Credit Policies And Financing Constraints Of SMEs

This paper mainly discusses the relationship between credit policy and SMEs' financing constraints.Firstly,it describes the background,ideas and significance of the study.Secondly,it makes the definition of related concepts,discussing the relevant literature at home and abroad and the relevant theoretical basis,including the effective market theory,credit rationing theory and institutional matching theory.Thirdly,it reviews and analyzes the credit policy,explaining the present situation of our country's SMEs' financing restriction.Fourthly,it is mainly theory analysis of the credit policy's influence on SMEs' financing constraints.Through credit policy conduction path's study and the current SMEs' financing constraints,it analyzes credit policy's effects,taken commercial banks into consideration as the main implementation of the credit policy,and discusses the reasons for the credit policy conduction' low effects.Fifthly,the effects of the credit policy on SMEs' financing constraints were empirical analysis,using 2004-2015 SME board listed companies data,through cash-cash flow model for the empirical test,with the further subdivided research.The results show that the weak effect of our country's credit policy on SMEs' financing constraint,and the effects of credit policy on SMEs with different regions,different industries,different ownership properties is not the same.Sixthly,according to actual situation in China,it puts forward some suggestions to solve the problem of SME financing constraints,including improving credit policy's pertinence,but we must carry out reform of the financial system,with improving financial inclusion to fundamentally solve the SMEs' financing constraints.Based on the above research,the main conclusions of this paper as follows: the effect of credit policy in China to ease the SMEs' financing constraints is limited;the most fundamental solution is to carry out the reform of the financial system.