Financing Difficulties And Breakthrough Of Small And Medium-sized Enterprises In China--From The Perspective Of Relational Loan

The large number of small and medium-sized competitive corporations operates flexibility and have a wide range of distribution. As the economic force, small and medium-sized enterprises plays a great role in the promotion of economic development, expanding employment, increasing revenues and improving the level of national science technology.At the same time, it is also faced with some problems in the course of development which focusing on performance for financing difficulties. Recently the State Council officially have made a decision that introduces the Growth Enterprise Market in order to solve the problem. Not only the vast majority of small and medium enterprises,but also the enthusiasm of investors discouraged because of the GEM high threshold. In a long period of time, the majority of SMEs have to adopt an indirect mode of financing. Information asymmetry is considered the fundamental factors of SMEs difficulty financing. There is credit crunch in banks and other credit institutions for SMEs due to the characteristics of small and medium-sized enterprises. The problem is difficult to solve in the original system. It is necessary to innovative financing organizations and financing methods. As a financing technique, relational loan has rich results on the theory and practice in the United States, Germany, Japan and other countries. It provides a new perspective for our country to resolve the issue of financing small and medium-sized enterprises.This paper is divided into six parts. Chapter I questions and introduce significance of topics and the analytical methods,introduce development of small and medium enterprises as well as the importance the small and medium enterprises in China's economic development.ChapterⅡReview of the Theoretical on financing small and medium-sized enterprises theory. From the enterprise financing structure and pecking order theory, the reasons for financing difficulty small and medium enterprises, development of private financial institutions, as well as small and medium-sized bank financing for SMEs to grasp the dynamic. On the one hand,it confirms the significance of this paper; on the other hand, It provides a reference measure for China's experience.ChapterⅢEconomic Analysis of relational loan. It explains the relational loan,discuss the motivation of relational financing, explain the relationship between relational financing and financing difficultly. On this basis, find conditions of relational loan through the construction of a relational model.It provides the theory enough support for China's building a relationship-oriented small and medium enterprises financing system.ChapterⅣResearch on relational loan in the applicability of ours. Analysing the costs and benefits the relational loan, the conditions of the loan as well as obstacles.We come to the conclusion: in the existing system of financing the development of relational financing,it is difficult to make a breakthrough.ChapterⅤModel, empirical analysis of SMEs in the financing structure, financing conditions, the mode of financing as well as the different level of difficulty.It confirm the necessity and importance of relational loan.It also provide strong support to establish new financing institutions to carry out relations betweenthe type of financing.ChapterⅥSuggestions, based on the perspective of relational loans to ease theproblem of financing small and medium-sized enterprises, it is necessary to establishnon-governmental micro-finance local companies.At the same time, innovative wayof security and introduce a pledge of accounts receivable financing business.Government should intensify construction of social credit system, establish andimprove the SME credit guarantee system.In this paper, innovation lies in empirically analysis based on relational loan.Establish model analysis of conditions and possibility of relational loan,innovatespecific operations of establishing micro-credit company and the accounts receivablepledged.