| Study on financing problems of small and medium enterprises has been the financial sector and the focus of academic research,the problem is recognized worldwide,the rapid development of a properly solve the problems of small and medium-sized enterprises will promote the economy,if not handled properly will likely make the economic development at a standstill,and even lead to social problems.The development of small and medium-sized enterprises are long,show a different role in the whole process,the role of economic development is more and more important,especially in government revenue,urban residents employment and innovation plays an important role.Statistics show that small and medium-sized enterprises in our country to solve the urban residents' employment contribution rate far higher than that of large enterprises,the proportion is as high as 75%;in addition,the value of more than 60%in the contribution of GDP countries,as well as the government's tax revenues accounted for more than 50%.Visible,small and medium-sized enterprises in the whole A remarkable role in economic development,but the development of small and medium-sized enterprises have their own limitations and development,external resistance risk ability is weak,in the development of enterprises will be faced with many difficulties,one of the most important problem is the problem of financing.Through the relevant literature on the small and medium sized enterprises carried out and found that the financing difficulties of small and medium-sized enterprises in China are more than other countries in the country,have the whole world in view,to realize industrialization urbanization,inevitably facing financing difficulties of small and medium-sized enterprises.At the same time,all over the world are trying to solve this problem,provide solutions from a different point of view.This paper is based on the financial crisis,the world economy began to slow recovery of the environment,from some signs see that China's economy began to recover gradually,especially the needs of the real economy has improved under the background of the financing problem of SMEs in-depth study.Among them,the internal factors and external factors such as the financing of in the analysis,empirical research,selected the salary costs,profitability,earnings quality,capital structure,operation ability,growth ability were analyzed.The conclusion of the study is(1)the main characteristics of the financing of small and medium-sized enterprises are:one is mainly on the internal financing;two is the enterprise external financing through debt financing;three from the financing period,small and medium-sized enterprises in external financing mainly by short-term financing;four is mainly in private external financing.(2)factors of small and medium-sized enterprises of our country are in the process of financing is mainly reflected in the salary costs,profitability,earnings quality,capital structure,operation ability,growth ability and other indicators.(3)from the empirical results,each additional salary per employee and enterprise executives annual salary totaled 1 units,the amount of financing will enable enterprises to increase by 0.117 units,0.538 units;from the enterprise's profitability,operating profit accounted for the proportion of total income,management fees accounted for the proportion of total operating income to enterprise financing between the the negative correlation relationship between the number of specific,0.054 units,0.157 units;the total cost of sales accounted for the proportion of total revenue,financial expenses accounted for the proportion of total operating income and asset impairment losses accounted for the proportion of total operating income are directly proportional to the financing ability of the enterprise changes specific to 0.102 units,0.096 units and 0.046 units;in the income quality of enterprises,which is the total income tax and the proportion of the profit and the enterprise financing is proportional to the proportion of income tax will increase 1 unit enterprises financing increased 0.009 Unit;in the capital structure of enterprises and enterprise operation ability,the higher the proportion of current assets,the higher the rate of capital turnover is not conducive to the financing of enterprises;from the growth ability of enterprises,enterprises operating profit growth rate is high will encourage enterprises to get more information.Finally,the robust test from large enterprises and enterprise,to conclude a deeper argument.The innovation of this paper is from the theory aspect,analysis of small and medium-sized enterprises,the research route of small and medium-sized enterprises,and the current situation of the development of small and medium-sized enterprises of our country related researches,finally pointed out the deficiencies in the research process and the existing problems,thus the research on small and medium-sized enterprises have a complete understanding;from the empirical aspect,both at home and abroad for small and medium micro empirical research mainly from the theory of mechanism and case,and for quantitative analysis is less,this paper analyzes the external factors of small and medium-sized enterprises in financing and internal factors from the theory,selected the salary costs,profitability,earnings quality,capital structure,operational capacity,growth ability to carry out the empirical analysis. |
PDF Full Text Request