Industrial Policy,Industry Characteristics And SME Credit Resource Allocation

The 19 th Party Congress pointed out that we should "strengthen support for SMEs' innovation and promote the transformation of scientific and technological achievements." This clearly emphasizes the status of SMEs in China's social economy.SMEs have made increasingly prominent contributions to the market economy in terms of output value growth,social employment,and technological innovation,and their development has attracted more and more attention from scholars.However,under the background of information asymmetry,credit discrimination and imperfect screening mechanisms in the credit market have led SMEs to be in a passive position in the credit market.The industrial environment has a significant impact on the strategic choices and decisions of SMEs.This paper believes that banks will analyze and compare the industry environment in which companies are located in order to determine the distribution of credit funds among industries.Therefore,in this paper,the non-financial listed companies from 2012 to 2016 are the subjects of research.First,a preliminary analysis of the relationship between the industry characteristics and the credit level of small and medium-sized enterprises is conducted,and this relationship has been studied in state-owned and non-state-owned enterprises.compare with.Then it was verified whether under the influence of industry environment and industrial policies,SME credit funds will have a positive impact on their business performance,intending to study how the market and the government will have an impact on the efficiency of credit resource allocation.The research results show that the credit level of SMEs is obviously affected by the industry environment in which they are located,or that banks will consider the industry environment in which SMEs are located,but this effect is not significant in the sample of state-owned enterprises;Under the influence of environmental and industrial policies,the use efficiency of SME credit funds can be improved,indicating that market regulation and industrial policies can improve the efficiency of credit resources allocation to some extent.This paper adds industry environmental and industrial policy factors to the study of SME credit allocation,and considers SMEs more comprehensively in obtaining and using credit funds.In addition,this paper believes that the measurement of the efficiency of the allocation of credit funds should not only remain in the direction and distribution of credit funds,but also should pay attention to whether the use of credit funds by enterprises is effective.This paper can theoretically open up ideas for further research on the allocation efficiency of credit resources by other scholars.In practice,regarding the development of small and medium-sized enterprises,it can also provide some suggestions for the government,banks and enterprises themselves.