Empirical Analysis On Influencing Factors Of SMEs' Financing

China's economy has experienced the rapid development of reform and opening up nearly forty years.Small and medium-sized enterprises have become an important driving force for economic development.In fact,small and medium-sized enterprises have made great contributions in the development of economy and society,for example promoting employment,increasing the fiscal revenue,activing the market,the creation of social wealth.Small and medium-sized enterprises play an important role in promoting the increasing of employment and technological innovation.At present,as China's economy has entered a new norm,economic growth by high speed steering in high speed.Economic growth mode from extensive to intensive,dynamic economic growth by relying on resources to rely on innovation,which makes the small and medium-sized enterprises to enter the key period to accelerate the development and upgrade.The Chinese government issued "to promote the development of small and medium-sized enterprises(planning 2016-2020)".It will serve and guide the rapid and healthy growth of SMEs as an important task to accelerate the transformation of economic mode and stable economic growth.However,the development of small and medium-sized enterprises face with a series of problems,such as management and backward technology,high pollution and high energy consumption,high emission.The small and medium enterprises face with severe challenges,especially the small and medium-sized enterprise financing difficult problem restricts the survival and development of small and medium-sized enterprises.The financing problem of SMEs has become an important problems of the rapid development of China's small and medium-sized enterprises and upgrade to face with.Especially in the case of the current economic growth downward,small and medium enterprises financing problems become more prominent.Therefore,from the analysis of the factors influencing the financing of small and medium-sized enterprises.How these factors influence the financing of small and medium enterprises and how to solve the financing problem of small and medium-sized enterprises,have a very important practical significance and theoretical value in the current economic situation.The first part of the paper explains the background and significance of the topic.Then the financing problem of small and medium-sized enterprises to the domestic and foreign related research literature are reviewed.Finally the paper introduces the research ideas and framework,innovation and shortcomings.In the second part,the paper introduces the concept of small and medium-sizedenterprises from two angles of qualitative and quantitative.Then the paper introduce the Chinese government in 2011 introduced the "draw type standards for SMEs".The implementation of the provisions of the first division for small and medium-sized enterprises,small and micro three,and involving a wide range of industry wide,classification after all.It introduces the related concepts of financing of small and medium-sized enterprises.Finally expounded the theory of financing of small and medium-sized enterprises including:information asymmetry theory,credit rationing theory.And basing on the two theories on the construction of financing model of small and medium-sized enterprises,which will affect the supply of bank credit lenders expected profit factor and the loan interest rate,the value of collateral and credit risk as endogenous variables into the analysis framework,to meet and do not satisfy the separating equilibrium situation analysis.The bank established in the expected return,there is a reverse relationship between the loan interest rate,credit risk and collateral,but when collateral is insufficient,the bank will not be replaced by interest rates and risk.Finally,combined with the actual situation of China's current economic on the credit supply model for further analysis and development,with economic growth factors in the model,the analysis of small and medium enterprises financing difficulty.It is concluded that the same economy in a certain period of time,small and medium-sized enterprises in the economic growth rate increased when the most adequate credit supply,economic growth and stability of time the decline in economic growth,at least.The third part,the paper analyzes the factors which affects the small and medium-sized enterprise financing status and financing of small and medium-sized enterprises.First of all,the paper introduces financing situation,internal financing and exogenous financing status in three aspects analysis of the current situation of financing of small and medium-sized enterprises,after the analysis of the factors affecting the financing of small and medium-sized enterprises in three aspects according to the theory of financing of small and medium-sized enterprises above from the SMEs themselves,government,bank.The fourth part of the paper is the empirical analysis of the influencing factors of SMEs financing.Based on the analysis of the factors affecting the financing of SMEs,this paper selects the appropriate variables,and uses the financial data of SMEs in Chengyang District of Qingdao.Because of the variable selection of total liabilities,current liabilities and short-term borrowing,econometric model empirical analysising that small and medium-sized enterprises set up financing for small and medium-sized enterprises is negative.The reason is that the small and medium-sized enterprises are the main operators of small and medium enterprises and the actual control,with the development of small and medium enterprisesincreased age and maturity of small and medium-sized enterprises,small business owners are not willing to the debt management to take excessive risks.As a result small and medium-sized enterprises set up financing for small and medium-sized enterprises is negative.In the SMEs bank short-term bank borrowings will be through other "soft information" determining the supply of funds.The fifth part of the paper puts forward the measures to improve the financing of SMEs,on the basis of the analysising of the third part of the SMEs financing theory and the financing of the small and medium-sized enterprises in the fourth part.From the aspect of small and medium-sized enterprises to explore the financing of small and medium-sized enterprises,we should strengthen the development of the relationship between the small and medium-sized enterprises to develop the information transfer,strengthen the ability of technological innovation to enhance the ability to resist risks.From the bank side to explore the ability to enhance the financing of small and medium enterprises,we mainly get banks to focus on SMEs information collection and sharing,and to carry out small and medium enterprises UNPROFOR loan business.From the government side to explore ways to enhance the financing of small and medium-sized enterprises,we should establish a sound credit system,a sound security system,and the develop the direct financing market,and improve credit laws and regulations.