Study On Formation Mechanism Of The SMEs Group Financing Based On Cluster Reputation Chain

In the situation of the world economic situation severe continually and the domesticeconomic growth downward since2011, SMEs face the dual pressures of inflation andmonetary policy tightening, and the problem of f continued financing is more prominent.After the group financing model rides recently sets off a lot of boom in the country, the groupfinancing system shows a number of difficulties, such as the too high joint liability will causemembers to stand too much pressure which will affect the financing efficiency. Theseproblems restrict the further development of group financing models. However, the researchon improving corporate financing system is not enough, some scholars put forward forfinancing innovation or improving group financing from the perspective of a cluster, but thereis less depth study on the improved mechanism. In recent years, the large-scale developmentof industrial clusters and the constantly improvement of credit system provide new ideas forthe system improvement. It is in this context, this paper proposed to build group financingmodel in the cluster reputation chain, studied its formation mechanism, and finally build anempirical model for verification.Firstly, this paper analyzed and proposed the research status and financing practices athome and abroad, and put forward the idea of improving the group financing model.Industrial clusters provide funding、information and resources for the development of SMEs,so that the symbiotic relationship between corporations prompts the transaction efficiencyhigher. The reputation chain relying on the cluster provides a credit enhancement approach forSMEs, and provides financing symbiotic environment and reputation platforms for using thegroup financing, which will solve the difficulties about excessive pressure of the jointresponsibility to a certain extent and provide the scope and basis for selection of members tocontribute to the formation of more high-quality financing groups.Secondly, this paper analyzed the cluster reputation chain financing connotation deeply,and build a conceptual model of group financing model based on the cluster reputation chain,then proposed and explained the concept of formation mechanisms. On the basis of summingup the results of previous studies, this paper studied the group financing formationmechanisms from the two aspects of the financing main forming issue and the relationships inthe credit contract issue with trying to provide theoretical reference for the development ofSMEs group financing model.Then, the paper studies the formation issue of the financing main body from the clustersreputation chain forming and the financing path forming, then analyzed the forming issue offinancing main body quantitatively by using the dynamic game financing and numericalestimation model, and lastly drew out some relevant conclusions. Then this paper studies thecontact credit relations between different financing subjects from three views of betweenenterprises and banks、between businesses and government、between financial institutions and government, which enriched the contents of the group financing formation mechanismfurther.Finally, this paper increased the study of financing environment, and explained thefinancing convenience and repayment performance from three dimensions of financingenvironment、financing main body and contact credit relations with the structural equationmodel. Then this paper build model and fit analysis with survey data from Tianjin Hi-techZone. The empirical results showed that the financing environment、financing main body andcontact credit relations had a positive effect to improve the efficiency of the group financing,and showed a significant relationship under certain assumptions level.