Research On The Financing Of Smes Basedon Uncertain Information

Small and medium-sized enterprises is the main section of the national economy, and plays an important role in promoting economic development and maintaining social stability. Since 90 time metaphase, China’s SMEs has gotten rapid development, play a great role in the promotion of scientific and technological innovation, optimize the industrial structure, and promoting economic development. However, because of restriction of some defects of small and medium-sized enterprises own and our political policy, economic system and other factors, SMEs are facing serious financing difficulties, greatly limits the development of small and medium-sized enterprises. Therefore, it has important theoretical and practical significance of the research to the financing of small and medium-sized enterprises.This paper first introduces the background and significance of research, and summarize the latest research results of the domestic and foreign about the financing of small and medium-sized enterprises. Secondly, a brief summary of the relevant knowledge of the game theory, establishes two basic models of the game, and the introduction of the signaling game model, analyze its equilibrium, that an important reason leading to the financing difficulty of small and medium-sized enterprises is the information asymmetry. Then further study found that compared with the asymmetric information, uncertainty is the basic reason to influence the financing of small and medium-sized enterprises. Through the analysis, obtained in the continuous time the enterprise’s expected cash flow is proportional to the revenue growth rate volatility, and inversely proportional to the number of the uncertainty cost of the enterprise. In the discrete time the size of the enterprise’s uncertainty determines the convergence speed of the variable; when the uncertainty of the enterprise’s capital input is fixed, the enterprise’s investment value will increase with the cash flow ratio as the income uncertainty. According to the enterprise’s invest timing obtain the trigger point whether the bank loans to the enterprise. Analysis at last, puts forward some ways and methods to improve the financing difficulties of the small and medium-sized enterprises.