| Since reform and opening-up, with China’s rapid development of SMEs, SMEs accounted for absolute advantage not only in quantity, but also play an important role in supporting economic growth and solving the employment problem. With the development of our national economy, the economic structure has changed, small and micro enterprises have sprung up across the country. However, these enterprises due to small scales, and less money for their own reasons, leading to difficulties in financing has restricted its development, enterprises are difficult to maintain their livelihood, which involves the development of SMEs is an extremely important aspect-SME financing. Currently, the main way to solve SME financing is bank credit financing, financing problems are mainly manifested in credit rationing, so the research of the causes of credit rationing of SMEs is significant.October29,2004, the central bank announced the formal liberalization of lending interest rate cap, which means that China’s interest rate marketization has taken a crucial step. To some extent, this move can solve interest rate control problem in theory, and formulate more reasonable loan prices, thus SMEs can choose loans according their conditions. In fact, can SMEs get benefits from central bank’s move? In other words, whether this move can alleviate the problem of credit rationing and credit financing difficulties in SME loans?This paper discusses the status of SME development, financing, financing difficulties firstly. Financing difficulties are illustrated by literature respectively from SMEs themselves, financial structure, policy environment and private lending. Secondly, analysis the difference before and after opening the lending interest rate cap based on the S-W model. In the case of asymmetric information, opening the lending interest rate cap will still make some SMEs unable to obtain loans, that is to say, the phenomenon of credit rationing exists.The empirical part of this paper uses spatial panel regression analysis, come to a conclusion that opening lending interest rate cap will have a positive influence on SME loans. The empirical results show that the lending interest rate floating range has a positive effect in promoting SME loans, lending interest rate go up by one percentage point, SME loans will increase0.4855-0.5256percentage points. Typically, the lending interest rate floating range is bigger, the more able to cover risks in commercial bank loans, this will ease the credit rationing problem to a certain extent. Thus, the supply of SME loans will increase under the unchanged demand of SME loans.At the end of this paper, according to the empirical results combined with the economic development in our country, puts forward some suggestions including continue to promote the reform of lending interest rate, improve bank loan pricing mechanism, improve relevant systems such as the legal system, credit system, guarantee system, etc, increase government efforts to support SMEs, accelerate the construction of SME financing institutions, thereby increasing the amount of SME loans.The innovation of this paper lies in the usage of quantitative analysis method to analysis influence factors of SME loans and firstly use the spatial panel regression; use the lending interest rate floating range variables to measure the lending interest rate index; the estimation of SME loans is another innovation, drawing Zhang Jun(2005)estimate the depth of financial intermediary,assume the proportion SME loans accounted for total industrial enterprise loans is proportion to the proportion SME net fixed assets accounted for total industrial enterprise fixed assets, and then drawing Yao Yaojun(2012) decomposition the variable "Total loans/GDP", this paper is going to decomposition the variable "Total industrial enterprise loans/Gross output value of industrial enterprises ",using the fixed effects estimation method to estimate the parameters to get the final estimated value indirectly calculate the SME loans. |
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