Institutional Environment And SME Bank Loans On The Panel Data Research Of Small Board Listed Companies

The history practice of the world has proved that, SMEs are a strong driving force for economic growth, also SMEs are an important means of providing employment.SMEs are the most dynamic economic power of the world, they have long been an important part of the economy. In China, SMEs, as a large group, played more evident role in the national economy. Since the 90s of the 20th century, SMEs played a special function of promoting economic growth, job creation, optimization and restructuring of industrial structure in the economic operation, while SMEs (small and medium enterprises) are an important pillar of our national economy and a vital force, also they are the new economic growth. But all along, the financing support of SMEs did not match the status and role in their national economic and social development. Now the current development is still difficult for SMEs, shortage of funds, financing difficulties have become serious obstacles and constraints of the rapid development of SMEs. " With the deepening of China’s economic reform, how to solve the problem of financing of SMEs has become issues of common concern of the government, enterprises and researchers. In this context, revealing the status of SME financing, mining and analyzing the causes of difficulties of SME financing, seeking measures to resolve the problem of financing, has important practical significance for SMEs to recognize the reality of its environment, its objective and fair assessment of their strengths and weaknesses and seeking ways to solve the problem of financing.On the one hand, from the promotion of employment and economic growth, the SMEs are major revenue sources of public finance, also they are an important object for performing its functions, the implementation of management and services of the government; on the other hand, the development and growth of SMEs provide a "natural" objects of potential services resources for commercial bank and securities which are lack of high-end customers. More importantly, from the limited financial resources and the existence of a "skillfully deflected the question", only by the full use of financial resources, playing inherent features and advantages of fiscal and monetary to construct an effective docking fiscal and monetary financing of SMEs can they solve the current financing difficulties of SMEs in China.This paper addresses the issues, from the analysis of SMEs financing difficulties, using the small board of non-listed state-owned SMEs as a sample, analyse the influence of the government intervention, laws and regulations, market-oriented financial sector.Then propose countermeasures and hope to find a breakthrough for SMEs financing problems.The text is divided into five parts:The first part is an introduction, presenting the research background and significance of the paper, structure, research methods and tools, content, the main contributions and shortcomings; second part is the literature review, a theoretical literature review from the perspective of both domestic and foreign scholars related to SME financing, and then reviewed the focus of this article-the literature of "the institutional environment for SMEs to obtain bank loans"; the third part of SME business problems and the problem of the formation of the internal and external causes. From the definition and importance of SMEs to start, giving the important contributions of SME in promoting economic development, promoting current national economic growth and providing a large number of employment opportunities.Then analyzed the problems and causes of SMEs, mainly considers the external system environment from government intervention, laws and regulations, market-oriented factors; fourth part of the international situation in SME financing. Described the situation for SME financing in the United States, Japan, EU, Hong Kong and other countries or regions, in order to lay the foundation to explore ways to solve the problem of SMEs financing in China, also provides an effective reference and enlightenment; fifth part is the institutional environment factors and Quantitative Analysis of SME loans. From the system level to analyse, proposed hypotheses, model building, using multiple linear regression methods of panel data, analysis the results of empirical, describes the government intervention index, the level of the rule of law index, market-oriented financial sector to the total loan amount, short-term loans, long-term impact loans; Part VI put forward countermeasures and suggestions of the previous part of Quantitative Analysis. their quality of SMEs need to be further improved, the paper further describes how to solve the problem of financing SMEs from the institutional level.In this paper, based on sorting out relevant research home and abroad, analyze the problem of financing SMEs by the use of relevant theories of finance, a variety of effective economic methods, on the basis of the empirical analysis, propose solutions to SME financing problem. Methods include:online, literature search, data collection, empirical modeling, multiple linear regression.Through analysis aspects of government intervention, legal level, the degree of financial market on SME financing to analysing the system of financing environmental factors, this paper proposes to minimize government intervention, improve laws and regulations, strengthening financial markets, hoping to provide some policy recommendations for SMEs financing.