Financing Difficulties Perspective Of Information Asymmetry On Small Andmicro Enterprises

Small and micro enterprises as an important part of our national economy, the market economy has become the most active cells in the upgrading of industrial structure, regional economic activity, employment and other aspects of the promotion of solving plays an irreplaceable role, according to SAIC data, as the end of 2013, China’s industrial and commercial registration of small and micro enterprises 10.23 million, accounting for over 98% of the total number of enterprises, employment accounted for over 80% of the total number of jobs, products and services accounted for about 60% GDP total accounting for over 50% of the country’s corporate tax. Thus, for economic and social development has important strategic significance.However, the financial resources of small and micro businesses acquired its significant role in the economy played a disproportionate. Financing difficulties have restricted the sustainable development of small and micro enterprises in major bottleneck, which makes small and micro enterprises can only rely on itself to slow the accumulation of capital, resulting in the pace of development of small and micro enterprises and potential is greatly restricted. At present, due to China’s financial market is still underdeveloped, market access threshold higher stock and bond markets, which makes small and micro enterprises difficult to direct financing in the capital market, bank credit-based indirect financing in the future for a long It will remain the main mode of financing small and micro enterprises over time. Therefore, I want to break the financing difficulties of small micro-enterprise credit research is necessary for the bank, but the root causes affect small and micro enterprises to obtain bank credit is that information asymmetry between the bank and, therefore, through the crack of small micro-enterprise financing difficulty, the promotion of small sustainable development of micro-enterprises, and promote the development of the national economy has a very important practical significance. Based on the researches on information asymmetry and small business financing were summarized and analyzed, taking the perspective of asymmetric information, the use of normative and empirical analysis of the plight of small micro-enterprise financing analysis to identify the impact the plight of small micro-enterprise financing reasons and make relevant suggestions. Through research, this paper draws the following conclusions:First,restricts the financing difficulties of small and micro enterprises have become an important bottleneck for sustainable development. Faced with serious financial difficulties, small and micro enterprises are facing a lot of operational difficulties, the problem of financing small and micro enterprises becoming overwhelmed by the "last straw", a large number of small and micro enterprises due to the financing needs are not met, resulting in its because capital chain rupture and collapse.Second,information asymmetry is the root cause of the plight of small micro-enterprise financing. Under asymmetric information, banks can not grasp the small and micro business situation, financial situation and investment status and other information, very easily lead to adverse selection and moral hazard on the credit markets, the bank in order to reduce credit risk and achieve its revenue maximization, information opaque, less collateral small and micro enterprises ’credit rationing’ as its rational choice.Thirdly,small and micro enterprises in the following three aspects need to come out of the path of financing difficulties. First, small and micro enterprises in terms of their own, to strengthen small and micro enterprises credit awareness, through the establishment of modern enterprise system, to regulate the financial system of small and micro enterprises; second, in terms of banks and other financial institutions, the need to vigorously develop small financial institutions and private finance, credit through innovative financing models to ease the financing difficulties of small and micro enterprises; and third, from the government point of view, policies and regulations to strengthen the financing of small and micro enterprises, and the establishment and improvement of small micro-enterprise credit guarantee system with a credit rating system.