Research On Financial Constraints Of Small And Micro Enterprises

Small and micro-enterprises are the new force of the national economy,in the stability of economic growth,promote employment,stimulate scientific and technological innovation,prosperity and market demand to meet the diverse needs of the market has a pivotal role.However,due to the incomplete mechanism of market economy and other factors,China's small micro-enterprises face financing constraints has not been effectively resolved.Not solve the problem of financing constraints,not only will affect the survival of small micro-enterprises,but also on China's sustainable economic growth also has a negative impact.And small micro-enterprise financing constraints and China's banking,government and corporate weakness has a direct relationship.Therefore,based on the three-party dynamic perspective of banks,government and small micro-enterprises,this paper has a certain theoretical and practical significance to explore the financing constraints of small micro enterprises in China.Based on the review of domestic and foreign research,this paper will study the relationship between bank,government and small microenterprise financing in combination with relevant economic theory.(1)Analyze the current situation of financing of small micro enterprises in our country,and describe the behavior selection and consequences of small micro enterprises under financing constraints,which focuses on the mismatch of small micro enterprises in capital demand.(2)The government,the bank and the small micro-enterprise are also included in the micro-enterprise financing process.The dynamic mechanism of the micro-enterprise financing constraint is analyzed,and the three-party dynamic model is used to explain the "financing difficulty" mechanism.(3)Using the joint loan model to explore the reason why the small micro-enterprise "financing" is expensive,the model proves that the joint loan can not only utilize the credit rationing effectively,but also can effectively reduce the financing cost of the small micro-enterprise.(4)Combing the developed countries in the United States,Japan,France,Germany in the small micro-enterprises to solve the problem of financing constraints related to governance experience,pointed out that China's related measures and loans in terms of inadequate deficiencies.(5)On the basis of this,the paper puts forward the formation system and environmental conditions of the financing constraints of small micro enterprises,and gives the relevant measures to alleviate the financing constraints of small micro enterprises in China.The conclusions of this paper are as follows:(1)At present,China's small micro-enterprise financing needs strong,on the one hand the market mechanism is not perfect,information asymmetry,small micro-enterprises lack the relevant financing channels;the other hand,small micro-enterprises themselves weak,weak market position,information relative Closed,in the credit management,risk management,financial management and other aspects of poor.(2)The government,banks and small micro-enterprises are different interests of their own,in the three-party dynamic model,the pursuit of their own interests to maximize their own,leading to small micro-enterprise financing difficulties continue to intensify;small micro-enterprise "financing difficulties" is not a single factor,But the multi-subject,the formation of multi-factors,the choice of the market environment,the delay in the spread of government policies and the lack of financing of large banks,the role of various factors together.(3)Because of the lack of a complete market financing mechanism,on the one hand,large-scale financial institutions do not have the advantage of providing financing for small micro-enterprises,on the other hand the number of small and medium-sized financial institutions is not enough to meet the huge financing needs,People "to reduce the threshold of private capital into the market,to encourage small and medium-sized financial institutions and private financing for financial product innovation,credit technology innovation and internal management optimization.(4)In order to alleviate the problem of small and medium enterprises financing constraints,although the state issued the relevant supporting measures,but compared with the developed countries,the lack of systematic and complete,there is no unified scheduling department,so the implementation of difficult,leading to large financial institutions financing threshold Of the "down the dark",did not achieve the effect of policy estimates.(5)To improve the relevant laws and regulations and policies to improve the living environment of small micro-enterprises;the urgent need to deepen the reform of commercial banks to promote the establishment of multi-level financial markets to encourage the development of small and medium financial institutions;improve market mechanisms,establish a reasonable information transmission mechanism,The main body of the market interaction;and then ease the small micro-enterprises financing constraints.Possible innovations in this paper are:(1)The three-party dynamic model of government,bank and small micro-enterprise is constructed,and it is found that the "financing difficulty" in the financing problem of small micro-enterprises is the result of the decision-making of the three parties under different influence factors.(2)Pointed out that the small micro-enterprise "financing expensive" is mainly due to the lack of mutual trust between the bank and small micro-enterprises mechanism to build a small micro-enterprise co-financing model and found that within a certain range,joint financing to help improve the mini Lack of corporate collateral situation,can effectively reduce the financing costs of small micro-enterprises.(3)From the dynamic perspective to the small micro-enterprise financing constraints to explain the issue,focusing on the small micro-enterprises in the government for different policies and different bank loans under the logic of behavior,found that the financing constraints of the problem is the bank,government and small.The result of the enterprise in maximizing its own interests.