Factors Influencing The Choice Of The Small And Micro-enterprises' Financing Channels

At present, small and micro-enterprises have a huge financing gap, they are actively exploring the road of transformation and upgrade. Small and micro-enterprises itself has some problems, policy and law system, financing system, credit guarantee system and capital market system in our country needs to be improved, leading to the narrow financing channels and the shortage of funding, financing difficulties seriously restricting the stable development of small and micro-enterprises. In this complex environment background, aiming at the financing problems of small and micro-enterprises, basing on the relevant research experience of previous scholars and experts, it is necessary to conduct further research on current financing channels of small and micro-enterprises, expanding financing channels actively for small and micro-enterprises, and alleviating the financing problems is the primary task to promote the healthy development of small and micro-enterprises.In this paper, based on 328 small and micro-enterprises' survey data, we used the Logit model to conduct regression analysis for the influencing factors of the choice of the small and micro-enterprises financing channels to explore the main factors influencing factors. It found that firm size, business life, degree of education, profit and loss situation, gender of managers and whether managers get policy support have significantly positive impact on small and micro-enterprises when selecting the regular financing channels, age of managers and commercial banks loan interest rate is higher than the average interest rate have significantly negative impact on small and micro-enterprises when selecting the regular financing channels, but the impact of the number of employees, life cycle stages, funding gap and whether accept the non-fixed assets mortgaged property was not obvious. Finally, according to the empirical results of the regression, we put forward more targeted policy recommendations, including that improving small and micro-enterprises'self-construction, improving the service abilities of financial institutions, strengthening government support and guidance to small and micro-enterprises.