Listed SME Market Structure Exploration And Financial Structure

Financing SMEs has always been a worldwide problem, but also a permanent topic academia. Nearly 40 years of reform and opening, SMEs had already become China's economic and social force to be reckoned in force, accounting for more than 99% of the country's total enterprises SMEs in promoting growth, creating jobs, economic prosperity, promote innovation playing an increasingly important role, but how to more effectively address SMEs' financing difficulties "to better meet the funding needs of SMEs normal production and management has been troubled by a huge obstacle to the further development of SMEs. Although the government adopted a series of fiscal, financial, industrial measures to improve the financing environment for SMEs, but the fact of financing SMEs still not been solved. Hope and the actual needs of the existing financing environment for small and medium enterprises and is still a large gap between SME credit overall satisfaction rate yet to be improved.Discussion on past financing constraint reasons, more focused on the business property, business scale of their own bank angle and the bank angle of competition in the market, the size of the bank, to explore the relationship between banks and enterprises, the SME financing from the macro market environment the literature is relatively small. This paper tries combined with China's actual conditions, competition in this market from product dimension to empirical research in different competitive environment in the state of SME financing, SME financing in order to further enrich the research field.This article will begin to study the issue of China's listed financial constraints faced by SMEs a more comprehensive analysis of four aspects. First article on the current status of financing and financing channels for SMEs is analyzed; then this article will academia existing financing constraints sort out, from internal factors, external factors and banking market environment factors caused summarized three angles of SMEs cause financing difficulties; Secondly, we will analyze the product market competition in this market environment, external factors affecting business performance and corporate finance due to on previous studies, the more difficult problem of the lack of financing by the external market factors caused this shortfall be supplement; Finally, the article on the basis of theoretical analysis, product market competition faced by SMEs from the point of view of external market factors, based on different product market competition, corporate investment cash flow sensitivity Empirical analysis differences, thus reflecting different market environment enterprises financing constraints situation.In this paper, the Shanghai and Shenzhen stock market listed SMEs 2010--2014 years of financial data as samples, based on investment-cash flow model, from external market competition level, by establishing a panel data econometric model, testing the different products in China market under the structure of investments and cash held by the listed SMEs of different lines, reflecting China's listed SMEs, is part of the competitive environment by serious financing constraints, while in another part of the industry relative monopoly serious principal-agent problem status quo. Empirical results show that:(1) China 's Listed SME investment and internal cash flow sensitivity exists. (2) in the SME fierce market competition environment, causing the main reason for sensitive investment and internal cash flow is due to financial constraints; (3) the relative monopoly environment for SMEs in the product market, triggering investment and internal cash flow sensitivity the main reason is due to the free cash flow; (4) market environment has a significant impact on the financing constraint case, to solve the financing difficulties of SMEs, in addition to financial and fiscal policy, but also comprehensive application of industrial policy to create conducive to small and medium business growth of the market environment, in order to further optimize the pattern of financing investments in SMEs. (5) business investment cash stock of sensitivity is significantly positive, indicating that the more intense competition in the industry, SMEs tend to hold more cash, it can be said that China's listed SMEs generally face greater business risks, they cash the main motivation for the risk of holding predatory motives.According to this paper, the following recommendations:(1) a large number of small and medium enterprises are faced with the problem of troubled financial constraints, but under different market conditions and financing constraints they face circumstances quite different, competitive markets overall performance of SMEs underinvestment and the monopoly market SMEs are often manifested by excessive investment, in the formulation of policies to ease the financing difficulties of SMEs, should be discriminatory and avoid flood slam, to promote "precision poverty"; (2) in relieving small when corporate financing difficulties, it is necessary to consider financial and fiscal policy support, but also the integrated use of industrial policy, only to create a good market environment, it is necessary to prevent excessive competition, but also to prevent high degree of monopoly, in order to optimize the investment and small and medium enterprises from the fundamental financing pattern; (3) in considering financing policies for SMEs should also consider the operational risks, in particular to provide support for the underpinning and excessive competition in the industry, small and medium enterprises, reduce their business risk is expected to release them because the risk of predatory the excessive cash holdings, converted into investment, thereby promoting industrial development.The main contribution of this paper:First, while domestic and foreign literature research financing constraints as voluminous, but to study the market environment of the literature relative lack of financing for SMEs affected, especially very little empirical research, this paper product market competition point of view, the rich field of research financing constraints for SMEs.Secondly, on the model selected, the main draws motivation test model pioneered by Vogt, but the introduction of the motivation factor for the test market concentration, motivation to further expand the application of the model tests.Finally, on selected samples using the latest data, better timeliness. At the same time, past research mainly one or a few selected representative of the whole industry industry, paper industry, selected the longitudinal covering almost all sectors of China's listed companies, the transverse direction is chosen this feature dimensions listed SMEs enterprises, but also to further expand the scope of research in related fields.