The Financing Problem Of Chinese Small And Medium-sized Enterprises From Optimal Financial Structure

As China’s economy enters into "new normal", facing downward pressure, great changes have taken place in the development environment of small and medium-sized enterprise, and small and medium-sized enterprises have played an important role in promoting social and economic development, creating jobs and improving innovation ability. However, operating difficulties especially the financing difficulties of small and medium-sized enterprises gradually become a focus of people. The problem of financing difficult has not been well solved, which restricts the development of small and medium-sized enterprises in our country, becoming the important bottleneck of economic development in China. Based on the above understanding, this article will describe the financing constraints of small and medium-sized enterprises’ development, mainly from the unreasonable financial structure and institutional arrangement.Based on the theory of optimal financial structure, in the supply of money as a breakthrough point, in combination with the practical situation of China’s economic development, this paper has researched how to ease financing constraints of the small and medium-sized enterprise. Constructing theoretical analysis framework, analysing financial structure and financial development in our country and the theoretical relationship of financing constraints of small and medium-sized enterprise, this paper has researched the effect of financial structure factors on the small and financing mechanism of medium-sized enterprise and built econometric analysis model, using time series analysis method validation imbalance in the structure of China’s financial impact on small and medium-sized enterprise financing, demonstrating adaptive optimal financial structure of small and medium-sized enterprise financing.Through theoretical and empirical analysis, this paper will conclude that the imbalance in the structure of our financial performance for the imbalance of financial institution structure and limited financing channels. In order to establish a reasonable and effective financial structure, we need to get rid of the over-reliance on bank credit, innovate financial services’ mechanism, and encourage the development of small and medium-sized enterprise financing guarantee and credit rating system, and actively develop multi-level capital market, enrich financing channel of small and medium-sized enterprise, actively develop small and medium-sized financial institutions, improve resource allocation efficiency of the financial system and thus serve the long-term economic transformation.