A Study On Financing In The Cluster Of Small And Medium-Sized Enterprises

Small and medium-sized enterprises(SMEs) play an important role in developing local economy, increasing income, absorbing employment. However, SME`s financing difficulty is a widespread problem in the world. So it is of significance to explore to solve the problem. It is not only beneficial to deepening the study, but also guides for the SME`s financing. From the perspective of clusters, the paper discusses the solution coping with SME`s financing difficulty .Through setting a cluster financing platform centered on cluster organization alliance, the cluster financing advantage of SMEs will be effectively played. Then problems that small and medium-sized enterprises are difficult in financing will be solved effectively.The paper find out that the enterprise cluster ,instead of single SME, features with spatial concentration, flexible specialization and embeddedness ,which endue SME cluster financing with scale of economy, information symmetry , risk conversion and multiplier effect. If a stable coalition can be formed as the financing body in the clusters, the advantage will be played fully. According to this assumption , the paper build a dynamic game model between the cluster alliance and the member company. In this model, default probability, default penalties and loss of reputation are three key factors. They influence the stability of cluster alliance through the entry and exit mechanism and default punishment mechanism. After solving the two important problems, the financing of the whole cluster is feasible. So the paper can integrates the mutual guarantee mode and overall financing mode, setting a general framework about cluster financing. In this framework, the author analyses the role of main stakeholders and gives some suggestions.In a conclusion, the problem of SME`s financing can be effectively resolved in the framework of clusters. However, it is necessary to show the advantages of cluster financing that the government, financial institutions, capital markets, intermediary service organizations, and other major stakeholders can be closely with.