| With China's economic in the context of the “new normal”,small and micro enterprises(MSMEs)meet the best time.Development of MSMEs has a very important effect on creating a job,increasing a fiscal levy,driving technological innovation,promoting export and keep economic vitality.It is the basic state policy no matter from the present of the future to promote MSMEs' development,especially since the 18 th Congress of China's Communist Party,the development of MSMEs has risen to the height of national strategy.The financial difficulties of the MSMEs is a wheezy topic in the growth cycle.Because of special background and historical reasons in China's financial development,MSMEs were not the important objects of the bank industry.According to the survey,Eighty percent of MSME financing depended on informal finance.However,with the deepening of China's financial reform and the adjustment of financial structure,MSMEs continue to believe that the loan form the bank is the first choice when they need external financing.Report of the small and micro enterprises financing development of 2014 presented 74% of MSMEs believe the banks occupy the absolute dominance in the current financing market.Apparently,it is very necessary to establish the banking system to support the development of MSMEs.Researches on the credit market of MSMEs has been doing extensive in the western countries,which can not apply to our country completely considering our special national condition.To improve the banking financial services for small enterprises,it must be combine with the development of China's banking industry and histoty should be thought aboutThe banking industry pays attention to the small enterprises financing more and more due to related policies in recent years.For example,the Ministry of China issued a set of rules in 2011 on the type standard of SMEs.At present,great changes that include large state-owned banks reform deepen,joint stock commercial banks development,city commercial banks growing,and all kinds of new financial institutions creating and foreign banks joining,and so on in types of financial institutions have taken place in the banking structure.point of,it's changes include,But,what kind of role the big state-owned banks will play when they serve MSMEs? Big banks or small and medium-sized banks can more effective onimproving MSMEs financing availability? What kind of the banking market structure is advantageous to the MSMEs financing? What do different equity structure of banks affectsmall micro enterprise lending ? Therefore,this study attempted to answer these questions.First,reviewed the changes of banking market structure,size structure and equity structure;Second,data used to demonstrated the changes of small enterprises bank loan.Finally,s the three empirical analysis were provieded.The dissertation has eight chapters.Besides the first chapter of introduction,Chapter II is about literature review and theoretical basis for the study.the system design and experience for MSMEs credit financing of the world's major developed countries were showed in Chapter III..Chapter IV was about experience in China.Empirical analysis from three aspects including market structure,size structure and ownership structure were presented in Chapter V,VI andVII.Finally,combined the theoretical and demonstration analysis,the paper gave the corresponding policy recommendations.Chapter II serves as a theoretic foundation for this paper.It deals with related theories and briefly review of the literatures on the influence factors of MSMEs credit availability.The financial structure theory is one of the important cornerstones of modern financial theory.Credit rationing theories answers why the small enterprise access to credit are very difficult from the macro-perpective.Industrial organization theory answers the bank concentration and competition influence the small credit availability.Corporate governance theory answers the motivation for MSMEs from the micro-perspective.The chapter reviewed the literatures on the influence factors of MSMEs credit availability from the internal and external view.Chapter III viewed and compared the system design for MSMEs credit financing of the world's major developed countries from an open point of view.We choose the United States and UK as the market-oriented system samples and Germany and Japan as the bank-oriented system samples to compare bank structure MSMEs financing in different countries.And thus get some inspiration.Chapter IV showed our country banking industry structure through the market structure,size structure and ownership structure,so you can easily see how they change over time.It inspected basic characteristics of the SMEs credit financing in China.At the same time,it revealed their small enterprises loans including the large banks,the joint-stock commercial banks and city commercial banks.Chapter V was about empirical analysis about the banking market structure and SMEs credit availability.we used HHI(Herfindahl-Hirschman Index)to measure the concentration of the banking,from China's 31 provines,using examined provincial panel data from 2010-2014,and carried on the empirical research on credit availability of small and micro-enterprises.Results showed that HHI index significantly negatively related to the SMEs financing and,when the banking industry concentration degree is lower,the credit availability is higher.The establishment of small and medium-sized Banks is conducive to the improvement of small and micro enterprise credit availability.However,HHI index and economic development level of interaction coefficient is negative,which meaned the economic developed area more,lower market concentration of weakening the impact.The western regions should be strengthened to the establishment of small and medium-sized Banks,reduce the banking market concentration to improve the ability of access to finance.Chapter VI using the data of Chinese enterprises investing and financing environment surveyed by World Bank and provincial financial report,analyzes how the structure of banking financial institutions effects the availability of the enterprise's financial services.account,overdraft and loan to measure the financial services were used.Specifically,it considered the importance of different financial institutions-including banks,rural financial institutions and others,by calculating their asset share