Financial Development, Financing Constraints And The Availability Of Loans To SMEs

With the continuous growth of the rapid development of our society and economy, the market providesa broad platform for the development of more and more small and medium-sized enterprises, in the periodof economic transition, small and medium-sized enterprises play an important role in the national economy.However, China’s financial system has serious "credit discrimination" phenomenon, resulting in problemsof SMEs loan financing is more and more obvious, seriously restricted the development of small andmedium-sized enterprises.In this study, based on an overview of the relevant background and theory, we know that, the smalland medium-sized enterprise loan availability and the enterprises themselves, financial development andgovernment intervention are closely related, but what kind of relationship between them, we need toexplore. Combing with the actual situation of our country, our country financial development level is littlelower than the market level, market-oriented reform of interest rate has just started, the deposit and lendinginterest rates initially released, the allocation of credit financial institutions affected by the macro-control islarger, therefore, this paper will mainly do the empirical analysis from the external macro adjustment.This paper selects the small and medium-sized enterprise edition of listing Corporation in China2004-2010annual data for the samples, using multiple linear regression model for empirical test. First of all,the combination of financial development in different regions of China institutional background and theexisting environment, focusing on the indexes of every regional financial development level of dataanalysis, to verify whether the positive correlation with the index of small and medium-sized enterprisescan successful loan. Secondly, according to the sample enterprise further classified description of companyproperty, its main classification criteria is based on whether the small and medium-sized enterprise is underthe control of our government, to analyze the effects of financial development indexes of enterprise loanscale, test whether due to changes in properties and change. Finally, the obtained positive correlation in thefinancial level test area and small business loans at the same time, we realized that the governmentintervention is an important part of the process of financial development, has certain influence on thepositive correlation between government intervention in financial loans and small and medium-sized enterprises can be acquired two between the variables, the analysis was also carried out a furtherinvestigation. The results show that, the progress and sound of market economy, promotes continuousdevelopment and growth of the financial industry in various regions, laying the capital base for the smalland medium-sized enterprises which have high-degree financing constraints, more dependent on externalfinancing of loan, and improving our country credit availability of SMEs, making the effective mitigationof SME financing constraints problem in our country. Non-state owned enterprises usually do not have gainthe advantage condition of government support, so they can only rely on the market allocation, aftercontrolling for other relevant variables, the positively associated relationship between the financialdevelopment level and the enterprise loan scale is only significant in the non-state-owned enterprises. Thisshows that as the increase of the marketization, relative to the character of state-owned enterprises, thenon-state-owned properties of small and medium-sized enterprises which are small scale, lack of funds forfacing more outstanding financing constraints problem. Weaken effects exist in local governmentintervention, the local government intervention intensity is high, the matching degree of the allocation offinancial resources of the enterprises in the lower, more difficult to achieve balance, which directly affectthe financial development level, reducing the influence of financial development on the small andmedium-sized enterprise loan availability positive correlation.Based on the results of empirical research, this paper provides an important new perspective tounderstand the enterprise loans available factors, deepens the understanding of the small and medium-sizedenterprise loan financing difficulty, provides the theory basis for the study on the financing of small andmedium sized enterprises, which has a very important significance.