Study On Empirical Analysis On The Causes Of Financing Difficulties For Small And Medium Enterprises Based On Game Tree

When comprehensive view on the history of the global economic development,the small and medium-sized enterprises has played important roles.In China's economic development,the small and medium-sized enterprises also act as a stabilizing force and make the national economy development advanced.After China's reform and opening up policy has been implemented for nearly 40 years,benefit from the mechanism of economic development keep innovating,the small and medium enterprises have played an important role to promote economic innovation,which improved the economic structure,human resource market,people's living standards and income.Moreover,China derives 60% of the revenue and 70% of the patent invention from small and medium enterprises.Small and medium-sized enterprises boost the development of China's GDP.However,They also faced some kinds of challenge,especially on the financing problem.The financing problem faced by small and medium sized enterprises in China concentrate mainly on the following.First of all,these enterprises have less mortgaged assets.Secondly,looking for the guarantor has became as a hard problem for most of small and medium sized enterprises.At last,highly cost of financing activities restricts small and medium enterprises' development.This financial predicament is caused by enterprises themselves and some Government issues.For enterprises,small and medium enterprises who master the core technology or have the core competitiveness occupies a small amount of enterprises in most kinds of industries.Under this intense competition situation,the profit rate of small and medium enterprises becomes tiny.Secondly,small and medium enterprises lack the immature financial policies and non-transparent information publicity.Thirdly,they do not have enough mortgaged assets.Finally,the highly bankruptcy rates and credit risk make small and medium enterprises hard to get the bank loan.For the government issue,it is lack of perfect and innovative financial services for small and medium-sized enterprises.Moreover,immature credit guarantee system and immature capital market restrict the development of small and medium enterprises.The last is the immature collateral guarantee system.This paper uses the method of game theory and financial data analyze model to analysis the reason which cause the current financing difficulties of small and medium enterprises.And study on the way to solve this phenomenon.The advises are given as the following.Keep improving the overall quality of operators and improving their operation ability.Standardize the system of financial management which lead to the credibility of enterprises' financial report enhance.Strengthen enterprises' credit consciousness.Set solid foundation of SME financing and develop mature financial channels of small and medium enterprises.