Research On The SMEs' Financing Problem Within The Industrial Clusters

SMEs have contributed a lot to China's economic development and employment.However,due to the drawback of small scale,imperfect management system,low credit rating,serious information asymmetry and relatively high financing risks and cost et al.,difficulties in financing has become one of the main factors restricting the development of SMEs in China.SMEs in clusters can obtain gains of external scale-economies through spatial aggregation,and have an advantage in terms of access to financial capital,technology,and public services.Through the game theory analysis,it is shown that industrial clusters financing has the advantages of enhancing SMEs' credit rating,overcoming the information asymmetry between banks and enterprises,and reducing transaction costs and lower risk of credit behaviors.It has become one of the financial innovations to solve the problem of financing difficulties among SMEs.Currently,the main alternative ways of clusters financing are chain finance model,mutual guarantee model,regional organizer banking model and the collective debt financing mode et al.,each with distinct characteristics and different applicability.This paper takes cluster financing of Fujian Shishi clothing industry and Hunan Miluo renewable resources industry as examples to analyze the mechanism of industrial cluster financing,summarize the revealed comparative advantages and limitations of this financing model,on which we put forward suggestions to improve industrial cluster financing.As one of the earliest coastal apparel industries,Shishi City garment industry has formed a complete industrial chain,within which the cluster financing has developed well.The SMEs' financing within industrial cluster there is typical.This paper analyzes two cluster financing modes of two industries in order to provide a reference for SMEs financing in other areas.