An Empirical Study Of The Ability To Obtain Credit Loan Of China’s SMEs

The problem of financing has been the primary bottleneck restricting thedevelopment of small and medium-sized enterprises, to establish a second boardmarket–SMEs board in the motherboard market for solving this problem has a veryimportant strategic significance. Since2008, the financial crisis has caused the greatchanges of domestic and international economic environment, and the financing of thestock market has been in crisis, so all financial institutions have started acceleratingbusiness transformation, increasing SMEs financing tilt, and taking a variety of waysto improve its financial services in order to provide positive support for thedevelopment of SMEs. Pay attention to the financing behavior of SMEs, the empiricalresearch on constraints of the SMEs’ credit financing from the perspective of theenterprise’s own, financial institutions, government has the theoretical and practicalsignificances.First the paper defines some relational concepts, such as SMEs and constraints,according to the SMEs financing theories, such as the theory of credit rationing, thetheory of financial cycle of growth and the theory of financing secured, analyzes thelimiting factors of the SMEs financing from the perspective of the enterprise itself,financial institutions and government, proposes the research hypotheses; thenaccording to the hypotheses chooses the ability to obtain loans as the dependentvariable and total assets, the tangibility of asset, profitability, operating life andentrepreneurial personal qualities as independent variables, establishes model;chooses the sample of the SMEs in2009,2010and2011, through descriptive analysis,correlation analysis and regression analysis, showing that the firm size,the assettangibility and the profitability have a major impact on the line of credit, whichmatches with the theory of financial discrimination in china.Therefore, enterprises, financial institutions and government should make jointefforts in order to solve the financing difficulties on the SMEs in China.Speed up thepace of the economic restructuring ahout the SMEs, enhance the core competitivenessof enterprises through the training of qualified personnel; financial institutions shouldplay the financing capacity and innovative financing models, establish the financingmodel conforming the characteristics of SMEs development and financing needs;With the government’s macro-control, financial market should establish a sound financial system.