Study Of SME's Financing Efficiency Based On Industrial Cluster

Small and medium-sized enterprises(SME) contribute a lot to GDP and offer lots of work opportunities to people, at meanwhile, they promote innovations of science and technology and make the whole market more competitive. Although so many contributions, SMEs are restricted by many factors. The low efficiency of financing is obviously the obstacle in the development process of SMEs. It has significantly academic and realistic meanings to study the subject of SMEs'low financing efficiency, especially SMEs'low financing efficiency based on industrial cluster.Industrial cluster is a intermediate structure between enterprise and market. It shows great superiority in increasing the competitive strength of enterprises and promoting regional economic development over twenty years. Its superiority in scale economy, innovation and social capital help a lot in overcoming information asymmetry, increasing the risk level of enterprises and building more confidence of investors. This thesis analyzes the difficulties in the financing of SMEs and illustrate the mechanism that how industrial cluster improve the efficiency of SMEs' financing from the view of social capital.In the first place, this thesis makes a deep analysis on the probability of SMEs' financing efficiency improvement. In order to make an overall illustration of industrial cluster's effect on the improvement of SMEs'financing, this thesis does not only analyze the effect of industrial cluster on the cost of different financing methods, but also makes an analysis of effect on Weighted Average Cost of Capital(WACC) that reflects the investment willingness of investors. It comes to a conclusion that to improve the financing efficiency, one way is to save the financing cost of enterprises, another way is to build more confidence of investors. Then, examples of new financing patterns are drawn into to support the idea that new patterns of financing can improve financing efficiency.Then analysis and comparison of financing patterns are made between industrial cluster SMEs and non-cluster SMEs. In the beginning of this part, the thesis makes it clear that what kind of factors that influences SMEs'financing in industrial cluster, and then analysis and comparison between industrial cluster and non-cluster SMEs are made by drawing into examples of typical financing patterns of industrial cluster. The conclusion is that in addition to cost saving, industrial cluster makes more contributions to the improvement of SMEs'financing by innovation of financing patterns.At last, there are some policies and suggestions for the improvement of SMEs' financing in industrial cluster based on the consideration of all influencing factors. First, strengthening capital market and diversifying financing channels. Second, developing relationship financing. Third, developing the financing pattern of group loan.