The Study On The Financing Of The Smes In The Industrial Cluster

With the development of our country's economy, industrial cluster has been an important supporting power in the district economic development. Researches on industrial cluster as well as the financing of small and medium enterprises done by domestic and foreign scholars show that usually the financing structure for enterprises ought to obey the order of internal financing, debt funding and last the stock financing. However because of the unsoundness of our country's marketing, small and medium enterprises'financing depends on bank credit unilaterally. Besides obstacles including information asymmetry, cost-benefit asymmetry and so on, result in financing difficulties such as"narrow funding channel, high funding cost"for middle and small enterprises in industrial clusters.According to the theory of industrial cluster, funding requirements for small and medium enterprises in industrial clusters have characteristics of identity, stability and relevance, which contribute to financing advantages of credit union, decrease of information asymmetry and reduce of trade costs, etc. The game theory analysis of money collection by small and medium enterprises indicates that joint funding is a steady and feasible financing way. Theoretically, middle and small enterprises in industrial clusters own various funding models including"regional sponsor bank","mutual guarantee","banking","collection of bonds"and"basket listing of companies", etc. But because of marketing environment, district difference, industrial difference and other reasons, these ways of funding can not be achieved or spread on a large scale.For these reasons, this article puts forward a conception of building joint funding company—a joint financing mechanism which is organized by enterprises in clusters, guarded by governments as well as industrial association and has its independent corporate position. Middle and small companies should pay some basic guarantee money and join in through partnership or stock-sharing. The joint funding company collecting money through bank loans, issuing currency or other ways and those small and middle enterprises can get correspondent money in accordance with contracts and their basic guarantee money. Due bank loans and bonds should be paid uniformly. The joint funding company provides correspondent services such as consultation, management and risk controlling and takes actions to specialize the unified financing demands. This union forms scale effects and owns the relationship of mutual restriction as well as interdependence thus it is able to raise the success rate of funding, reduce the funding costs or risks.In order to realize the conception of joint funding, this article puts forward several policy suggestions that can promote the funding of small and medium enterprises through three aspects: financial environment, government and society as well as industrial clusters. These suggestions include accelerating the construction of multi-level capital market, cultivating regional financing market, advancing finance, government planning, fiscal and taxation support, perfecting financial laws, etc. With efforts of multi-aspects, financing difficulty for small and medium enterprises in industrial clusters can be solved.