| As China’s economy continues to develop, and promote the role of SMEs in economic development is becoming more significant, however, in the process of its development, for all kinds of capital is needed for the development of a lot of obstacles. On the one hand relatively standardized SME management, credit is relatively poor, relatively poor financial situation and other reasons, so that they have less ability to obtain capital from the formal channels, on the other hand, in our practice under tight monetary policy background, tradition the formal banking system, easy money is tight, so bank loans tend to those asset quality, the strength of large enterprises, SME financing situation becomes more distress. SMEs for their own survival and development, the urgent need to obtain funds from other sources.After the 2007 US subprime mortgage crisis, the "shadow banking" of the term began to board the stage of history, and scholars generally believe that the free from the regulatory gray zone is one of the important factors that induce the subprime crisis. In recent years, as China’s financial system has improved constantly and diversified development, integrated financial management is increasingly clear that profound changes have occurred in the pattern of traditional financing. Especially in recent years to speed up China’s interest rate market-oriented process, from 2012 the central bank to expand the lending rates twice during the 2013 lifting of bank lending rates regulation, to 2015, the upper limit of the floating range of interest rates on deposits of financial institutions to improve to 1.3 times, this series of policies largely contributed to the rapid expansion of the shadow banking. The rapid development of China’s shadow banking is also an urgent need for financing to SMEs brought hope; it can meet the financing needs of SMEs to a large extent.This article expounds the shadow banking development and research status quo of SMEs financing at home and abroad, and the reason for the financing difficulties of SMEs financing channels are analyzed. On the basis of analyzing the our country the present situation of shadow Banks and SMEs financing present situation, Shadow banking development present situation from two aspects of its structure and scale, scale based on the analysis of the status quo, using the relevant data, to estimate the scale of our country from 2008 to 2015 shadow banking, rapid development can be found that the scale is expanding type; SMEs financing present situation from two aspects:financing supply and financing needs. Followed by shadow banking the influencing factors of SMEs financing is discussed and the mechanism of action of shadow banking, on the basis of the establishment of a short-term constraints SVAR model, the empirical analysis by using impulse response function and variance decomposition function of shadow Banks and SMEs financing in our country internal relations, and puts forward reasonable countermeasures and Suggestions on the relevant conclusions.This article concluded that the main points are:one, the shadow banking in our country produced in traditional financiers, investors and financial intermediaries demand three aspects; Second, the development of SMEs in China a positive effect on the national economy is significant, but it but the situation of distress financing from the formal financial system lending procedures are complex, larger loans more difficult, the need for new ways to more new channels into the capital. The emergence of the shadow banking for SMEs provides a variety of financing models; Three, the empirical analysis results show that our country deeply the influence of shadow Banks to SMEs financing, in the short term can solve the problem of SMEs financing needs, make the SMEs development, but in the long run, the shadow banking increase reimbursement pressure and the risk of SMEs. |
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