Research On Financing Difficulties And Countermeasures Of Small And Medium-sized Erterprises

As is known to all, in both developed countries and developing countries, small and medium-sized enterprises are the important lifeblood of the economy of a country. They are playing the vital role in absorbing employment, improving the national comprehensive competitiveness, accelerating the economic growth, increasing the government revenue, and promoting industrial structure adjustment and development, social stability. But small and medium-sized enterprise financing ability and its economic effect is out, including financing difficult problem of the development of small and medium-sized enterprises become the biggest bottleneck. And small and medium-sized construction enterprises as an important part of the small and medium-sized enterprises, like other industry,also faces a financing difficulties.Small and medium-sized construction enterprise is the foundation for the development of the construction industry. In today’s high-speed economic development in our country, the speeding up of the new rural urbanization and urban public infrastructure construction, to China’s construction industry has brought the unprecedented development opportunity. Even so, the small and medium-sized construction enterprise development bottleneck still faces a variety of forms. Especially in recent years, China’s construction market vigorously promote BT, BOT and PPP management pattern, backward management system and construction market, fierce competition and other factors, led to the small and medium-sized construction enterprises in the actual development process, the financing difficulties is one of the biggest problems hinder the healthy development of small and medium-sized construction enterprises. At home and abroad has not been a lack of the study of small and medium-sized enterprise financing problems, in recent years, the research start involved in construction industry in our country, but mostly in large construction enterprise from the point of view of analysis. this paper will be based on the small and medium-sized construction enterprises, puts forward suggestions on how to solve the financing difficulties by studying the financing difficult reason. The paper mainly includes the following content:The first part defines of small and medium-sized construction enterprises, and elaborates the related theory of finance; The second part through analyzing the current situation of small and medium-sized construction enterprises, summarizes the financing of small and medium-sized construction companies will use, and points out the problems existing in the financing of small and medium-sized construction enterprises, as endogenous financing insufficiently, bank loans difficultly, direct financing channels singly, etc; The third part is the focus of empirical research articles to small and medium sized construction companies listed on the panel data as samples, the factors affecting the ability of small and medium enterprise financing construction of hypotheses, model building, the use of statistical software EVIEWS sample data descriptive analysis and regression analysis, the empirical results, the financing capacity factors of two kinds: one is the financing capacity of exogenous factors, including firm size, enterprise asset value guarantees, business growth, and the other is in the financing of endogenous capacity factors, including profitability, internal level of accumulation of enterprises. Concluding section is based on the empirical results will lead to the construction of small and medium enterprises financing difficulties reasons fall into two categories: lack of financing capacity of endogenous and exogenous low financing capacity. Finally, small and medium sized Construction Enterprises to solve the financing difficulties of small and medium sized Construction Enterprises own strategies from the financial system and government policies based on three reasons for the difficulty of financing.