Enterprise Cluster Cooperative Financing Behavior And Efficiency Analysis

At present, small and medium-sized enterprises play a very important part inpromoting the development of national economy and increasing employmentopportunities, but financing has been the most important reason that affects itsdevelopment. In recent years, a variety of notable features and the strong competitiveadvantage that cluster shows has offered brand-new train of thought for the small andmedium-sized enterprises to break through the financing bottleneck, then thecorporation financing of small and medium enterprises clusters emerge as the timesrequire. From the research results of the scholars in and abroad, it shows that theoryresearch about corporation financing cluster is mainly focused on advantages ofcluster financing, cluster corporation financing and so on, rarely take cooperativemotivation of behaviors in the clusters, protection mechanisms within corporationfinancing and financing efficiency into discussion. Therefore, the thesis probes intothe industry cluster of small and medium-sized enterprises. It is the theoreticalresearch on the corporation financing behavior of the small and medium-sizedenterprise cluster; and the assessment is taken with quantitative analysis on clusterscorporation financing efficiency.Firstly, this paper is basic on the small and medium-sized enterprise cluster theory,the cooperation between small and medium-sized enterprises financing theory and thesmall and medium-sized enterprise financing efficiency theory. Point out theadvantages of Cluster financing can contribute to the achievement of the corporatecredit, but ways for different financing methods to achieve credit are not the same,there are three simple model of cluster corporation financing.Secondly, when explore the behavior motives of the subjects in the clustercorporation financing with the game theory and share value theory in this paper, wefound that because small and medium-sized enterprises in the clusters are affected bythe cluster characteristics, cooperation between enterprises and enterprises, enterprises and financial institutions as well as enterprises and intermediaryorganizations are more likely to occur.Thirdly, this paper further analyzes the mechanisms to guarantee the normaloperation of the cluster cooperation financing base on the achievement of thecorporation. There are mainly screening mechanism, trust mechanism, risk sharingand benefit sharing mechanism and supervision and punishment mechanism. Andunder arrangement of all sorts of financing guarantee system, financing efficiency ofenterprises can be improved.Finally, To further verify whether there is an actual improvement in the financingefficiency of small and medium-sized enterprises in the cluster, financing model isestablished based on the DEA financing efficiency in the paper, and thecorresponding results are obtained by comparative study of the"07deep small debt"and"07Zhongguancun debt". The results show that when the cluster characteristicsand environment become more mature, financing efficiency will be improved aftercooperation small and medium-sized enterprises participated in cluster corporationfinancing.