Study On Financing Constraints Of Small And Medium-Sized Enterprises In Maturity

Lack of financing channels,and the amount of available financing is too small,has always been a common reflection of the financing problems of SME operators.Whether large enterprises or small and medium-sized enterprises,they need financing,and the financing channels of SMEs and large enterprises are the same,and there are more than ten kinds,but all the financing channels can be used for large enterprises,but for small and medium-sized enterprises,many financing channels are not to be seen.For example,issuing bonds,SMEs generally do not meet the standard of issuing bonds.For example,bank loans,large enterprises are easy to get bank loans,but for the reasons of SMEs,it is difficult to obtain loans from the bank,even if the bank loans,it is much higher than the cost of large enterprises.Small and medium-sized enterprises in different stages of development should choose the financial strategy is also different,financing is the starting point of the financial strategy,if the financing constraints,then the entire financial strategy will be bound.This paper focuses on the maturity of small and medium-sized enterprises which are prepared to enter the capital market for exogenous financing,enterprises with different development period should have matching financial strategy,but because of the influence of financing constraints,the whole financial strategy and development cycle do not match,which seriously hindered the realization of enterprise financial strategic objectives.Compared with the start-up,although there is no pressure on endogenous financing and product r&d investment,many small and medium-sized enterprises have restricted the implementation of financial strategy,especially the implementation of financing strategy.For example,when the small and medium-sized enterprises develop to some stage of external financing,external investors are not only to analyze the indicators of the financial statements,but also to look at non-financial indicators such as corporate governance,even if the financial statement indicators to the satisfaction of investors,but if the governance structure is chaotic,it is difficult to attract external investors,which will seriously restrict the financing of SMEs,seriously restricting SMEs to become bigger and bigger.This paper mainly analyzes the relative maturity of the operation,the internal financing has been relatively stable,and needs to adopt the external financing of the small and medium-sized enterprises,in the foreign financing through the financing constraints,and on the basis of previous studies,this paper mainly analyzes the relationship between governance structure and financing constraints.This paper analyzes the small and medium-sized enterprise a in mature period as an example,a business is a training and education industry for more than 10 years,with relatively stable market share,steady income growth,good financial situation,mainly rely on endogenous financing,a company at present the most important problem is that external investors are prepared to merge with a company to conduct due diligence,foreign financing is not successful.In order to solve the problem of a enterprise,this paper summarizes the research status of SMEs financing constraints and corporate governance at home and abroad,and summarizes the financing constraints,corporate governance related content,and then analyzes the existing financing strategy and governance structure of company a.It is found that there are many factors affecting a enterprise's financing strategy,which lead a enterprise to lag behind the same type of enterprise development.through analyzing the main factors of corporate governance,it is found that the governance structure may be one of the important factors influencing the a enterprise financing strategy.finally,based on the research conclusions,some suggestions are made for a enterprises.