Research On The Influencing Factors Of SMEs' Financing Capability

The rapid development of small and medium-sized enterprises has become an important force in the social economy,and plays an important role in the economic development of all countries.In developed countries or developing countries,small and medium-sized enterprises not only occupy an absolute position in quantity,but also play an important role in economic growth,employment promotion,social stability and technological innovation in various countries.But in the light of the fast development of SMEs,there are also many problems.Among them,the shortage of funds and financing difficulties have become an important bottleneck that restricts the growth and development of small and medium-sized enterprises and even threatens survival.If we cannot solve the financing problems of SMEs,it is very difficult for SMEs to continue healthy development,and will inevitably affect the stable development of social economy.The financing of SMEs has always been a hot research topic at home and abroad.The research on the financing of SMEs has not stopped,and many achievements have been made.However,the financing problem of SMEs is still outstanding,and the shortage of funds for SMEs needs to be solved urgently.The report of the Nineteenth National Congress stresses that we should deepen financial reform and serve the real economy so as to open up financing channels for SMEs and support the development of SMEs.The research of SME financing is still of great significance.In this paper,from the perspective of corporate financing capacity,using literature research,theoretical analysis and empirical analysis and other research methods,to study the factors affecting the financing capacity of SMEs,and explore ways to improve the financing capacity of SMEs.First of all,this paper sorts out the relevant theories of SMEs' financing at home and abroad.Secondly,taking Jiangsu Province as an example,based on a questionnaire survey of the financing status of SMEs in Jiangsu Province,this paper uses empirical analysis to study the influencing factors of SMEs' financing capacity.Based on the financial data of 80 listed companies in Jiangsu SMEs listed on Shenzhen Stock Exchange from 2015 to 2017,8 variables were selected for analysis.Based on the financial data of 80 listed companies in Jiangsu SMEs listed on Shenzhen Stock Exchange from 2015 to 2017,8 variables were selected for analysis.Through multiple regression analysis,this paper examines and analyzes the external and internal financing factors that affect the financing capacity of SMEs in Jiangsu Province.Finally,based on the empirical analysis,from the micro level and macro level,we put forward the specific countermeasures and suggestions to improve the financing capacity of small and medium-sized enterprises.Through empirical analysis,the results show that only the enterprise size has passed the significant test among the factors affecting exogenous financing capacity.All the three variables that affect the endogenous financing ability pass the significant test,namely,profitability,internal accumulation level,risk control ability,these three factors have a significant impact on the financing ability of SMEs.The growth ability of enterprises,the relationship between banks and enterprises,the turnover capability of enterprises,and the ability of asset pledge have not been tested.