An Empirical Study On The Factors Affecting The Financing Of SMEs

There is a large number of SMEs in China,accounting for more than 90%of the total number of enterprises,and creating more than 60%of the total economy.Especially in the central economic work conference in 2015,requires an accurate grasp of the new normal economic development,and adapt to the new features of the industrial organization:the miniaturization of production,intelligentization and professionalization.The role of SMEs is increasingly prominent.However,due to their small amount of assets,opaque financial information,low credit rating and other reasons.It is difficult for SMEs to obtain bank credit financing.Solving this problem is faced with many challenges.With the development of the times,it presents a new form.Therefore,the research on the financing of SMEs can't stop.This paper first analyzes the theoretical and empirical research on financing problems of small and medium-sized enterprises at home and abroad.In reference to foreign classical financing theory and the domestic research results,this paper makes assumptions of the factors affecting the financing of small and medium enterprises in China's current situation,then make the multiple regression model,which joined a characteristic variable--the actual controller of the listed company in line.After making the multiple regression analysis using the data of 724 small and medium sized board listed companies in China from 2013 to 2015,this paper comes up with the factors that affect the financing of SMEs.Then,this paper carries out the sensitivity measurement of these factors,and extracts the key factors that affect the financing of SMEs.The empirical results show that small and medium enterprises in financing will give priority to internal financing.In the process of external financing,the size of the firm,the value of the assets,the growth and the relationship between the bank and the enterprise will affect the financing ability of the enterprise.Among them,the financing level of SMEs is the most sensitive to the scale of the enterprise,the least sensitive to the relationship between banks and enterprises.Combined with the results of empirical analysis,this paper puts forward the way to alleviate the financing difficulties of SMEs.In order to further improve China's financial system,and provide a good financing environment for SMEs.