relative to total assets and the average size of those institutions.The Probit model was used for empirical analysis.The results showed that the role of others wasnot appeared;To small businesses,rural financial institutions play a positive role in providing loans,and smaller financial institutions.Chapter VII analyze its impact to the small and micro-enterprises credit behavior that bases on the structure which is the main aspects of the bank governance structure.For history reason,our banks are owned by the state in the past.Five big state-owned commercial banks,11 joint-stock commercial banks and 22 city commercial banks were selected to the sample.Using every bank annual reports from 2010 to 2014,find their equity structure to studying the effect of the availability of financing to small businesses by ownership concentration and ownership property.The result indicated that the more shares the first big shareholder holds,the lower ratios of small enterprises loan in that bank.And either the state-owned share or the foreign shares has a significant effect on dependent variables.In the last chapter,put forward the corresponding policy recommendations for the bank industry to the small enterprises financing in our country.Through the above research this dissertation came to the following conclusions.Firstly,the unbalanced development in regional bank market structure has been one of the most important factors to SMEs financing obstacles.With HHI index to measure the banking market structure in our country,we found that the lower banking concentration,the lower small and micro-enterprises financing obstacles.But when we considered the factors of regional economic development level find that this positive effect will be reduced in the high level of economic development areas.Despite added Internet penetration to our model,but the resultwas not significant.Have not to say,the Internet finance has its own advantages,this can serve as a further research direction.But now,it is not the important factors for the bank industry.Therefore,reducing market concentration and barriers to entry and increasing product differentiation to promote competitionwere conducive to further optimize the structure of China's banking industry.Secondly,the role of other financial institutions didn't appear when they served to small and micro-enterprises.Other types of financial institutions is an important supplement of the banking system,we can use their characters like flexibility,adaptability,innovation to provides asset management,consulting and other services for small enterprises.The corresponding policy suggestion is that we should vigorously mining other financial institutions such as the trust companies,leasing companies and financial companies to serve small businesses,it can broaden the financing channels of small firms.Thirdly,diversified ownership structure is an important approach to improve the ability of financing.Ownership structure is one of the important factors affecting the behavior of commercial banks credit.Using the ownership concentration,equity balance degree Z index to measure commercial bank ownership structure to the ratio of small firms' loan for regression analysis,find the ownership structure of commercial banks to small firms credit behavior has important influence indeed.Further,the more shares the first big shareholder holds,the lower ratios of small enterprises loan in that bank.The lower Z index the better for small firms loan.And either the state-owned share or the foreign shares has a significant effect on dependent variables.Lastly,the path of reform banking structure in our country.In 2015 the government work report clearly pointed out that "promote the qualified private capital in accordance with the established small and medium-sized banks and small financial institutions ".However,this study on the policy of an alert is to balance the regional banking competition level,focus on the banking industry is a large concentration area,promote bank competition equilibrium in region,to close the gap the difference of small firms loan in different regions.Small and medium-sized banks should promote specialization through the products differentiation.Specialization of small and medium-sized banks can promote the development of diversification and decentralization of the banking structure,strengthen bank market competition ability and improve the level of financial innovation.We should continue to actively guide the private capital,foreign capital into the banking industry to increase the degree of equity diversification.The features and innovations of this dissertation are reflected in four aspects.First,it attempts to examine systematically the content and extension of SMEs credit financing services from a " structure view " of the banking system to build a theoretical framework for credit financing service for SMEs.Previous studies mostly to stand in MSMEs perspective,but this paper is from the perspective of the reform of the supply side,standing on the position of the financial institutions to analyze the small micro enterprise financing problems.Second,combines the actual conditions of China's regional economic development unbalance with bank market structure to analysis the prolem.And put the Internet penetration as the explained variable into the model.Third,the first innovative split scale for the overall size and average size of two aspects to deepen the theoretical analysis of the size of the banking financial institutions.Fourth,from the view of the commercial banks governance mechanisms that is ownership structure to explain the behavior to small firms.Frankly speaking,we have got some perceptual knowledge,and made it more rational in a timely manner.But we also felt very difficult in every step of the research.Because small and micro financial research in our country is still in infancy,time series is not too long.And it did not build a theoretical model to quantify the banking coefficient of all kinds of financial institutions,which are the limitations of this study.In recent years,the high-speed development of information technology especially the Internet finance,perhaps combined with the big background of the age of the Internet financial data can explore a effective way to solve the MSMEs financing in essence,this will be our future research direction. |
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