Research On Bank-Firm Relationship And Financing Difficulties Of Small And Medium-Sized Enterprises

Since the reform and opening up,China's small and medium-sized enterprises gradually become an important power of supporting the national economy.By the end of 2017,SMEs,which accounted for more than 90% of the total number of enterprises in China,contributed more than 50% of the tax revenue,60% of the GDP,70% of the technology innovation,80% of the urban labor and employment.SMEs have played an important role in promoting economic development,promoting market competition,encouraging technological innovation,increasing employment rate and narrowing the gap between urban and rural areas.China's SME loan demand has the characteristics of "less" and "frequency",and relationship lending is suitable for the borrowing demand of SMEs.Therefore,it is of great theoretical and practical significance to discuss the influence of the bank-firm relationship on the loans to SMEs and to consider the external institutional environment.This paper is based on the idea of "raising problems,analyzing problems and solving problems".Under the background of the implementation of inclusive financial policy and the financing problems of SMEs,this paper uses the loan data of listed SMEs to study the bank-firm relationship and SMEs financing problems from the perspective of relationship lending.And finally this paper puts forward relevant policy recommendations and prospects for the future research direction based on the results of the study.At present,the research on relationship lending focuses on loan volume and cost,while there is less research on loan conditions.In addition,although some scholars have carried out research on the correlation between the external system environment and bank loans,few scholars have discussed the influence effect of the bank-firm relationship according to the regional differences.Therefore,the empirical research part of this paper uses the loan level and the loan condition as the interpreted variables,and discusses the effect degree of the bank-firm relationship according to the regional difference.Based on the review and summary of relevant literatures,this paper puts forward six test hypotheses and takes the loan data of Shenzhen SME Board from 2008 to 2017 as the research sample in order to empirically test the influence of the bank-firm relationship on the loan level and loan conditions of SMEs through multivariate linear regression and logit regression model.The variables to measure the bank-firm relationship are the length of the relationship and the number of relationship.The comprehensive score of financial ecological environment is selected to measure the external institutional environment.The results show that the sooner enterprises and banks cooperate in the first time,the more the number of cooperative banks,the less difficult it is for enterprises to obtain loans,which shows that the cooperative relationship between banks and enterprises is conducive to enterprises to convey positive information about the operating conditions,reduce the information cost of bank debt supervision,effectively alleviate the financing difficulties of small and medium-sized enterprises.In the areas with poor financial ecological environment,the relationship between banks and enterprises is more obvious to improve the availability of bank loans for small and medium-sized enterprises.The content of this paper mainly includes six parts:Chapter 1 is the introduction part.This chapter analyzes the background and the significance of studying the relationship lending,determines the research ideas and methods of this paper,and finally puts forward the innovation points and the deficiencies.Chapter 2 is the literature review part.This chapter has carried on the literature review to the relationship lending and the SME financing problems.Chapter 3 is the theoretical analysis part.Firstly,it analyzes the division method of SMEs,the financing status of SMEs and the realistic reasons for their financing predicament.Secondly,based on the theory of credit rationing,the theory of financial intermediation and the theory of incomplete contract,this paper discusses the theoretical reasons of financing difficulties of SMEs.Then,the paper analyzes the financing problems of SMEs by using the dynamic game model of bank and enterprise.Finally,the paper analyzes the influence path and influence effect of financial ecological environment on the correlation between bank-firm relationship and bank loan.Chapter 4 is the empirical research design part.This paper discusses the selection and processing criteria of the relevant data,puts forward reasonable assumptions based on the results of previous literature and theoretical analysis,and constructs the model according to the assumptions put forward.Chapter 5 is the analysis part of empirical results.This paper verifies the influence of the bank-firm relationship on the level of bank loan and loan conditions of SMEs.It has a discussion in groups according to the financial ecological environment score,and then discusses the possible causes of each regression result.Chapter 6 is the research conclusion,policy suggestion and prospect part.This part summarizes the research conclusions obtained in this paper,puts forward the relevant suggestions to solve the financing problems of SMEs,and makes a reasonable prospect for the future research direction.