An Empirical Analysis Of Influential Factors Of SMEs Trade Credit Financing

In the Economic Transition period,because of information asymmetry,in order to avoid moral hazard and adverse selection,in the process of financing,small and medium enterprises (SMEs) are faced with credit rationing by banks.It is very difficult for enterprise financing from bank credit.When the enterprise can not get money through a bank credit,trade credit,as a "soft-information driven" form of financing,compare with the banks'"hard information driven" form of financing,has a comparative advantage of financing,and becomes an important alternative chance of the exogenous financing of SMEs.Existing study on influential factors of trade credit financing of SMEs are mainly concentrated on the organizational level,such as the size of the business,business history,bank credit,all of them are "hard information";while the "soft information" such as SMEs owner's personal values,demographics,the organizational environment of SMEs faced and so on,are lack of consideration.In this paper,through questionnaires and interviews,we analysis the influential factors of trade credit financing of SMEs from both the "hard information" and "soft information",making up for the shortcomings of existing research to a certain extent.Throughout empirical analysis,the main conclusion of the study are:there is a significant negative correlation between the times of bank loaning,the size of enterprises,operating conditions of enterprises and SMEs trade credit financing.The overall factor of values and Confucian cultural values of SMEs owners have positive impacts on SMEs financing,the conservative factor of values has a significantly negative impact on SMEs financing.The gender of the SMEs owners does not significantly affect trade credit financing,and there is a significant positive correlation between the age of the owners and the SMEs financing,a significant negative correlation between academic and trade credit financing.