Research On The Difficulties And High-costs In Financing Of Small And Micro Enterprises Under The Interest Rate Marketing

In 2011, the Ministry of Industry. National Bureau of Statistics, the National Development and Reform Commission, Ministry of Finance jointly issued " The notice of on the issuance of SMEs plan type standard ". Firstly created the word "small and micro enterprises," subdividing the main structure of financing, and It triggered a targeted solution to thousands of small and micro enterprises to financing difficulty and costly. Small and micro enterprises subject to enterprise net assets, profitability and ability, expected benefits and other aspects of business risk facing internal financing is insufficient to support its development, external financing threshold is high, credit rationing and other difficulties. Especially facing to China’s interest rate market reform steadily, the state-owned commercial bank profit margins compressed, private banks have sprung up everywhere, the Internet and other innovative financing model, the small and micro enterprise financing environment changing quickly. How to seize the opportunity in the new situation, to reverse the passive position today is the most urgent need to study and solve.For a long time, scholars on how to solve the financing problems of SMEs carried out a detailed, in-depth study, involving reform of the significant aspects of the entire financial sector policies, institutional mechanisms, but also numerous policy proposals. Small and micro enterprises as more vulnerable, there is different from the mode of operation and midsize market position, especially in direct financing equity financing difficult to work, and therefore increase the long-term capital market reform appears to be favorable, but "distant water can not cure nearly thirsty ", it is necessary to explore the characteristics of small and micro enterprises closer financing models.In this paper, we are combing and abroad on the basis of research literature, using the method of comparative analysis, empirical analysis, and establishing a clear logic to ease small and micro enterprise financing difficulty and costly in the market interest rates. This paper first discusses the background of the research, research significance and methods, summarized the relevant research results at home and abroad, defining the Small and micro businesses, interest rate market,and discusses the main theoretical basis about Small and micro businesses financing; secondly, using factor analysis method to analyze what cause Small and micro businesses financing difficulties from two aspects of inside and outside, focuses on how the interest rate market micro mainly affects the enterprise financing environment for small, and made an empirical test on how the loan interest rate liberalization affects the Small and micro businesses financing; finally, through the comparative analysis of the United States, Japan and South Korea, the interest rate market and to its Small and micro businesses financing environment and impacts, putting forwards the recent and long-term countermeasures.This paper not only studies in a new perspective, put forward the views and suggestions. For example, explaining how the interest marketization affects the small-and-micro enterprise financing environment from four aspects; putting forward it’s hard to beat the financing dilemma for high-tech enterprises from policy support; the rapid development of Internet Banking provides a low-cost, convenient and efficient financing channels for small and micro businesses. What to do is improving the financial regulation of Internet Banking as soon as possible. Putting forward how to solving these small and micro business under the background of interest rate marketization incrementally and systematically, allocating the limited financial resources efficiently.