Research On Influence Factors Tofi Nancing Choice Of SMES

Small and medium-sized enterprises plays an important role in economic growth and employment in such aspects. But the financing difficulties of small and medium-sized enterpriseshave been hindering the development of them in some ways. In order to solve the problem of financing difficulties, for small and medium-sized enterprise financing order and influence factors of research has important significance.The Pecking Order Theory is the Theory after the MM theory, is an important branch of modern enterprise financing behavior. The theory is that enterprise due to want to consider the cost of financing, according to internal financing, debt financing and equity financing order for financing. Later The Pecking Order Theory has become an important theoretical basis of company’s financial empirical research, But about the company’s financing choice whether to follow The Pecking Order Theory or not there is still no consistent conclusion.Domestic existing literature research on main board listed companies financing options is richand less attention to small and medium-sized enterprise financing issue. As the most dynamic group in the market, small and medium-sized enterprises will play more important role in the economy is gradually obvious. So SMES boards of listed companies financing practice as the focus, sorting selection model is established for the financing order and its influence factors are analyzed and validated.The empirical results show that SMES financing behavior cannot be completely follow the order of The Pecking Order Theory. Just according to the characteristics of the company’s own show different preferences. That is to say, the companies prefer to relatively easy access to the internal financing and short-term loan financing. Enterprise profit ability, growth ability and enterprise scale factors have significant influence to the enterprise financing preference. In the end, this article puts forward the policy suggestions.