Study On Financing In The Cluster Of Small And Medium-sized Enterprises Of Liaoning Based On Mutual Guarantee Pattern

The Small and Medium-sized Enterprises (SMEs) are the most active force in the modern social and economic development. They can not only promote the economic development and the technology innovation, but also can increase employment and stabilize the social.As to their important role and status, the governments and economists in any countries and regions have been paid close attention to the development of SMEs. But for a long time, large enterprises have been at the core market position in the businesses and mastered the rich resources and money. Due to their own and external environment condition, SMEs are at the edge of the market.Although SMEs pay a important role in the economic development, they are often lack of funds in the process of development. They are difficult to overstep the Macmillan Gap——a world difficult problem and are faced with financing difficulties. Compared with large enterprises, SMEs have smaller scale and more quantity so as to they should pay more information transfer cost. As to the information is asymmetrical in the side of capital providers and demanders, SMEs are easier to cause adverse selection before the financing and moral hazard after financing and lead to an increase in credit risk. The increasing credit risk may lead to the rise in the cost of financing and the loss of capital supply, so as to make it more difficult to raise funds for SMEs. At present, the financial market is still underdeveloped and financial system is not perfect in our country, so the financing channel for SMEs is relatively single. It still mainly comes from bank loans. The SMEs’size is small and they are lack of collateral and good credit conditions. So the Banks take into account the cost and risk control problems often cannot meet the majority of SMEs’ loan application. It leads to SMEs can not finance from the bank. The difficulties of financing of SMEs can seriously affect the enterprises’ scale and the speed of development of new technology, and even can restrict the sustainable operation and healthy development of the enterprises, thus affecting the development of the economy and society. How to solve the difficulties in financing of SMEs has attracted more attention of government departments, financial institutions and businesses for a long time.At the same time, in the in the process of developing of modern industrial structure, industrial cluster——a kind of industry space organizational form has been in almost all industries. Clustering has become the important characteristic of the SMEs’development.Once the SMEs clustered, they can not only retain the advantages of flexible operation but also produce cluster effect. And the innovative industrial spatial organization form will promote the credit of SMEs of the clusters. The cost and risk for Financial institutions to provide credit service will be greatly reduced, so as to SMEs can get bank loans easily. Therefore, We can analysis the SMEs’financing problems in the perspective of cluster.Maybe we can draw a new method to solve the financing difficulties of SMEs. The research in this perspective of cluster is still not much at present, this article combines the theory of financing and cluster together. It puts forward to the SMEs inside the cluster can financing in a whole mode in the perspective of industrial cluster, so as to solve the development and financing problems of SMEs.The article reviews and summaries the theory of financing for SMEs of cluster firstly. Then it generally introduces the concept, theory, advantages and patterns of the financing of SMES cluster. And it analyzes a variety of patterns and concludes that mutual guarantee model is more suitable for the reality of our country. Then it illustrates the cluster financing is scientific and feasible after analyzes the relationship between enterprises inside cluster and between enterprises and banks using the method of game theory. After the general introduction, it turns to Liaoning province and analyzes the financing difficulties and cluster financing situation of SMEs in Liaoning. Then it puts forward to whether the SMEs inside cluster can use the way of mutual guarantee to raise money. Then it illustrates the SMEs inside cluster in Liaoning can financing in the way of mutual guarantee considering the advantages of the clusters in Liaoning province, the government policy support, the humanities, science and technology and so on. It describes and analyzes the cluster financing status of mutual guarantee of SMEs in Liaoning finds out the problems. Finally, it puts forward to some policy suggestions to develop the cluster finance of mutual guarantee of SMEs in Liaoning based on the analysis of the above section. The cluster financing of mutual guarantee of SMEs is a system engineering involving government functional departments, financial institutions, enterprises and other economic entities. It must be considered the the role each economic entity played in the process of financing when conducting The cluster financing of mutual guarantee of SMEs. So it makes relevant policy proposals in the perspective of the government, the mutual guarantee agencies and the enterprise at the back part of the article.