Research On Financing Channels Of The Small And Medium-sized Enterprises

Financing issue is the critical problem in the development of the small andmedium-sized enterprises（SMEs）. Domestic and foreign experts pay moreattention to the problems, including the reason of financing difficulties and theway to alleviate it. Nowadays, our country is in the economic transition period,the direct and indirect financing systems of SMEs need to be improved. Policyand law system and multi-level capital markets are not perfect. The social creditsystem is being built. Besides, there are problems in the development of SMEs.So financing difficulties, such as the financing channels of SMEs are not smooth,some SMEs can not get the shortage of funds, appear. In the currentsocio-economic development, it is as a historical task to research the financingchannels of SMEs.This paper proposes a series of measures and recommendations to improvefinancing channels of SMEs, by studying the current situation and the underlyingcauses of the financing channels, and through comparing the internationalexperience and using the empirical research. This paper uses the empirical andnormative analysis, combining qualitative and quantitative analysis, based oneconomics, statistics, accounting, financial management and so on. In addition, italso combines the comparative and historical analysis. It discovers some problem,by studying the existing literature. Although the existing research conclusion isdesirable, their researches on SMEs are using cross section analysis, panel dataanalysis lacked and the variable to be optimized. What’s more, there is lack of acomplete financing channels strategy system. Then, this paper is trying to findthe way to broad SMEs’ financing channel of our country through comparing thefinancing channel between United States and Japan. To achieve the study aim,regression analysis is used, through analyzing the panel data of100sampleenterprises in2006-2010. Credit availability of the three kinds of SMEs’financing channels, such as bank loans, commercial credit and informal financiallending, are as the proxy variables, to build the multiple linear regression model,so as to find out important factors. Finally, this paper proposes to perfect indirect financing channel through thefinancial business innovation, the local SMEs’ financial institutions development,the financing lease and the private financial improvement. At the same time,other ways can be used to develop the direct financing channel, includingestablishing the SMEs’ risk investment fund, setting up a local SMEs’ capitalmarket, perfecting SMEs’ board and growth enterprise market, etc. At last, it putsforward a more complete channels of financing strategy system, for clear thefinancing channels, by building a healthy credit system of social and SMEs,legal laws and regulations system of SMEs, the government directly supportsystem, multi-level capital market system and so on.