Research On Financing Behavior And Constraints Of Huzhou Small And Micro-sized Enterprises

The financing difficulty of small and medium-sized micro-sized enterprises has been disturbing the development of regional economy and private economy.Restricted by factors such as credit level,mortgageable assets and financial information disclosure,the financing ability of small and medium-sized micro-sized enterprises is inherently insufficient.Therefore,studying the financing behavior of small and medium-sized micro-sized enterprises and their constraints is helpful to explore ways to solve their financing difficulties,which is of great practical significance for promoting their development and expansion,promoting the development of private economy and regional economic transformation.Using the theory of modern corporate capital structure is presented in this paper on the basis of the theoretical analysis of econometric analysis model was constructed,and the use of investment cash flow sensitivity,the dependence of foreign debt,debt risk tolerance,and other indicators,the Huzhou 275 home small micro enterprise financing behavior and financing constraint problem of empirical analysis and comparative study.This paper argues that small and micro enterprises are more inclined to follow the optimal financing sequence theory than medium enterprises.Mortgageable assets play an important role in determining the level of external liabilities of small and micro-sized enterprises,but their role is not obvious to medium-sized enterprises.Small and micro businesses face more serious financing constraints than medium-sized enterprises.In terms of countermeasure research,this paper proposes countermeasures to alleviate financing difficulties of small and medium-sized micro-sized enterprises from the aspects of building policy support system,deepening differentiated credit support,rebuilding financing credit guarantee system and building one-stop financial service system.