Venture Capital And SMEs Credit Financing Availability Research

SMEs plays an important role in China's national economic and social development,However, the rapid development of SMEs is bound to face all kinds of problems, one of the most serious problem is the difficulty of financing, the long-term social capital allocation of our country relies heavily on the bank credit of the state-owned commercial banks as the main body, lack of financial development level leads to the low efficiency of the allocation of credit resources, SMEs are faced with serious credit discrimination. Venture capital is a kind of special financing channel, playing an important role in alleviating the credit financing of SMEs. Commercial banks and risk investment cooperation in the formation of investment and loans linked mode is venture capital investment to meet the financing needs of SMEs of our country put forward the important mode in the world. This can form the investment loan mode between commercial banks, risk investment institutions and SMEs three win-win. Whether the venture capital can bring more credit financing to the SMEs, and how to achieve this effect? At present, there are few empirical studies on this. Therefore, it is of great theoretical and practical significance to study the effect and mechanism of venture capital on SMEs' credit financing.On the basis of theoretical analysis and literature review, to 2013-2014 years in the SMEs listed on the new board for the sample, through the definition of the variable of venture capital and the selection of other variables, the final acquisition of sample companies have the risk of investment in the sample is 336 and no risk investment to participate in a sample of 1545. Firstly, this paper makes an empirical test on the effect of venture capital on the convenience of credit financing of SMEs by constructing the model; and select the profitability indicators, solvency indicators, growth indicators as control variables to carry out multiple linear regression analysis. Then, based on the research of the effect of venture capital on the convenience of credit financing for SMEs, further research to facilitate the effect of the way to achieve, the analysis of the mechanism of the credit financing of multi SMEs, in this paper, the quality of accounting information and the availability of credit loan are used as the explanatory variables to test the quality of accounting information, through the analysis of these two ways to study the mechanism of the effect of risk investment.Based on the above analysis, this paper finds that, under the same conditions as other conditions, relative to the SMEs with no risk investment, SMEs with the participation of venture capital can get more bank loans, lower bank borrowing costs, this shows that the participation of venture capital can bring convenience to the credit financing of small and medium enterprises; through further study found that facilitation effect of venture capital to enhance the quality of accounting information and easier access to credit loans in two ways.Overall, this paper verifies the convenience effect and its mechanism of venture capital participation in the financing of SMEs through empirical study, and provide theoretical support for the development of China's venture capital and SMEs to obtain credit financing. Specifically speaking, in this paper, the theory of risk investment for SMEs to facilitate the utility of credit financing, that is, the participation of venture capital can bring more bank loan scale and lower bank borrowing costs SMEs, and further examines the way to participate in risk investment credit financing mechanism of SMEs to achieve, that is, the participation of venture capital can improve the quality of accounting information of SMEs, and it is easy to obtain credit loan.