Research On Early Warning And Of Financing Risks Of Non-financial SMEs Companies In China Western Regions

The implementation of major national strategies such as the Western Development and the “The Belt and Road”,the western region is moving from the open hinterland to the forefront of opening up,but due to the lack of market economy development and regional geographical location,the western region wants to realize its transformation and development must be to stabilize the regional financial environment.Small and medium-sized listed companies are the main force of private enterprises and an important subject for maintaining stable social development.However,compared with the powerful main board listed companies,SMEs companies’ business model needs to be improved,financial management is chaotic,and defaults are serious.If the debt chain breaks down,it will lead to more serious financial problems.At the same time,many small and medium-sized listed companies have reduced their shareholdings illegally,and even fled their money,causing huge losses to the interests of average investors.Behind the financing risks,investors have inevitably panic and cannot find security assets.The imbalance of social and economic development,the collateral effect affects the development of the capital market and undermines the stability of the regional economy.Under this background,it is of great theoretical and practical value to study the early warning system of financing risks for non-financial listed companies in the western region and propose relevant preventive measures.Based on MM theory,trade-off theory and agency theory,this paper constructs a financing risk early warning system for non-financial listed companies in the western region,and proposes relevant countermeasures.The research framework of this paper is divided into three parts:The first part is the theoretical basis of the thesis.Based on the theory of capital structure,this part combs the research on the financing risk of domestic and foreign enterprises and the types of financing risk early warning models,which provides relevant theoretical basis for the research.The second part is the practical basis of the thesis.This paper mainly analyses the operation status and financing risk of non-financial small and medium-sized listed companies in the western region,and finds that the western region has entered the stage of industrial restructuring.At the same time,the solvency of SME in the western region is unstable,liquidity risk has increased,and enterprises maintain a high level of leverage.On this basis,this paper summarizes the financing risks of small and medium-sized listed companies in the western region,which provides a realistic basis for the later research.The third part is the part of empirical research and countermeasures.This part chooses the SME in the western region as the research sample,and chooses 28 indicators that have an impact on financing risk to construct the early warning index system,including the specific indicators reflecting the level of financing risk and the operation status of enterprises in the western region.The early warning model is established by factor analysis and binary logistic regression model,and the early warning model is introduced into the index system three times.The model finds that after adding risk indicators and regional business indicators,it can improve the predictive power of the model.Finally,through the effective early warning model obtained,it makes an empirical analysis of the default situation of non-financial small and medium-sized listed companies in the western region.The empirical results show that the financing situation of small and medium-sized listed companies in the western region has changed,but the overall economic situation in the western region remains stable.According to the empirical results,the paper puts forward the countermeasures to prevent the financing risks of non-financial small and medium-sized listed companies in the western region,including: improving the level of financial management of enterprises,rationally arranging the financing structure,paying attention to macroeconomic indicators;giving full play to the role of government functions,establishing and improving the construction of early warning system of enterprise financing risks,and improving the financial management system to reduce the occurrence of systemic financial risks.To deepen the structural reform of the financial supply side in the western region from the overall point of view,encourage and support regional enterprises to carry out product innovation and service upgrading,take the establishment of science and technology innovation board as an opportunity to support small and medium-sized enterprises with outstanding scientific and technological innovation capabilities,so as to create a more stable financing channel and environment for small and medium-sized listed companies in the western region.In short,the thesis establishes the early warning index system of financing risk for non-financial listed companies in western China and predicts their default situation,obtains the empirical research conclusions and analyzes the reasons,and proposes corresponding countermeasures in a targeted manner.Domain risks,deepening financial reform and opening up,and promoting the healthy development of the financial industry in the western region have important theoretical and practical value.