Empirical Analysis On The Factors Influenced Credit Finacing Of SMEs In China

Since the reform and opening up policies have been carried out, SMEs in China has got a rapid development in the national economy and social progress.However, due to factors such as asymmetric information, the phenomenon of credit rationing is widespread on the SME financing market, the difficulties of credit facilities hindering the development of SMEs in a large extent.This problem is being concerned increasingly by theorists and practitioners.In recent years,we implemented policies to expand the financing channels for SMEs, such as listing the SME board in 2004 and the opening the GEM in October 2009. However, only very few SMEs meet the listing standards, the financing problems especially the credit facillities of most SMEs are not effectively resolved, especially in the impact of global financial crisis and inflation and other macro-economic environments, the difficulties for SMEs to get bank credit significant increased in China, therefore, theoretical analysis of the factors impacting SMEs banking is needed in urgent.In this paper, on the basis of the theory of credit facilities and the existing literature research results, combined with the financing situation of SMEs, take the listed SMEs as the sample, to build the target system and model. We empirically analyze the factors that affect SME credit facilities and get the following conclusions:Different sectors of SMEs access to significant different credit financing, enterprise asset scale and capital rich degree having significant impact to long-term credit, good financial conditions is positive for SMEs to obtain the bank credit. The market-oriented index is negatively correlated with credit facilities, China's market reform needs to be further promoted, the market allocation of credit funds needs to be improved. In tightening monetary policy, SMEs credit rationing is worse.Finally, according to the results of empirical research, drawing on experience of developed countries, put forward policy recommendations to national conditions.