Small And Medium-sized Enterprise Growth Cycle And The Financing Structure Analysis

Small and medium-sized enterprises (SMES) is one of the most active factors in the economic activity in China and the major force of China’s economic development. At this stage the number of small and medium-sized enterprises increases rapidly, the rapid development of small and medium-sized enterprises (smes) has made a great contribution to economic growth in China, but also exposed many problems. Due to the objective limitations of SMES itself, Small and medium-sized enterprise behavior and the management consciousness, management ability of commercial Banks and the system does not match, all these lead to the lack of financial services for small and medium enterprises, small and medium-sized enterprise financing becomes a prominent problem.Enterprise’s development cannot leave the money, finance is the core of modern enterprise management decision, one of the small and medium-sized enterprise financing difficulties and solutions; Small and medium-sized enterprise financing characteristics and influence factors, has been the focus of common concern of academia and business. Contacting Chinese reality, this article on China’s small and medium-sized enterprise financing question has carried on the positive discussion. Through theoretical analysis and empirical analysis, this paper test the differences of the small and medium-sized enterprise financing structure and its main influencing factors.It reveals the factors influencing the financing structure difference from the endogenous level.Based on financial growth cycle theory, this paper analysis and comparison of small and medium-sized enterprises of different stages of life cycle financing structure form, studies the reasons for the formation of different financing structure,, combining with the listed small and medium-sized enterprise’s financing behavior and the capital market investment orientation of the empirical evidence, analyzes the growth period, mature period, decline the similarities and differences between financing structure and put forward the our country small and medium-sized enterprise financing structure characteristics, formation reasons and influencing factors, show that small and medium-sized enterprise financing behavior is in conformity with the financial growth cycle theory, provide a meaningful research perspectives for the financing of small and medium-sized enterprises and the healthy development.On the basis of theory research. combined with empirical research results of other scholars, this paper put forward the enterprise scale, equity concentration, profitability, growth, asset tangibility and other factors are the important factors that affect financing structure of listed companies in our country. Then using Chinese listed companies during2007-2011five year’s panel data of the impact of financing structure of listed companies empirical research. the results show that the assets, equity concentration, growth, asset tangibility positively related to the asset-liability ratio. Profitability, there is no significant correlation with asset-liability ratio.Finally, this paper summarizes the deficiency of empirical design and innovation points, puts forward the problems that should pay attention to further research, at the same time, That advice about how to choose appropriate according to the needs of different growth stage of the financing structure beneficial is aiven.