The Financing Analysis Of SMEs Under The MIR

Medium-sized and small enterprises (SMEs), as an important part of the national economy, contribute great effort to China's economic growth and technology innovation. They are playing an important role in improving people's livelihood and employment promotion. At the same time, SMEs are also facing serious challenges. The most difficult is how to solve financing problems. To address these problems within short time, they should carry out innovation of finance and improvement of relevant systems. We can see from overseas experience that completely opening of financial markets can promote the optimal allocation of resources, raising the employment rate, and further deepen the reform of the banking system, effectively alleviate finance issues and promote rapid development. In the recent three decades, reforming in commodity prices is great. However, compared to the field of commodity prices, price factor in China is not so satisfied. Interest rate, as a significant tool of regulating, is strictly controlled by the government. Therefore, the interest rate market will be one of the most important aspects in the fully open financial markets.In this view, the article mainly focuses on analysis of the theoretical based on the marketization of interest rate (MIR), the impact of China's financial environment and SMEs. First of all, this paper defined the concept of MIR and SMEs; SME is defined as the low concentration of labor force or object of labor, the small scale of product and trade, especially the private enterprises. Secondly, expanding option pricing method is one part of research areas. Estimating the influence results from the interest rate market, the thesis builds calculating model of SMEs financing through the derivation of Black-Scholes option pricing model, make a quantitative analysis among loan rate, income risk of assets and asset-liability ratio. Finally, from the view of the enterprise's own financial management, the thesis talks about the ways of risk warning in the condition of interest rate changes. Based on result of this theoretical and empirical analysis, some proposals to minor enterprises financing problems are given out.