Study Of The Financing Efficiency Of Sme Clusters

Medium&small enterprises (SMEs) are one of the most active factors in the domestic economy, playing a more and more important role. The difficulty these SMEs face in financing has been becoming the bottleneck in their further growth. In recent years, the industrial cluster expresses sturdy competition, being subjected to the large scholars' concern. But it is hard to see the research of SMEs cluster financing, lacking system to induce analysis theoretically, lacking more in the theories to guide a next positive research. Therefore, the paper takes SMEs in industrial cluster for object to research theirs credit behaviour from the angle of theoretical research and positive research.The paper researches the mechanism and efficiency problem of SMEs cluster finance with the SMEs industrial cluster theory, SMEs' finance and credit related theories, SMEs cluster finance theory for foundation.First, the SMEs cluster financing is the approach resolving the SMEs financing difficult position. The cluster financing mechanism , building on the cooperating relation in SMEs cluster network, has the function of keeping watch financing credit risks as well as the information lucency strengthens mechanism on inherent mechanism.This financing mechanism has congenital advantage in the field of moral hazard , information asymmetry relieving or reducing credit. So,it can greatly improve the SMEs financing efficiencies.To confirm the advantages of SME cluster financing,taking the enterprise financing efficiency as standard, the paper builds a DEA financing efficiency model.The model avoids the single evaluation of financing,so it can represent the financing performance impersonally and practically. We make empirical ananlysis the listed SMEs from changsha,liuyang and miluo.The study results show that SMEs from the Miluo Cluster have higher efficiency, making sure that the assuming "SMEs from cluster financing have higher efficiency than general SMEs ".Using SEM model,the paper studies the relationship of the SME cluster network mechanisms, information transparency and financing efficiency .Finally, Analyse countermeasure and suggestion having brought forward to the SMEs cluster financing mechanism, according to preceding theoretical analysis and demonstration.