The Research Of SME Cluster Financing In Our Country

SME cluster is an effective form of industrial space organization. It represents the core competitiveness of one region. In current economic structures of various countries, SME clusters have shown extraordinary vitalities. When SMEs form clusters, they not only have the collective effect but also embody the flexible operating characteristics. However, the developments and continuous growths of SMEs will inevitably encounter the funding gap. How to solve the SME financing problem has become the hotspot in theoretical circle. The problem of SME financing difficultly hadn't been solved effectively after the SMEs formed cluster. The reason is that the SMEs had never internally or externally financed as a whole. Therefore, this paper constructs a framework of SME cluster overall financing, and designs a SME cluster overall financing flow. It is an innovation in the paper.The SME clusters financing is a financial mode, which makes the SME into a whole by the mutual constraints of the SMEs in cluster. It includes two ways of cluster overall financing: internally and externally. In this framework, SMEs can finance by the way of inter-enterprise loan in SME cluster. The SME cluster also can form a main body to finance through banks and the capital market. The externally financing needs a trust company, as a media, to change fixed deposits of banks into trust loans for SMEs. It can not only reduce the credit risk of banks, but also solve the funding gap. The trust company can also play a role, as a fund manager, to introduce investors in order to collect industrial fund for the development of SME cluster. The SME cluster overall financing can not only exert the advantages of credit, scale and competition of clusters, solve the problem of SME financing difficultly, but also reduce transaction costs of banks, increase bank return and promote the development of the financial market and financial innovations.The SME cluster financing is a new financial mode, which is designed by this research. The financial flow involves the mutual coordination and restriction relations among banks, the capital market, trust companies and government regulations. The paper analyzes inner-outer competition and cooperation relations by applying game theory, and proves that SME clusters financing have practical feasibilities.