| Premier Wen Jiabao said:"The textile industry is not only the traditional pillar and important livelihood industry of national economy, but also plays an dominant role on the international market. It has a critical effect on booming market, expanding exports, creating jobs, increasing farmers'income and promoting urbanization." By 2010, there are 175 areas identified as "pilot areas of China's textile industrial cluster". Textile industry has gradually formed large-scaled industrial clusters. As one of the most important industry in Zhejiang Province, textile industry has achieved the No.2 total volume and export in China and its economic effects is on the first ranking. With many industrial clusters, textile industry is also the pillar industry in Zhejiang. As a representative industry of labor-intensive industries, the textile enterprises are generally small-scaled, low level of labor and lack of independent innovation and their own brands. Like Small and Medium Enterprises (SMEs) in other industries, they are difficulty in financing because of narrow channels and single method for financingThe main purpose of the small-scaled textile enterprises' financing is as current assets for their own production and operation. Their capital demands are frequent in times, tight in time, small in amount and high in risk and the loans have a uncertain turnover, which makes difficult for them to financing. The textile industrial clusters have completer industrial chains, external economy and higher business credit and their enterprises are near in region, all these features make the financing of enterprises in clusters are easier than those outside the clusters, in other word, these enterprises have stronger financing ability.In this paper, the author has investigate 185 enterprises in Zhejjiang textile industrial clusters, and completed 172 valid questionnaires. The data refers to enterprises' basic situation, financial status and industrial cluster situation. The conceptual framework of Context-Structure-Conduct-Performance (CSCP) is applied in the paper. Through desk research, questionnaire surveys, empirical research and field interviews, the paper has a analysis and discussion on enterprises'financing features and factors affecting financing in these clusters. SPSS is adopted in data analysis, and the methods involve: descriptive statistics (such as mean, frequency, variance, etc.), cross-analysis, factor analysis, multiple linear regression analysis.The results show:industrial cluster is conductive for enterprises to maintain a stable contact with upstream and downstream enterprises like raw material supplier, equipment supplier, vendors, etc, which help them to reduce costs, increase sales and improve profitability. Enterprises in industrial clusters have more frequent exchange with local financial institutions, thus they have a better credit and are easier to obtain financing. However, due to lack of government management, less perfect financial system, the limitations of textile enterprises and cluster risks, the advantages of industrial clusters has not fully been exploited. By factor analysis, the affecting factors can be summarized as government relations, corporate relations, financial relations and enterprise situation. By multiple linear regression analysis, on the 95% confidence level, the significant affecting factors on financing ability are as followed:degree of contact with raw material supplier, vendor and the bank, ease to obtain loans from financial institutions, timeliness of government management, average sales growth in the nearly three year, company age and industrial associations' role.Based on the idea of "question-analysis-solve the problem," and the enterprises' financing problems in clusters, the author has analyzed the reasons and put forward several strategies from four aspects of government, financial institutions, enterprises and avoiding cluster risks, in order to improve financing ability. |
