Research On Credit Availability Of Small And Medium Sized Enterprises

SMEs as China's fastest growing and most important force in the promotion of economic growth,stimulating employment,increase government revenue,promote technological innovation,improve the market economy and other functions made a positive contribution.In the economy into the new normal period,small and medium enterprises as a "double" carrier,and financing difficult to become the bottleneck of the development of SMEs.As the equity market and bond market financing threshold is high,bank loans will undoubtedly become the main channel for SMEs to obtain external financing.Due to the small size of small and medium enterprises,large fluctuations in business,silver and enterprise information is not transparent,and the credit market is not full of internal and external reasons,resulting in small and medium enterprises in the credit market is thorny plug.A large number of theoretical and empirical research experience shows that the relationship between credit can alleviate the information asymmetry between small and medium enterprises and banks,ease the bank credit ration,increase the credit availability of small and medium enterprises.However,each country's regional economic structure and the market is different from the credit in different financial environment,the impact of credit on SMEs is inconsistent,if the copy can only be counterproductive;especially in China's economy into the new normal,economic and financial presents many new features,And can not copy foreign research conclusions.Therefore,it is necessary to study the theory and experience of the credit market of the small and medium-sized enterprises in the new stage of our country.The relevant conclusions can alleviate the difficulty of credit financing of small and medium-sized enterprises in China,develop good bank-enterprise relationship and improve the relevance and effectiveness of the policy.The research framework of this paper is composed of three parts,one is the theoretical research part,the second is the empirical research part and the third part is the countermeasure suggestion part.The theoretical part of this paper is divided into the third chapter and the fourth chapter.Chapter 3 first defines the connotation and characteristics of relational credit,compares the relationship between credit technology and other loan technology.Then this paper reviews the theory of relational credit.In the fourth chapter,the influence mechanism of relational credit on the credit availability of small and medium-sized enterprises is studied through mathematical model.In the empirical research part,this paper first analyzes the current situation of credit financing of small and medium-sized enterprises in China,and then studies the credit availability of credit relations to small and medium-sized enterprises in China.This paper chooses 264 small and medium-sized enterprises listed on the Shenzhen Stock Exchange as the research sample,and takes the time frame of 2011-2015 as the research time,and puts forward relevant research hypothesis on the basis of consulting the relevant research literature.The relationship between banks and enterprises,the size of the relationship between banks and enterprises and the depth of the relationship between banks and enterprises as a measure of the relationship between the key indicators of bank-enterprise relationship,including the depth of the relationship between banks and firms through the SMEs executives have a bank background as a substitute indicator.This paper constructs the theoretical model,uses the multiple linear regression method to analyze the relationship between the bank-enterprise relationship time,the size of the bank-enterprise relationship and the bank's background of the small and medium-sized enterprise,and the loan cost.Time,the size of the relationship between banks and banks and the background of small and medium-sized executives on the impact of small and medium enterprises on corporate loan collateral requirements.Empirical research shows that the establishment of a continuous relationship between banks and banks in banks can promote the access of small and medium-sized enterprises to obtain loans and reduce the relative probability of credit collateral requirements of small and medium-sized enterprises.However,with the increasing duration of bank-enterprise relations,small and medium-sized enterprises(SMEs)Of the phenomenon,leading to rising credit costs.There is a significant positive correlation between the credit availability of small and medium-sized enterprises and the size of the relationship between banks and enterprises.The scale of bank-enterprise relationship and the credit cost of small and medium-sized enterprises have no significant influence.With the increase of the scale of bank-enterprise relationship,the bank's credit risk Increase the probability of credit requirements for small and medium enterprises.Small and medium-sized executives with a bank background will increase the credit availability of small and medium-sized enterprises,reducing the relative probability of credit costs and loan collateral requirements.Based on the theoretical and empirical research,the following suggestions are proposed to improve the credit availability of small and medium-sized enterprises in China and build a good relationship between banks and enterprises.(1)Building long-term stable relationship between banks and enterprises to ease the asymmetric information between banks and enterprises.(2)Build a reasonable relationship between banks and enterprises to promote the optimization of resource allocation.(3)The introduction of financial background executives,improve the core competitiveness of enterprises.(4)Building a fully competitive credit market and improving credit market activity.(5)Accelerate the construction of credit system,improve the transparency of corporate information.(6)The establishment of small and medium enterprises guarantee fund to promote the security system Pratt & whitney.