Indirect Financing And It's Model For The Cluster Of Small And Medium-sized Enterprises

The cluster of small and medium-sized enterprises (SMES), an entity between the pure market and pure enterprise, is an effective organization form of industrial space. Over the past 30 years since the reform and opening up, many clusters of SMES such as specialized market and specialized township, have been formed in Zhejiang Province, Zhujiang Delta in Guangdong, Sunan Region in Jiangsu. The cluster of SMES represents regional core competitiveness and plays an important role local economic development, fiscal income improvement, employment, social stability and so on.On the other hand, due to the constraints of some internal and external factors in the cluster, the enterprises face the financing problem and the comparative advantage to single enterprise in financing hasn't been fully exerted. Currently the academic focus in financing advantage for clustered enterprise is on abnormal financing. The abnormal financing which is based on the informal social network is an effective substitute to normal financing which is in short supply. But we should know the further development of the financial market will surely conflict with closed and exclusive abnormal social network, making abnormal financing difficult to satisfy the further development of the enterprise. The development of industrial cluster need further breakthrough of the constraint of abnormal financing system, enlarging formal financial supply. Meanwhile we should also realize that the decrease of abnormal system in financing trade doesn't indicate the vanishing of the abnormal system which just changes its function means and scope. The local social embedding of clustering still affects the financing trade in many aspects.On the basis of theoretic research of financing of SMES this paper expounds the advantage in indirect financing, analyzes the situation and problems of indirect financing for the cluster of SMES, discuss the indirect financing model based on the credit cooperation organization. Through the common action of industry credit association,mutual collateral company and intermediary service institution, this model magnifies and strengthens the function of social capital in the cluster, constructs the financial platform which not only creates financial opportunity but also prevents credit risk. This paper also conducts a positive analysis on this model based on the"one institution, one association and three companies"financing platform in regenerating resources industrial cluster in Miluo city of Hunan Province, and finally provides some countermeasures.