A Study On Financing In The Cluster Of Small And Medium-sized Enterprises Based On Mutually Assuring Alliance

The cluster of small and medium-sized enterprises lies between the pure market and the pure enterprise's organization. It is a kind of effective industry organizational form. Enterprise's cluster develops better in more developed economy areas of our country such as Guangdong, Zhejiang, Shanghai, etc.. The cluster of small and medium-sized enterprises represent core competitive power of the areas, play an important role in developing local economy, increase the local income, absorb employment, etc.. However, small and medium-sized enterprises have a difficulty in financing because of restriction in some factors such as one's own condition, external environment condition, etc. in cluster. Though the cluster of small and medium-sized enterprises has more financing advantages than the dissociating small and medium-sized enterprises, this kind of cluster financing advantage has not been fully paid attention to. In this article, I try to set a financing platform of the cluster of small and medium-sized enterprises on the basis of mutually assuring alliance, thus, the cluster financing advantage of small and medium-sized enterprises will be effectively played .we can realize the bond direct financing of assets of small and medium-sized enterprises and financing indirectly to the financial institution through guarantee under the condition of unsymmetrical information. Then the problems that small and medium-sized enterprises are difficult in financing in cluster will be solved.There are five chapters in this article as follows:Chapter one: introduction. Introduce the domestic and international research about industry's cluster and small and medium-sized enterprises financing, and the research contents, research approach and thesis frame of this text.Chapter two: the cluster development of small and medium-sized enterprises of our country and current financing situation. Briefly introduce the development of the cluster of small and medium-sized enterprises of our country, cluster direct or indirect financing advantage and the factors that restrict cluster financing advantage to give play to are carried on in-depth analysis. Thus I propose that we can solve the difficulties of cluster financing of small and medium-sized enterprises by setting up mutually assuring alliance.Chapter three: the cluster financing models of small and medium-sized enterprises on the basis of mutually assuring alliance. Recommends the developmentin our country of mutually assuring alliance, analyzes the extant questions of mutually assuring alliance, and then builds the game model among enterprises of the alliance in a cluster. Through in-depth analysis of this model, prove that assuring alliance in cluster mutually may be steadily set up. At the same time, Accord with the aim that can be operated, the author constructs the cluster financing model of small and medium-sized enterprises and puts forward the organizational form and operation mode of the alliance.Chapter four: small and medium-sized enterprises credit is assessed in industry's cluster. The key introduction is to structure the method of assessing the model of small and medium-sized enterprises credit, and a model of consulting is provided. By utilizing analysis hierarchy process and fuzzy evaluation law, we can get the answer to this model, namely the degree of credit and the credit multiple of small and medium-sized enterprises, and then establish the mutually assuring alliance's guarantee multiple.Chapter five: summary and expectation. Summarize briefly the content of this text and some of innovation of this paper and the future research of the thesis.There are some innovations in this paper as follows:1. Builds the game model among enterprises of the alliance in a cluster and the cluster financing models of small and medium-sized enterprises on the basis of mutually assuring alliance.2. Put forward to a financing idea of small and medium-sized enterprises based on mutually assuring alliance as SPV, which we can make use of inofficial capital, realize the bond direct financing of assets of small and medium-sized enterprises.3.Get the credit multiple of small and medium-sized enterprises from the angle ofthe venturet-VB 1 1cv =------=-------VBxt VB tIn this equation the value of credit venture ^ = VC + VR VC js me creditventure,^ is assuring venture on the contrary/ is the percent of mortagaged assetin enterprise's net asset. Then get the assuring multiple of mutually assuring alliance.