The Impact Of Information Sharing On The Financin Cost Of Small And Medium-Sized Enterprises

With the development of the Internet and the advancement of economic globalization,credit plays an increasingly important role in the market,and the demand for credit management and the demand for credit rating follow.The establishment of scientific and rational credit information sharing mechanism is to adapt to the economic development trend.The Credit Reference Center The People's Bank of China is also under the background of this era came into being,since its inception in 2006 has been growing,after the upgrade in 2012 to achieve the national network credit database sharing;In addition,the Shenzhen Stock Exchange in 2001 to establish the system will be based on the principle of information disclosure on the quality of information has been published on the rating,the public and investors can more intuitive understanding of the quality of information disclosed by listed companies to facilitate the correct investment decision-making.SMEs as an important part of China's national economy,accounting for more than 99% of the total number of enterprises,SMEs created by the value of 60% of GDP,as in China's economic market which plays a pivotal role.Financing,especially to the commercial banks to apply for loans this way of financing,as a modern enterprise to maintain production and operation and expand the scale of the necessary economic means,from a macro point of view,the relationship between China's economic lifeline.However,due to the SMEs,the financial system is not perfect,there is a more serious credit rationing situation,resulting in a higher financing costs,so that SMEs into financing difficulties;Due to the existence of information asymmetry,the market is not clear in the equilibrium conditions,there is a high transaction costs,these transaction costs were eventually transformed into SMEs,raising the financing costs of SMEs.This is not conducive to the development of SMEs.Therefore,this paper focuses on the SME group,which is of great theoretical and practical significance to improve the financing environment of small and medium-sized enterprises and improve the information sharing mechanism.Based on the above analysis,this paper uses theoretical analysis and empirical analysis of the combination of Asymmetric Information theory,Signalling Theory and transaction cost theory and other information economics theoretical basis,from the macro and micro level to explore the information sharing mechanism The impact of the financing costs of small and medium-sized enterprises,that is,the gradual improvement of credit system in China for the financing costs of SMEs and the quality of information disclosure on the impact of SMEs financing.This paper first expounds the present situation of information sharing and the current situation of financing of small and medium-sized enterprises,and then sort out the relevant economic theory,on the basis of previous scholars' research,this paper deduces the theoretical mechanism of information sharing mechanism to reduce the financing cost of small and medium-sized enterprises,and the hypothesis of subsequent empirical analysis is deduced.Second,the article chooses the research method of empirical research to discuss the effect of information sharing mechanism on the financing cost of small and medium-sized enterprises.In empirical analysis,the financing of small and medium-sized enterprises rely heavily on loans to commercial banks,so this paper will be limited to the cost of corporate finance to the bank's debt financing costs.The research on information sharing variables is carried out from two aspects.On the one hand,The Credit Reference Center The People's Bank of China is the master of the credit system of China.There is large of informational data.It is the financial institutions and related enterprises' main source of credit data..On the other hand,the Shenzhen Stock Exchange on the small board listed companies information disclosure quality rating.To solve the credit system data difficult to obtain the problem,the article will design the degree of credit system as a dummy variable,and use the least squares method to analyze the data.The quality of information disclosure on the financing costs of small and medium enterprises,selected the Shenzhen Stock Exchange for listed companies to disclose the quality of information rating as a proxy variable,this variable is more authoritative and easy to operate.This paper is based on the listed companies of Shenzhen Stock Exchange.The small and medium-sized board market of Shenzhen Stock Exchange plays an important role in China's capital market.The literature is relatively rich in A-share market,but the research on Shenzhen Small and medium-size Enterprise Stock Market is relatively short.This paper chooses the Shenzhen Small and medium-size Enterprise Stock Market as a research sample.After removing the data from the incomplete sample,a total of 983 observations,the time span of 6 years.I use Excel to preprocess the data,the use of measurement software Stata14.0 on the model modeling regression analysis.After empirical analysis,it is concluded that there is a negative correlation between the degree of credit system and the quality of information disclosure and the cost of corporate debt financing.Finally,according to the results of empirical analysis,this paper puts forward relevant policy suggestions on how to further strengthen the construction of credit information system and further popularize and perfect the information disclosure quality rating system of listed companies.