The Impact Of Financing Constraints To Small And Medium-sized Enterprise In Investment Behavior

With the rapid development of economic, medium-sized enterprises(SMEs) do have a great importance in promoting economic development and scientific and technological progress, solving the employment problem. Medium-sized enterprises have become increasingly prominent in economic market promoting while keep themselves develop rapidly.But at present, SMEs due to their own particularities, they usually have a small scale, weak ability to resist risks and change itself instantly. And also, China's capital market is imperfect, the folk financing system is not standard.All these factors lead to s SME financing channel is relatively single and have a poor availability to get funds.So SME are always facing with difficulty in financing.The basic financial activities of enterprise is investing activities. It is not only do have a great influence on the enterprise value, but also is closely related to the financing activities.And the company's investment behavior will not only be affected by their own factors, the influence of operating business environment, but also affected by the enterprise's financing conditions.And amount of SMEs are always facing with financial problems.So studying the SME facing what degree of financing constraints, and further exploring the inner relationship between financing constraints and investment efficiency is of great significance.So this article select small enterprise board listed companies through 2009 to 2013 as the research object. And by through theoretical analysis and empirical research, we will clarify the causes of the financing difficulty of SMEs in our country, and measure the degree of financing constraints by constructing index.And further by logistic regression, we analysis of the internal relationship between financing constraints and corporate investment behavior.This article is divided into six chapter altogether.The first chapter is the introduction, it gets a brief overview of the research background and research significance of this article;The second chapter is the domestic and foreign research review, combeding and summarizing the domestic and foreign scholars' research on financing constraints, relating theory and its development; The third chapter is the system expounding of related concept and investment and financing theory.The fourth chapter is the analyzing of SMEs' investment and financing situation The fifth chapter is the design and results of empirical research. By constructing models, we will examine the influence of the SMEs financing constraints on its investment behavior The sixth chapter for the summary and analysis of the full text.