Research On The Influencing Factors Of The External Financing Capacity Of SMEs In The Pearl River Delta

If the reforming and opening up policy opened the door of China and made world-famous achievements on the world stage,the Belt and Road Initiative will be the new leverage which will lever China's economic development and open the "heart lock" for the development of SMEs.At present,SMEs in our country still have the problem of mismatch between the capital and their own development.Taking Guangdong Province as an example,in 2016,the province's GDP was 7.95 trillion yuan,ranking first in the whole country.The Pearl River Delta is one of the most economically developed areas in Guangdong Province and even in the whole country.It is also one of the earliest areas where reform and opening up have made major achievements.Therefore,it is particularly crucial to study which factors affect the financing ability of SMEs.At this time,the exogenous factors become the key of the key.Establishing the model,carrying on the empirical analysis,drawing the conclusion and giving the suggestion,have become the main problems of this study.Based on the present financing status of SMEs in Pearl River Delta,this paper identifies the problems that arise in the financing process of SMEs,selects 100 small and medium-sized enterprises(SMEs)from the Pearl River Delta as research and test samples,and then,based on the 2016 annual financial statements Of the relevant data,this thesis will implement the descriptive analysis and regression analysis from the size of the enterprise,the value of asset guarantees,market competitiveness,bank-enterprise relations,human capital costs,financing costs,tax costs,shareholders' equity,net profit margin,growth ability,ability to resist risks,then examine the factors that impact the extrinsic financing ability of SMEs in the Pearl River Delta region.Finally to find what are the main factors affecting the financing ability.The results of this empirical study are as follows:(1)The enterprise scale is positively correlated with the asset-liability ratio;(2)The relationship between silver enterprises and asset-liability ratio becomes significantly negative;(3)The market competitiveness is positively correlated with the asset-liability ratio;(4)The ability to resist risks is positively correlated with asset-liability ratio;(5)Collateral value of assets,financing costs,equity financing ability,human capital costs,shareholders' equity,growth ability and asset-liability ratio didn't pass the test of significance,so,these factors have no correlation with asset-liability ratio in this model.Finally,by analyzing the research results and combining with the current situation of the development of SMEs in the Pearl River Delta,this thesis puts forward countermeasures from the perspectives of government departments,financial institutions and enterprises themselves,with a purpose to provide policy and theory support for the enhancement of financing capacity of SMEs in the Pearl River Delta.