Empirical Analysis On Financing Difficulties Of Small And Medium Enterprises In Dalian

Small and medium-sized enterprises are important driving force in promoting China’s economic and social development, increasing financial income, expanding the social employment and promoting the progress of science and technology. With the development of market economy, small and medium-sized enterprises will make more prominent contribution in the economic life and social progress. However, small and medium-sized enterprises still face many difficulties in developing because of its weak anti-risk ability, one of the most major difficulty is financing.Small and medium-sized enterprises’financing difficult is the world’s common problem. It is not Chinese unique phenomenon, but more serious in the developing country. Compared with the western developed countries, in China, because of the financial system is not perfect enough, financial markets are not developed, no perfect laws and regulations to protect, small and medium-sized enterprises’ financing problem is especially serious. These problems become the bottleneck of small and medium-sized enterprise development in our country. The small and medium-sized enterprises play an important role in China’s economic life, and they are facing serious financing difficulties. So a related research is imminent. At present, our country small and medium-sized enterprise financing difficulties is mainly caused by the information asymmetry. This problem performance in the following two aspects:exogenous financing ability is low, and endogenous financing ability is bad.In our country, small and medium-sized enterprise often shows many disordered and illegal behavior. Because its scale is small, product technology content is low, and enterprise’s management level is poor. In addition, small and medium-sized enterprise often stay in labor-intensive and general industrial processing field, for the limitation of various factors, the development is very difficult, benefit also exists a lot of uncertainty. Therefore, the enterprise hope to receive internal is difficult. And small and medium-sized enterprises are lack of system innovation, effective financial management, good transparency and the credit consciousness. All these factors lead to overdue bank loans with debit interest, and credit environment deterioration. So it is impossible for medium and small-sized enterprises to get exogenous financing. But the factors, which result in the small and medium-sized enterprise financing predicament, is not only these things. It is also affected by related policy and the economic structure.In order to solve the small and medium-sized enterprise financing difficulties, the domestic and foreign scholars have done a lot of research. Chinese scholars have done less quantitative analysis but just from qualitative angle to illustrate this problem, because of the data restriction. A few articles use enterprise financial data to illustrate this problem is focused on the research of listed companies. These articles are not representative.This paper selects two years of financial data of139private small and medium-sized enterprises in Dalian for panel analysis. Try to test the real situation of small and medium enterprises’financing problem in Dalian, and find out the effect factors of the small and medium-sized enterprises’financing ability. Based on the determination of these factors, accorded to the empirical results, and combined with the actual situation in China’s current economic, this paper try to show the reason of the small and medium-sized enterprise financing difficulties. Then the countermeasure and the suggestion will be proposed. The paper mainly divided into three parts:theory part, empirical part and conclusion. Theory part introduces the research background, research significance and related achievements both at home and abroad. The definition of small and medium-sized enterprise range will be given, including the related finance concept and the theory of the system. At the same time, the paper analyses the financing difficulties of small and medium-sized enterprises in Dalian. The main reason is simple channels, inadequate asset and defective credit system.The empirical part adopts descriptive statistics and panel data model to get139enterprise financial data and carries on the real diagnosis analysis. First, asset-liability ratio is selected as a measure of enterprise financing capability index. Then, according to the previous conclusion and the author’s understanding, the influence factors of the small and medium-sized enterprise financing ability will be analyzed carefully. The influence factors of enterprise financing ability are divided into two kinds. One kind is the factor of the enterprise exogenous financing ability: the size of the enterprise and the date of enterprise establishment, enterprise security value and the enterprise growth. Another kind is the factor of the enterprise internal financing ability:enterprise’s profit ability, the enterprise’s ability to resist the risk, the enterprise the internal accumulation level, depreciation level and enterprise operation ability. Based on the further analysis of these factors, the appropriate financial indicators to measure these factors as the variables are selected. Then according to the former theory conclusion of the regression results are given in advance, and finally the results of the study will be got by using descriptive statistics and panel data analysis.Conclusion, which is got according to the results of empirical study, analyzes the cause of small and medium-sized enterprise financing predicament. They also are the main reasons of the enterprise poor endogenous and exogenous financing ability. And suggestions will be given from three aspects:the enterprise itself, financial institutions and government policy.In this paper, small and medium-sized enterprise financing predicament is studied by empirical way, general rules of some small and medium-sized enterprise financing problem are founded. In order to solve the financing difficulties of small and medium-sized enterprises conducted preliminary exploration.