Study On The Cluster Financing For Medium-and-Small-Scale Enterprises

Cluster of medium-and-small-scale enterprises is not only an important force to promote regional economic and social development, but also an effective way to alleviate the financing constraints of medium-and-small-scale enterprises in developing countries. Using the enterprise financing theory and cluster financing theory for base and the relative statistical datum and empirical cases for evidence, the paper analyzes the current situation of medium-and-small-scale enterprises in our country comprehensively and describes the important role of cluster financing playing in easing the medium-and-small-scale enterprises’financing constraints systematically.After making a deep investigation on the inner operation mechanism of our medium-and-small-scale enterprises’advantages of cluster financing, the paper presents the theoretical framework of medium-and-small-scale enterprises’cluster financing mechanism. It is considered that the major transformation of both macroscopical policy and microcosmic mechanism in China, which is caused by its incremental reform, is the precondition and foundation of evolutionary development of medium-and-small-scale enterprises’cluster financing. Due to the common function of macro-finance environment, enterprise scale and financing supplying, our medium-and-small-scale enterprises’cluster financing must undergo a historical process that transit from informal financing supply to formal financing supply. Owning to the common function also, the dynamic combination process of society capital effect and cluster externality effect of medium-and-small-scale enterprises cluster, happens to adapted to this transitive history, and makes it possible for medium-and-small-scale enterprises’cluster financing.Under the background of incremental reformation, the cluster’s inner financing mechanism should be improved and the outer financing environment should be optimized in order to take advantage of medium-and-small-scale enterprises’cluster financing. Firstly, macro-finance environment constrains the medium-and-small-scale enterprises’cluster financing at the system aspect. Secondly, enterprise and cluster’s scale not only compose the main motivation of social capital effect and cluster’s outer effect ebb and flow alternatively, but also become the important reason for its financial choice and failure of scale effect of financial intermediaries. Therefore, whether the advantage of medium-and-small-scale enterprises’cluster financing can be brought into play depends on how to give full play of medium-and-small-scale enterprises cluster’s scale advantage, to promote its ability of providing effective information and to amend the information asymmetry determine directly. According to this train of thoughts, the paper concentrated on the two aspects, which are improving the cluster credit assessment system and promoting innovation of regional finance policy, and proposed corresponding countermeasure.To improve the cluster credit assessment system means that we should base on utilizing the cluster’s outer effect, construct scientific and reasonable medium-and-small-scale enterprise cluster credit assessment system in order to make conditions for broadening the formal financing supply channels. Taking the characters of medium-and-small-scale enterprise cluster financing into consideration, the paper presents the basic principle and content of the assessment system and designs the“AHP-fuzzy mathematics”,a scientific and convenient way of assessment. And we take Fu Song county of Jilin province for example to make confirmation in detail.Promoting innovation of regional finance policy is to build regional financing policy for medium-and-small-scale enterprises on the basis of district’s actual development in the macroscopically policy system frame structure. Combining our practical economic development and difference in various regions, the paper makes the basic principle and main content of the regional finance policy clear, and builds an integrated policy frame work which covers the regional financial organizing system, regional financial market system, regional financial regulation system and regional financial service system. And the specific policy optimizing measures is proposed as well.