The Study On The Credit Financing Situation Of Export-Oriented Small And Medium-Sized Enterprise (SME)

With the new circumstances and characters in the economic development, financing of SMEs, especially Export-oriented ones, are becoming more realistic and significant. During the last10years, Export-oriented SMEs played an important role in the increasing of GDP, tax and employment in China. However, their financing quantity and ability didn’t improve as much as their great function to the society, especially after the financial crisis, shortage of liquidity caused by the difficulty of financing is the main reason for their dilemmas, even inducing much collapse. In this context, this paper makes some review, analysis and summary about theories and research achievements on financing of SMEs and Export-oriented ones. Based on the literatures, this paper studies the financing reality and difficulties of SMEs and Export-oriented ones in China, and makes full analysis of the reasons at aspects of internal, external and institutional parts. At the same time, this paper makes empirical studies on the factors that affected the financing ability of Export-oriented SMEs with the surveyed data on78enterprises in Zibo City, and builds two different models to carry out the studies on both continuous variables and discrete variables. Through the two empirical models, this paper finds several significant conclusions, and based on these, it supplies some suggestions on how to solve the problem. Combined with the management policy of foreign exchange, this paper implies that the government can apply the new financing method with the Letter of Credit, and also can try to promote the diversification in financing channels through both leading the informal capital into the international financing area and taking the pledged loan based on the exchange earnings of export.