Research Of Recognition And Assessment Of Small-and-Medium Size Enterprises Debt Financing Risk

Small-and-mediun-sized enterprises(SMES)are playing an increasingly important role in our national economy. The most striking chataceristics of SMES financing in China is that the rights-and-interests capital financing channel is very narrow. Compared with rights-and-interests capital financing, debt financing, which plays an important role after the establishment of SMES, has a wider channel, and the availability of debt capital is more likely to be affected by external factors such as interest rate, supply and demand in the market and some other factors. Therefore, debt financing, which is more risky, is the key to the survival and development of SMES in China.Current researches mainly focused on analysing causes and solutions to SMES'financing difficulties. Quantitative researches, for the most part, assess the credit risk from the perspective of commercial banks and investors, and provide referrences for them to select appropriate projects and avoid risks. This paper standing at the point of SMES themselves, provide referrences for SMES to provent and control financing risks by themselves.First of all, based on financing theories, this paper analysed the current financing situation and causes of financing difficulties by comparing the different financing structures between US SMES and Chinese SMES; Then directed at the high debt financing risk of our SMES, analysed the specific ways of SMES debt financing, pointed out the signals to recognise debt financing risks, and judged debt financing risks by analysing the stucture of SMES'balance sheet; Then the paper established the model to assess SMES'debt financing risk comprehensively. Selected indexes form two respects: the causes to cash flow debt financing risk and management debt financing risk, using analytic hierarchy process to caculate the weights of each indexs, and then using efficiency coefficient method to assess debt financing risk. At last, the paper analysed the debt financing risk of a tipical SME, recognised the risks in its financing process and gave some measures to prevent and lower the risk; Hopefuly this paper can provide SMES some references in identifing, evaluating and controlling debt financing, so as to recoganise debt finanacing risks in time, adjust financing strategy, stablize company finance and increse risk prevention capacity.