Study On Financing Way Of Small And Medium-sized Private Enterprises

The object of this thesis is a financing way of Small and Medium-sized Private Enterprises (SMPE). During the past more than 20 years, the economy of our country has changed greatly. The single economy mode which the state-owned economy occupied a leading position developed into mixing economy mode which the private economy occupy the leading position. Private economy has already become an important strength of spurring national economic development. But comparing the contribution to the Chinese economy, the private enterprises, especially SMPE, received little financial support. It is extremely asymmetrical. The financing contradiction of SMPE is more and more outstanding, and have already become the " bottleneck " which restricted its development. Attempt to find out the profound reasons for hindering financing development of SMPE through the research of this thesis, put forward the corresponding countermeasure and suggestion, in order to alleviate it's financing predicament, promote it to grow vigorously healthily. Combined method of empirical research with mormative research, econometrics method as well as in this thesis. Used comparative analytical method, the looks contrast both at home and abroad in the part of new development of the financing way, find out disparity, propose the corresponding improvement measure.The thesis analyses from the empirical point and chose some SMPEs from Ma'anshan city, Anhui Province and its Dangtu county. The conclusion drawn is that financing ways of SMPEs is still monotonous, except that enterprises increasingly rely on accumulation of themselves, the degree of dependence on the financial institution is very high; The degree of difficulty of the short-term fund financing reduce, the long-term rights and interests capital is scarce seriously, especially for Hi-Tech and innovative SMPE. Financing state which grow big and strong in SMPE improve to some extent, and the smallbusiness is still quite difficult in financing; The financing state of SMPE is closely related to the economic environment that is in. On one hand, SMPE financing is relative difficult in the area where the large and medium-sized enterprises concentrate. On the other hand, the more what the regional financing innovative way, the more developed economy presents is. In the empirical research part, find out influence facts which is correlated with bank loan and other debt in this area through setting up plural linear return equation, whether the result conform after "Pecking order" theory or not.According to the result of the empirical tests and relevant experience materials, the thesis analyses the main reasons which result in the present situation of SMPE financing. The first reason is the financial repression during the transition period. Different from western scholars put forward to be general to take place in developing countries financial repression, although the interest rate of loans and deposits is made by the government, the amount of the deposit has been remaining high all the time. Because of the information asymmetry between the banks and enterprises, the disparity between the loan interest rate and equilibrium interest rate of market is strengthened, even if the commercial banks have certain authorities of loan interest rate to go up , but not suitable for the risks they undertaken, causing "inertness" the commercial banks to lend money to SMPE. The second is the system factor. For the indirect financing, the market orientation of the state-run commercial bank is the large-scale state-owned enterprises, and having already formed firm cooperation with each other. For the direct financing, the issuing condition of the main board market and terms of issuing corporate bond are expected very high , undoubtedly the influence of two kinds of financing ways both very disadvantageous to SMPE. Though the small and medium-sized enterprises board of our country has already been created, it is still following the game rule of the main board market, which cause SMPE difficulty to be listed on this plate. The third is the financial system factor. The thesis analyses the reason that the commercial bank " pities the loan " to SMPE in terms of information economics and game theory. The fourth is the factor from SPME. The thesis analyses from family management mode of SMPE, administrator's quality, market risk and credit risks they facing and financing cost faced , etc.The thesis studies three kinds of financing ways which are suitable for SPMEdevelopment at present. The " new way " in this thesis points not only created or emerged newly, but includes broadly-defined financing way which having new connotation or new development under the new situation. Such as lease, this financing way has long history , but the appearance of financing lease become main sign which modern lease different from latter-day it. The financing way integrates financing capital and material into whole. Lease is one of the most effective ways of solving difficulty of fixed assets investment for SMPE. Risk investment not merely offers the rights and interests capital for SPME, it is important that risk investors participate business administration in person and bring the valuable intelligence wealth for SPME which newly establishes. This kind of financing way of the Asset-backed securitization (ABS) is based on credit quality that enterprise's basic assets combination, so it is good to solving the focus problem of whole credit low SPME exist usually. The financing way confuses the line between direct and indirect financing, which makes it one of effective way to alleviate SMPE listing financing difficulty at present.According to the result of empirical analysis and the cause of the problem existed, the thesis has proposed seven countermeasures and suggestions improving the financing way of SMPE. First, structure the financial system of perfect credit financing which is suitable for SMPE to improve indirect financing way. Second, regarding establishment of the small and medium-sized enterprises board as the opportunity, structure the multi-level capital market to improve direct financing way of SMPE. Third, set up complete credit assurance system. Fourth, use mortgage financing way rationally to make it supplement of indirect financing way. Fifth, standardize folk financing behavior to make the nongovernmental fund turn into the legal folk capital. Sixth, SMPE must strengthen self-building to dispel inherent negative factor which caused financing predicament. Finally, policies should be made to encourage the innovation of the financing way of SMPE.