Analysis Factors And Path Of Financing Effective-ness About SMES Based On Online Lending

As rapid development of China’s economy, small and medium-sized enterprises have become increasingly prominent in our economy. Therefore, the financing difficult of SMEs has also been of concern. The rise of Internet finance provides a new solution for this problem, SMEs andperson can financing via online lending.Overview of relevant studiesat home and abroad, this paper has summarized four main factors offinancing effectiveness, which is financial strength, credit status, external credit enhancement and project property. Further, we propose four hypothesis. By selecting 978 projects of Jimubox, which consist of 15 variables, this paper constructs the structural equation model(SEM).In order to verify the above hypothesis, we carry out empirical analysis using Amos. This study conclude thatseveral influence paths offinancing effectivenessare consistent with the hypothesis, which is financial strength, external credit enhancement and project property, except credit status. Among the four factors, the influence to financing effectiveness followed by descending sorting is external credit enhancement,project property, credit statusandfinancial strength. Considering the rigor of the paper,we carry out auxiliary test using multiple regression, the result shows good consistency.Finally, we put forward suggestions according to the empirical result. For theenterprise, they should choose the proper guarantee company, split the line of credit and improve the financial situation. For the platform, in order to have a long-term steady development, they should adhere to the bottom-line of the third intermediation, strengthen protection of financial security, increase the type of financing project and make the project information transparency. For the government, they should implement the relevant policy as soon as possible, deal with the suspiciousplatform properly and supervise the platform strictly.