A Study On The Impact Of Macroeconomic Finctuation On SMEs Financial Mode In China

SMEs are the most active part of our country and extremely important to the development of our national economy.But they are in weak position in the credit market.Based on the credit resource screening mechanism of bank,the phenomenon of SMEs bank credits rationing is serious.SME financing mode is affected by the external environment and the characteristics of SME.During economic downturn,the risk of SMEs bank credits will increase,the commercial bank will be more cautious when it deal with the loan request,and the bank will increase the risk premium for loan request based on theoretical analysis.Therefore the macroeconomic downturn will exacerbate the SMEs bank credit rationing.Moreover,commercial credits and private lending are also the important financing methods of SMEs.They play a supplementary role to the bank credits.So,does economic downturn indeed has a negative effect to the bank credits of SMEs? Do commercial credits and private lending play a substituting role to bank credits? Further,do the size,property and credit preference of SMEs have an impact on bank credits? Does the substituting effect vary in different enterprises? Making a study on these questions will help us deepen the understanding of SMEs financing constraints,and provide some suggestions to the government to make financing promote policy of SMEs in different economic environment.This paper adopts the method of empirical research on these problems.First of all,we make the theory analysis and mechanism analysis of economic fluctuation,bank credits rationing of SMEs,substituting ways of bank credits and credit discrimination of SMEs.Using unbalanced panel data of Chinese SMEs from 2004 to 2015,and setting up regression modes from size,property rights and credit preference of SME,this paper examines the relationship between SMEs financing mode and macroeconomic fluctuation,reaching several results:(1)During economic downturn,the bank credits of SMEs decline greatly but the commercial credits and private lending increase significantly,which indicates the commercial credits and private lending play a substituting role to bank credits,and the substitution effect of commercial credits is greater relatively.(2)The substituting effect varies in enterprises with different size.The smaller size of SMEs are impacted more by decrease in bank credits,and they more possibly make use of the commercial credits for substituting financing.(3)Credit preference is also an important factor of bank credits to consider,the lower credit preference of SMEs obtain the less loan credits.But during economic downturn,the influence of credit preference on gaining bank credits is not significant.(4)The influence of property on gaining bank credits is not significant.It means that property of SMEs is not important to bank credits.Even if the SME has state-owned background,it also won't gain more support of bank in the distribution of credit resources.Based on the above conclusions,this paper suggests the government to make credit support policy of SMEs,improve the capital market of our country,attach great importance to the protection of commercial credits and private lending environment and improve the SMEs own conditions.