The Financial Difficulty's Factor Analysis And Strategy Study For The SMES

The small and medium-size enterprise plays a very important role during the development of our country's economy. It faces all kinds of difficulties in the course of its development among which the financing difficulty has been the heaviest obstacle. What causes this situation? There are so many study but with no satisfaction.This thesis manages research outline based on the theory through concluding and arranging of current studies, tends to study on a definition on the credit system,The third part of thesis argues that lack of credit is fundamental factor of financing difficulty of SMES for the limitation of credit system: It is because lack of credit, on one hand, financing of SMES is inferior to that of big enterprises because banks can't get information of SMES which means loaning to SMES suffers more risk; on the other hand, the situation that banks, always risk averse, fear to loan to SMES, which have low credit class and dim credit consciousness, lead to financing difficulty of SMES.Consequently, the thesis applies game theory to prove in economics: on the condition of lack of credit, (1) Good credit SMES and poor ones choose applying together;(2) Banks always refuse.Then, the thesis introduces penalty mechanism on those who violate the contract which strengthen the cost of violation based on limitation of credit system, finds a improved equilibrium: (1) Good credit SMES apply for loan while poor credit ones do not;(2) Whatever expectation of credit class of SMES, banks always approve the loan. The model proves that mechanism design can solve the financing difficulty problem brought by lack of credit and construction of credit system is key to financing problem.Finally, the thesis introduces the international experience of construction of credit system and brings forward five strategies for our country's credit system's construction by three aspects: perfecting the legislation related to credit and strengthening execution, developing the credit reference system, perfecting the credit supervise system, improving the credit guarantee system and strengthening self-construction of enterprises' credit.