Credir Rating And Financing Structure Of Smes Analysise Based On Date Analysis Of New Three Boards

As a large country of small and medium-sized enterprises,the number of small and medium-sized enterprises of China accounts for 99% of the total,and their contribution of GDP exceeds 60%.However,SMEs play an important role in the social economy,at the same time,their development is facing many difficulties,including the difficulty of guaranteeing and financing.The current small and medium-sized enterprises rating system is complex,with a variety of rating indicators,presenting the characteristics of complex design,strong subjectivity,high survey costs.This is not conducive to objective credit rating and batch comparison between investors and investment institutions.The financing difficulties of SMEs are not only related to external credit rating,but also the internal capital allocation and the reasonable construction of financing structure.Reasonable allocation of financing structure makes the debt risk of enterprise financing lower and debt paying better.This paper discusses the general rule of SME financing structure,and the relationship between financing structure and credit rating.This paper first combines the domestic and foreign SME's credit rating literature,using the analytic hierarchy process,multi-index comprehensive evaluation method,according to the characteristics of small and medium-sized enterprises,adhering to operability,quantifiability,to build a set of small and medium-sized enterprise credit rating index system.Secondly,457 new third board enterprises are selected as samples,through literature analysis,descriptive analysis and empirical analysis,to explore the relationship between financing structure and credit rating of new third board enterprises.Research shows that SMEs' financing structure is significantly related to credit rating,and has a certain degree of explanation.Among them,the financing structure of the new third board enterprises whose credit rating is in Grade B is more explanatory to the credit rating.Moreover,SMEs with high external equity and bond financing rate have the general characteristics of higher credit rating,while SMEs with high internal financing rate have lower credit rating.Finally,this paper puts forward some suggestions to solve the financing problem of SMEs from both internal and external aspects.