The Empirical Analysis Of The Financing Difficulties Of SMEs

The development of a country depends on the growth of it’s SMEs, They are the main force of national economic development. They accelerate economic growth, and play the strategic significance role in the social stability.But small and medium-sized enterprises’s financing difficult problems always restrict the development of them.For the long time,The literatures domestic and overseas about the SMEs financing difficulty are countless, most of them firstly analyze the cause of financing difficulty,then analyze this problem in the terms of the external environment,At last they put forward the countermeasures.This paper analyze the reasons of financing difficulty from the factors internal,then make corresponding policy recommendationsBased on the2012financial data of enterprises from SMEs board and from the new three board. This paper analyze this problem in the terms of inner factors of SMEs, then chooses’the capital structure’and’the logarithm of current liabilities’as two explained variable. Then it chooses independent variables to measure enterprise scale, mortgage debt ability, resist risk ability, growth ability as’hard information’, the age of enterprises as’soft information’to measure the relationship between SMEs and the bank, the industry types as dummy variable. Then use OLS to regress the variables. It also chooses whether the enterprises get the short-term borrowing as explained variable, then use logit regression to find out the influence of’hard information’and’soft information’on the success of getting the short-term borrowing.This paper find out the factors of SMEs’financing difficulty through the results of the empirical study:(1) SMEs are absence of the mortgaged property.So there is full of potential risks,when banks provide loans to SMEs.Which makes the banks reluctant to provide capital to SMEs;(2)Information disclosure of SMEs is not standard,which produces the Information asymmetry between enterprises and banks;(3)The capital market for small and medium-sized enterprises lack liquidity.It is difficult to obtain financing for SMEs from the capital market.Then the last chapter of this paper put forward the countermeasures based on the factors above.They are from the perspective of SMEs themselves, indirect financing institutions, the capital market,and the government.