Research On Relational Financing Of Small And Medium-sized Enterprises Of China

Small and medium-sized enterprises (SMEs) have played a very important role in promoting economic growth, creating jobs and adjusting industrial structure of China, but the development of SMEs in China still faces a shortage of funds, lack of qualified personnel, insufficient resources and other problems. Financing problem is in particular. How to choose an effective way to resolve the funding gap for SMEs will make great significance of continuing development of SMEs and the whole national economy.Many scholars have made detailed research on characteristics and roles of relational financing of enterprises, especially SMEs. Relational Financing, as a kind of relationship, long-term cooperation and trust-based forms of financing, make maintain close supervision of bank and re-negotiated and mutually implied long-term contracts as the basic features. The most direct and fundamental purpose of relational financing is to solve the problem of asymmetric information. The research purpose of the paper is to open up channels of SMEs financing and to provide new ways to solve the financing difficulties and to promote the rapid development of SMEs in China.The paper used the research methods of combination of theoretical research and modeling research, game modeling and empirical modeling. Based on the theoretical research, the paper has made a comparison of relational financing in the United States, Japan and Germany to draw on inspiration of China's development of relational financing. The paper also made research through two ways of game and empirical research on relational financing of SMEs to get the same conclusion and further proof point of view. Finally, the game and empirical analysis results demonstrate that relational financing plays a very important role in long-term capital financing for companies. The soft information based on the interaction between the banks and SMEs improve the credit availability and enhance the relational financing between banks and SMEs. It will increase the number of SMEs and promote the development of them. Based on the research result, the paper made corresponding countermeasures combined the front part of the study and the situation of SMEs of China.