Research On The Market Agreement Of NBFIs' Development And SMEs' Fund-raising

As an important force of economy development in our country,SMEs have the indispensable role,and made an indelible contribution in the aspects of promoting scientific and technological innovation,optimizing industrial structure,increasing employment,improving quality of the people's livelihood.However,affected by the factors of SMEs' lack of credit,financial market development is not high,poor relevant policies and measures,the financing difficulties have plagued and blocked the development of SMEs.In order to get rid of this dilemma,Chinese scholars,entrepreneurs and government officials are actively seeking effective decoding method,the methods of developing the NBFIs,meeting the demand of SMEs' fund-raising,setting up the market agreement mechanism of SMEs financial are more ideal,and are more and more confirmed by research.In recent years,the NBFIs in our country have made a rapid development,and have become the fresh troops of the financial industry,the NBFIs have the irreplaceable market function in the aspects of not stick to one pattern,playing to the score,innovations,gleaning and cutting corners,also the NBFIs can fit the marginal cost of capital and price elasticity of demand of SMEs' fund-raising.Therefore,choicing the market agreement relationship of the development of NBFIs and SMEs' fund-raising as the subject,and emphasisly analysis market agreement mechanism and degree of them has great realistic meaning and high academic value.The full text can divided roughly into three parts:First,the theoretical research.Through consulting,organize the related literature at home and abroad,and based on the theory of SMEs financing,financial intermediation theory,financial development theory,the paper analysis the current situation of development of NBFIs,the financial present situation of SMEs and their mutual relations,getting the conclusion that there is some agreement relationship between the development of NBFIs and SMEs' fund-raising.Second,the empirical research.Combined with the theoretical research results,the VAR model is estsblished based on the variables of financial leasing company size,small loan company size,and the SMEs financing scales,and carrying out the empirical research and validation,getting the conclusion that NBFIs and SMEs can influence each other,and there is the close relationship between them.Third,the policy research.According to the theoretical research and empirical research,the paper put forword the revelant countermeasures from three aspects of SMEs,NBFIs and government to speed up the development of NBFIs to solve SMEs' fund-raising difficulties.