Study On Influence Factors Of Financing Constraints Of Small And Medium Enterprises

The small and medium-sized enterprises of our country are playing more andmore important role in the national economy,for a long time, the small andmedium-sized enterprises have played a positive role in promoting economic growth,increasing employment and rural labor force,activating the local market andtechnological innovation. However, the financing difficulties of small andmedium-sized enterprises has always been a problem that is not allowed to ignore,itseriously affected the investment and development of small and medium-sizedenterprises in our country.In the first half of2012,various departments of the StateCouncil intensive promulgated the42items connected with "the State Council toencourage and guide the healthy development of private investment in a number ofopinions"(commonly known as "private investment in the new36") to support theimplementation details,that provides basic rules to solve the financing problem ofsmall and medium-sized enterprises.Therefore,this article is from the actual of smalland medium-sized enterprises,study the factors affecting the financing of small andmedium-sized enterprises,including the own factors of small and medium-sizedenterprises and external environmental factors,which provide theoretical guidance forsolving the problem of financing of small and medium-sized enterprises in China.This article adopts the method of literature review and empiricalanalysis,analyzing from the own factors of small and medium-sized enterprises andexternal environmental factors which affect the problem of financing of small andmedium-sized enterprises.In this paper, the own factors of small and medium-sizedenterprises is divided into three aspects,namely, enterprise scale, capital structure anddevelopment ability.First of all,according to the research conclusion about financingconstraints at home and abroad and small and medium-sized enterprise financingtheory,we analyze the impact of enterprise scale,the capital structure and developmenton financing constraints,and then put forward the hypothesis and empirical model inthis paper.Then,we validate the research hypothesis using relevant financial data ofsmall and medium-sized enterprises,and empirical analysis the effect of firmsize,capital structure and development on financing constraints of small andmedium-sized enterprises.In this paper, we adopts the method of consulting literaturematerials to analysis the external environment factor of the financing difficulties of small and medium enterprises,we analysis the effect of external environment from thedefect of the commercial bank system, the imperfect of capital market system and thelag of the credit guarantee.Finally, combining with the results of this paper, we put forward concretesuggestions to solve the financing difficulties of small and medium-sized enterprises,in order to relieve the financing problem of small and medium-sized enterprises in ourcountry and provide the guidance of the theory and practice for them.