Research On The Restricted Factors And Mechanism Of Credit Financing In Small And Medium - Sized Enterprises In China

Although small and medium-sized enterprises(SMEs) are important part of national economy and society development. Because of imperfect market economy system, small in scale, high operation risk, and low credit rating, financing difficulties has plagued SMEs. According to the survey, SMEs direct financing accounted for only2%in the various financing way. Its external financing mainly rely on indirect financing of commercial bank, self-accumulation and folk lending financing. And bank credit financing as the most important channels of external financing of SMEs, undoubtedly become the breach of the solution to SMEs financing difficulties. Related functional departments have already started looking for a variety of methods and measures to solve the SMEs insufficient credit ability. So Research of SMEs credit financing constraint factors has important theoretical and practical significance to government financing policy and the improvement of SMEs financing ability.Domestic scholars have a different point of view of research on the lack of SMEs credit financing ability, and many theoretical results have consensus. But the empirical study of comprehensive all kinds of SMEs credit constraints factors is still relatively lack. To make up for in the shortage of the existing research, this paper use empirical methods for SMEs credit financing constraint factors, and analyzed its causes and mechanism. Empirical research suggests that SMEs credit financing ability affected by its small asset size, high management and external macro environment. Through the consolidation of small and medium-sized board listed company data, it’s found that SMEs credit financing is also affected by its industry and region. The higher fixed assets in the industry, easier access to bank loans. The region has the more developed financial markets and the greater the competition between banks, SMEs can choose the more alternative financing and the lower credit financing proportion than the less developed financial market region. By using regression analysis method for small and medium-sized board listed company data analysis, it’s found that the SMEs credit financing ability is more easily affected by money supply and asset debt ratio. Based on the analysis of the empirical results, the relationship lending has not gained popularity in the SMEs credit financing. The SMEs still depends on fixed assets as collateral for loans. So to promote SMEs credit ability, the government, banks and SMEs work together.This paper mainly divided into three parts, the first part is the Chapterl and Chapter2, mainly expounds the selected topic reason, the literature review and related concept definition. The second part is Chapter3to Chapter IV, mainly analyze the impact of financing constraints factor and build the model for empirical analysis. And further explore the causes and mechanisms behind it. The third part is the basic conclusion and suggestion for conclusion.