Research On The Small And Medium-sized Enterprise Financing Difficult Problem In China

With the rapid development of our economy, small and medium-sized enterprises havebecome an indispensable and important constituent in the development of national economy, andplay an important role in improving technology innovation ability of the enterprise, adjustingthe structure of socialist industrial economy and regional economic development, solving thenational problem of employment and the transferring of rural surplus labor force, increasing thelevel of national income and the construction of harmonious society. However, in the process ofthe development of small and medium-sized enterprises it encountered various "bottleneck",which of the most difficult problem is the financing difficulty. Money is the blood to normaloperation of enterprises, but also all of the enterprise production and business operation activitiesmust have the condition, and the capital adequacy of an enterprise will be related to theproduction and development of the enterprise. If the external prospect of small andmedium-sized enterprise is good investment opportunities, internal is the shortage of funds,funds cannot meet the needs of investment, which result in coordinating in the internal andexternal, and severely restrict its development. In recent years, although the central and localgovernments through continuously publishing relevant policy to solve the problem of small andmedium-sized enterprise financing, such as increasing credit support, committing fees chargedby the ban on commercial Banks, fund management fees, increasing financial support, improvingon guaranteed small loans etc, but these policies are lack of pertinence, dispositive, weaksupervision, etc., so its solve the problem of small and medium-sized enterprise financing onlystaying on the surface level, and cannot be solved fundamentally. So the financing difficultproblem of the small and medium-sized enterprise has important theoretical significance andpractical significance.In this paper, the development of small and medium-sized enterprises is in the positive side,the rapid increase of quantity,and plays an important role in adjusting industrial structure,improving the innovative ability, perfecting the social service and so on, but the financingpresent situation of small and medium-sized enterprise is not optimistic, such as narrow channelsof financing a single, high cost of financing, less loan amount, obvious structural difference,insufficiency of endogenous financing, etc. The present situation of financing difficulties ofsmall and medium-sized enterprise is caused by factors including external factors and internalfactors, external factors include the international environment, laws and regulations, governmentdepartments, financing service, fund providers, mainly for the un-enough government support,imperfect laws and regulations, and information asymmetry between financial institutions and small and medium-sized enterprises, strictly loans system of the financial institutions andun-standard of private capital; Internal factors are related to small and medium-sized enterpriseitself, including that governance structure is not reasonable, management is not standard, lowlevel of credit and loan collateral is lack, operating conditions is not transparent and so on.Factors, which affect the financing difficulties of small and medium-sized enterprises, have many,and the internal factor-operating conditions is in one of the key and basic.This article selects28listed small and medium-sized enterprise of Beijing city as sample, and respectively calculatesthe debt paying ability index, profitability index, investors profit ability, operating ability anddevelopment ability, using principal component analysis, linear regression, the empirical analysisof the relationship between financial performance and finance, which improve the level ofenterprise’s financial performance, and good signals transfer to the outside world, is helpful forenterprises to obtain exogenous financing, and solve the financing gap. Finally based on thepresent situation of small and medium-sized enterprise financing, the influence factors and theempirical research conclusion, the article tentatively puts forward the correspondingcountermeasures, such as improving the government support system, perfecting the laws andregulations, standardize the folk capital, setting up multi-level financing channels, strengtheningthe internal control system, enhancing the transparency in small and medium-sized enterprisemanagement state, eliminating the information asymmetry, strengthening the financialmanagement of small and medium-sized enterprises, improving the level of financialperformance, etc., in order to solve the problem of financing difficulties of small andmedium-sized enterprises.