Research On The Credit Financing Problems Of The Small And Medium-sized Enterprise Of Our Country

In China’s transitional economy,, small and medium-sized enterprises (SMEs) characterized by labor-intensive has become an important part of the economy. This is also the result of the unique natural resources allocation structure. In China’s economic and social development, the role of small and medium-sized enterprises has become increasingly important, and has become one of the main engines to promote China’s economic growth and create jobs, it is not only the source of economic vitality, but also a "booster" of rapid economic development, an important pillar of economic development and social stability. However, the environment of business survival and operation of small and medium-sized enterprises in our country at present stage is still not ideal. In terms of business operation especially capital operation, the credit financing problems of small and medium-sized enterprises have seriously restricted their survival and healthy growth. Domestic and foreign research on small and medium-sized enterprise credit financing is an abundance of ideas and literature, the starting point of this thesis is to review the current domestic and international major theory of small and medium-sized enterprise financing, but the key of the thesis is to provide concrete analysis with necessary assumptions on the credit financing problems of China’s small and medium-sized enterprises. The methodology of this thesis includes both normative analysis and empirical analysis, as well as quantitative analysis and qualitative analysis. The authorattempt to offeravailable solutions and advices for enterprises, government and financial institutions.First of all, the author reviews the definition and characteristics of small and medium-sized enterprises from a Chinese perspective, describes the meaning and financing channels of China’s small and medium-sized enterprise, summarizes the current financing situation of our country small and medium-sized enterprise. Then, from a perspective of investors and creditors, the author select the size of the small and medium-sized enterprises, collateral value, profitability, operating speed hypothesis and other factors, and select354small and medium-sized enterprises that already listed on the gem as the sample, conduct empirical analysis with its financial data through the SPSS software, and then preliminarily concluded that the debt level of China’s small and medium-sized enterprise positively correlated to firm size, asset collateral value, growth, and negatively related to the profit ability, quick ratio, but there is no significant correlation between debt value and non-debt tax value.Thirdly, the thesis intend to explore internal and external causes of the obstacles for small and medium-sized enterprise to acquire credit support, combined with the actual bottlenecks in the process of credit financing of small and medium-sized enterprises analyzed in the previous empirical analysis, and point out the factors that are necessary presently and are most likely to solve or improve the situation. At last, from the aspect of internal governance, collateral ability and operational risk, the factor of policy environment, supporting conditions from the bank, with the angle of the small-sized enterprises, supporting policy of government and the creation of financing system of the enterprises, the author conclude with the following suggestions:the small and medium-sized enterprises should improve their governance structure and credit reputation, strengthen accumulation, the government should enhance tax and subsidies policy, improve law system and credit collateral system for the small and medium-sized enterprises. Meanwhile, banks should emphasize more on the improvement of credit management mechanism, cultivating regional informal financial organizations.