The Cluster Tinancing Research On Technology-based Small And Micro Enterprises

Cluster environment can enlarge the scale of the financing border of enterprises,and it has many advantages including credit,the cost,capital circulation speed,collaborative innovation,scale,risk sharing and others,so the cluster financing of the technology-based small and micro enterprises can improve the information asymmetry between enterprises and financial institutions,and form a strategic relationship network,to ease the financing difficulties of the technology-based small and micro enterprise due to reasons for the small size,less collateral,long project cycle,more uncertain factors,slow capital flow,financial management is not perfect and so on.This paper puts enterprises' cluster financing efficiency and benefit as the basic starting point,and considers the cluster financing behavior of the technology-based small and micro enterprises as the main research object.Combined with the existing literature,and in view of their independent financing predicament,considering the information cost and reputation,this paper designs game model to compare financing income between independent financing and cluster financing,todemonstrate the validity of cluster financing environment.Then,based on analysis of the existing patterns of clusters financing and their influence factors,this paper tries to build index system of influencing factors forproviding the reference for the cluster index of financing risk management.On this basis,it applies small world network model of NW,and reveals the internal mechanism and the law of risk conduction process of cluster financing of technology-based small and micro enterprises with statistics parameter analysis on financing risk conduction network characteristic path length,cluster coefficient and vertex degree and knowledge exchange frequency.After that,this paper builds income distribution model of cluster financingt of the echnology-based small and micro enterprises,to measure their cluster financing income distributionfrom the nucleolus theory,Shapley value method,the Nash bargaining solution model,and the information entropy method.Finally,countermeasures and suggestions is put forwardbased on how to prevent risks,enhance cluster financing influencet of echnology-based small and micro enterprisse in order to increase the income distribution.Through the analysis,we mainly ought to the following conclusion:Firstly,cluster financing can help technology-based small and micro enterprises reduce the information asymmetry,breach or form a constraint mechanism of network fraud.Game strategy choice of "payment" and "loan" can be formed by technology-based small and micro businesses and banks,respectively helping to establish long-term strategic partnership between enterprises and banks.Secondly,most of existing cluster financing modesis proceed for credit enhancement and "bundling" financing based on the size of the micro,small and medium enterprises,and the characteristics of the credit,not integrating the cluster resources and the existing policy resources into the category of cluster financing,lack of "technology" elements related to the financing method of infiltration.Therefore,for technology-based small and micro enterpriseswhich is of technology innovation and policy guidance strongly,cluster environment should enlarge their technology financing effect,putting technology-based small and micro enterprises as a core subject in cluster financing model,and giving full play to their advantage of technology and policy,to build a diversified cluster financing channels.Thirdly,through the risk conduction process analysis of cluster financing by using NW small-world network model,it found that technology-based small and micro enterprises must strengthen the strong ties and weak ties with financial institutions and other industries,setting up a shorter financing risk conduction characteristic path length and larger supply chain network clustering coefficient,reducing the financing risk transmission delay,improving sharing information,accepting the key node boot,intensifying cooperation,to enhance their ability of financing risk prevention and response.Forthly,compared with the independent financing,cluster financing for the small and micro enterprises are of great incremental revenue.But transverse view of allocations of cooperationanmong technology-based small and micro enterprises,the core enterprises and small and medium-sized banks,we can see that technology-based small and micro enterprises are still at a disadvantage,so they must consider how to strengthen their influence in the cluster environment,promote the contribution for the financing activities in a cluster,in order to gain more cluster financing income,meet their financing needs.Fifth,to expand the influence of technology research and development projects of the technology-based small and micro enterprises,strengtheningtheir technology spillover effects within the cluster,extensioning cluster financing mode selection,and improvingtheir distribution in a cluster financing income share,it needs external policy environment and cluster organization,from the cluster credit evaluation system,building cluster risk investment system,based on the technique of technology-based small micro enterprise cluster financing mode optimization aspects play a role,encourage technology-based small micro enterprise maximum limit access to the cluster financing dividends.