive impact on the performance of the rural architectural small and medium-sized enterprises. The possible reasons of the above results is: Theory aspect, relative to the formal financial, informal finance can solve the problem of asymmetric information better, save the enterprise's actual cost of capital, and increase the rate of credit available. Characteristics aspect, financing characteristics of the rural architectural small and medium-sized enterprises is time tight, small amount, and cycle is short, more conducive to the informal finance's comparative advantage into full play.However, informal finance also has a negative impact to the enterprise, informal finance is not entirely replace the formal financial. From characteristic analysis in this paper, on the one hand, the informal financial stability is poorer, and the loan back rate is higher. For the rural architectural small and medium-sized enterprises, informal finance tends to "blood transfusion", and also tend to "draw blood". From the empirical analysis shows that, on the other hand, during the financial crisis, relative to the formal finance, as companies obtain informal finance loans are smaller, loan back rate is higher, the informal finance has a negative impact on the development of the enterprise. In the absence of large economic fluctuations, informal finance positively promotes the development of the enterprise, but in the event of economic fluctuation, it will amplify the negative influence. For the rural architectural small and medium-sized enterprises, the informal finance has advantages and disadvantages. In some aspects,informal finance is beyond the formal finance, but it cannot entirely replace the formal finance.Core content D: In this paper, this part takes the financing constraints, and the welfare loss as the study breakthrough point. Empirical research on informal finance and formal finance on the rural architectural small and medium-sized enterprises, and compare their different effect.The result shows that: The informal financial constraint is 16.58% below formal finance in short-term for the rural architectural small and medium-sized enterprises, and its medium and long-term financing constraint is slightly higher than formal financing by 0.91%. Compared with the formal financial, informal finance can lower the short-term financing constraints of the rural architectural small and medium-sized enterprises to some extent. But in terms of lower long-term financing constraints,informal finance has a weak negative influence.From the point of net assets loss rate and traffic growth rate, relative to the formal finance, informal finance significantly reduces the welfare loss of the rural architectural small and medium-sized enterprises. But in terms of lower long-term welfare loss, the performance of informal finance is a bit weak than the formal finance.The reason for these results is that: Relative to the formal finance, financing coverage of informal finance includes the non-national asset participating and non-government-business enterprises, non formal mortgage enterprises, low assets enterprises, and enterprises in north Jiangsu. It reduced the transaction costs of financing, alleviated the short-term financing constraints of the rural architectural small and medium-sized enterprises, and reduced the loss of welfare. Because of the money lender often ask for the loan during the period of enterprise starts, so the rural architectural small and medium-sized enterprises tend to gain the formal finance when the enterprises won the construction project for a longer time. Compared with the formal finance, informal finance has a negative impact on the financing constraints.According to research conclusions, this paper proposes the following policy recommendations:specification to guide the healthy development of informal finance, strengthen the own construction of the rural architectural small and medium-sized enterprises, establish financing institutions of the combination of formal and informal financial specializes in medium and long term, and strengthen the supervision. |
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