Financing System Research Of Small And Medium Enterprises Based On The Enterprises Cluster

As a special kind of enterprise organization form, enterprise cluster environmentgreatly influences the financing activities, including nearly the entire enterpriseproduction and management link. There is a lot of literature which has put a huge researchon the production system of enterprise cluster, but paid little attention to the effect madeby the enterprise cluster environment on enterprise financing behavior. It is under thisresearch background, this paper will integrate the financing advantage of enterprisecluster into the research of SMEs’ financing difficulties, in order to seek for a way out ofSMEs’ financing problems.From the enterprise cluster theory, enterprise financing theory and the theory of theSMEs’ financing in cluster, this paper reviews the situation of domestic and foreignresearch. Secondly, this paper summarizes the basic situation of SMEs from the industrydistribution and regional distribution. Analysis shows the problem of the poor ability ofinternal financing, the blocked indirect financing channel and the narrow direct financingchannel of China’s SMEs, and this paper analyzes the internal and external causes offinancing difficulties of SMEs. After the analysis of the effects of the social capital andthe cluster to SMEs financing, and the analysis of the financing mechanism of evolutionpath of SMEs in clusters, this paper draw a conclusion that the cluster enterprise financingmechanism is a dynamic process of evolution; Combined with the actual situation in ourcountry, set enterprise cluster environment and macro financial environment as twovariables, this paper finds out that the way of the cluster SMEs’ financing is frominformal financing arrangements to the innovation by the financing intermediaryorganizations in the cluster, and then to the formal financial market. Thirdly, this paperexpounds the main body elements of financing system and their functions, and makes acomparison analysis of the choice among the financing methods of the SMEs in cluster, toconclude that SMEs in different developing stage needs to take different mode offinancing. Further, this paper presents to build the model of ‘three subsystems’ whichexplains the relationship among the SMEs of the enterprise cluster, the financial systemand the credit-guarantee system, and to propose a perfected measures for every differentsystem. Finally, by constructing a game model to analyze the financing income of thecluster enterprises cooperation on the single stage and multi-stage of the game theory, andwork out the important conditions of the producing effectiveness made by reputation mechanism, to effectively guard against the moral risks after financing cooperationbetween the SMEs in the enterprises cluster.