Research On The Financing Constraint Mechanism Of Micro Small And Medium-sized Enterprises

Nowadays,micro small and medium-sized cultural enterprises is the most dynamic part of the culture industry field,It has the characteristics of numerous and strong innovation ability,It is important force to promote the vigorous development of cultural industry,and it plays a key role in promoting the development of China's cultural industry.Micro small and medium-sized cultural enterprises are characterized by light assets,high input-output ratio,large market risk and unstandardized management.These characteristics make it difficult for micro small and medium-sized cultural enterprises to build a market credit system simply by imitating traditional enterprises,and it is easy to attract financing problems in market activities.For micro small and medium-sized cultural enterprises,capital is the lifeline of the enterprise,which is the necessary condition for the daily operation,scale expansion and sustainable development of the company.In the financing of the capital market,Due to information asymmetry and consideration of investment risk control,investors will directly raise the credit cost of corporate financing,leading to an increase in the external financing costs of the micro small and medium-sized cultural enterprises and a decrease in the financing capacity.This forms the problem of financing constraints for companies.The problem of financing constraint has been an important shackle for the development of micro small and medium-sized cultural enterprises in China.The existence of this problem has seriously affected the survival and development of China's micro small and medium-sized cultural enterprises,and also affected the adjustment of the entire cultural industry structure.This phenomenon has adversely affected the cultural entrepreneurship and employment of the society and at the same time it has also inhibited the vitality of the development of the cultural industry.In this context,based on the perspective of information asymmetry,the paper has an important practical significance for the in-depth study of the financing constraints of China's micro small and medium-sized cultural enterprises.By summarizing the relevant research status at home and abroad,the dissertation uses theinterdisciplinary approach,the literature research method,and the macro-and micro-combination research methods to study the problem of financing constraints of micro small and medium-sized cultural enterprises caused by information asymmetry.From the perspective of information asymmetry,the paper analyzes the financing costs of micro small and medium-sized cultural enterprises from the three levels of government and enterprises,banks and enterprises,and the enterprise itself.On this basis,the dissertation explores the issue of the financing constraints of micro small and medium-sized cultural enterprises.The specific content of the paper mainly includes the following aspects:The first chapter is the introduction.This chapter mainly introduces the research background,research significance,and research status of the domestic and international research on the financing constraint mechanism of micro small and medium-sized cultural enterprises,and thus establishes the research framework and method of the paper and its innovation.The second chapter is a theoretical overview of the financing constraints of micro small and medium-sized cultural enterprises.Analyze the problems to be studied in the thesis from the theoretical level,and reveal the principle that under the information asymmetry theory of external financing costs on financing constraints.The third chapter is the financing characteristics of the micro small and medium-sized cultural enterprises and the manifestations of the financing constraints.Based on the analysis of the financing sources and the specificity of financing for micro small and medium-sized cultural enterprises,the paper elaborates on the three manifestations of the financing constraints of micro small and medium-sized cultural enterprises: misalignment of financing sources?bank financing is higher in external financing ? traditional bank credit management mechanism increases loan difficulty.The fourth chapter is an analysis of the factors that affect the financing constraints of micro small and medium-sized cultural enterprises.The paper separately analyzes the impact of information asymmetry on the financing costs of micro small and medium-sized cultural enterprises from three perspectives: macro,meso,and micro.Including the asymmetric information of government and enterprises increased the opportunity cost of financing,the information asymmetry between banks and enterprises increased the intermediate process cost of financing,and the information asymmetry of the enterprise increased the risk cost of financing in the later period.Thecontinuous increase in the cost of external financing has led to a continuous decline in the financing capacity of micro small and medium-sized cultural enterprises,which has eventually led to the formation of serious financing constraints.The fifth chapter is the analysis of the path to alleviate the financing constraints of the micro small and medium-sized cultural enterprises.The dissertation focuses on the relevant cost factors that affect the financing constraints of micro small and medium-sized cultural enterprises,and analyzes the financing constraints caused by the increase in external financing costs.The paper explores ways to ease the financing constraints of micro small and medium-sized cultural enterprises,centering on government policy support,bank-enterprise information exchange,and corporate self-building.The main innovation of the thesis include : First,the previous articles on the financing of micro small and medium-sized cultural enterprises were basically talking about the difficulties of financing.however,few papers have studied the internal mechanism of financing constraints.The dissertation focuses on the financing of micro small and medium-sized cultural enterprises from the perspective of financing constraints.It has a certain degree of innovation in the selection of perspectives.Second,the main content of the paper's research is that information asymmetry causes the increase of external financing costs.Which in turn leads to serious financing constraints for micro small and medium-sized cultural enterprises in China.There is little research in this area.Therefore,it has a certain degree of innovation in content.