Whether The Shadow Banks Relieve The Small-medium Enterprises Financing Constraint?

The effect of small and medium enterprises in the economic and social development of a country is irreplaceable.It plays an important role in promoting economic growth,strengthening economic vitality,solving social employment and leading scientific and technological innovation.Therefore,it is very important and significant to support and encourage its development,and to coordinate the resolution of conflicts and problems in its operations are critical and significant.The reality shows that one of the most important problem that facing the development of SMEs is financing is difficult and expensive,and the lack of adequate financial support..Therefore,this problem has become a frontier and hot issue that has been widely followed by academic circles both here and abroad.Some studies have shown that the SME financing constraints are not only related to the SMEs themselves,but also to the macroeconomic and financial environment of a country.The high risk of SMEs,the lack of necessary collateral and the low efficiency of information disclosure are the internal constraints of SMEs' financing constraints for a long time.China is dominated by large state-owned commercial banks,and the lack of financial institutions specializing in serving SMEs,and the underdeveloped capital markets are constraints on the macro-financial environment for the financing of SMEs.In this case,small and medium-sized enterprises in China mainly raise funds for their own economic bodies through foreign indirect financing.The main reason for the financing difficulties of SMEs is the asymmetry of the information market due to their imperfect governance.It needs to be emphasized that in recent years,the development of shadow banking in China has been developing strongly,the quantity is increasing,and the scale is growing.The appearance of the new type of shadow banking represented by Internet Finance in the 2013 has made the form of the shadow banking more abundant,more innovative and more distinctive.Combined with the reality and characteristics of the shadow banking system in China,shadow banking may have a comparative advantage in eliminating or alleviating the information asymmetry in the credit market of SMEs,and it can provide effective measures for solving the financing constraints of SMEs.Based on this,systematically combing the relationship between shadow banking and SME financing constraints can provide theoretical reference and empirical evidence for further easing the financing constraints of SMEs,coordinating the development of shadow banking and helping financial innovation.According to the relevant theory,this paper combines the status analysis of the financing constraints of the shadow banking and small and medium-sized enterprises in China.China's SME financing has benefited from the development of shadow banking.However,due to the threshold effect,when shadow banking development exceeds the threshold,the shadow banking mitigation effect on SME financing constraints weakens;this problem caused by the threshold effect is not due to Improvements have been made in the further development of internet finance shadow banking,and there are significant differences in different regions of China.Therefore,we have improved the design of the risk management system framework,further relaxed the access mechanism for the financial market,standardized the development of shadow banking and small and medium-sized financial institutions that mainly serve small and medium-sized enterprises,and developed the characteristics and advantages of Internet finance,which has transformed China.SME financing status quo effective measures.