The Small And Medium-Sized Enterprises’ Financing Constraints Based On The Macro And Micro Aspects

In recent years, the development of SMEs has attracted widespread attention, and one of the main factors restricting the development is financing difficulties. Because of the outbreak of the financial crisis in 2008, the international and domestic economic environment suffered a huge impact. So mainly there is a great setback in the equity financing market predicament, SME financing therefore has faced more severe challenges. After several years of recovery adjustment, the economic situation has improved. At the same time, concerning theoretical and empirical research on SMEs financing constraint has important practical significance.SME financing constraints are affected significantly by the macro-control policies. The macro-control policies are mainly divided into fiscal policy and monetary policy, both of which affect the cost of financing constraints through different aspects. Fiscal policy, mainly through both direct and indirect effect, examines the public spending crowding and crowding-out effect. Monetary policy is mainly conducting impact through the monetary channel and the credit channel. By inspecting the different financing changes and changes in cash holdings of SMEs under the macro-control policy environment, the author found that the macro-control policy plays a limited role of easing financing constraints. Especially under the loose monetary policy, SMEs external financing environment didn’t have significant changes. This requires the government while implementing fiscal policy and monetary policy need more focused attention.After that, this article will let credit availability as explanatory variable, and let firm size, asset tangibility, growth, solvency, profitability, funding, the equity financing, cash holdings, operating life and so on as explanatory variables, nature of the industry as a control variable to investigate restrict access to credit for SMEs in the financing process from the microscopic point of view. The article chooses 102 companies as samples, using 2010--2014 consecutive five years of data for descriptive analysis, correlation analysis and regression analysis. The result showed that firm size, asset tangibility, profitability, cash holdings, funding and equity financing have a significant impact on SMEs credit availability.In order to solve the financing problem of SMEs of our country, the article started to consider from the macro and micro perspectives. On the national macro-control policies, the government needs to create a good relaxed external environment for SMEs by further implement of the proactive fiscal policy and monetary policy which targeted more on the interests of SMEs while establishing a sound financial markets to improve financing environment for SMEs; on commercial banks, they should continue to increase financial products, innovative business models, internal management system and other areas of methods, and actively explore the new way of combining the direct and indirect financing to improve the SME financing availability; for SMEs themselves, they need to strengthen their management and optimization, and expand business scale and enhance their profitability and solvency, strengthen financial management, using a variety of financing channels to obtain funds.