Selection Of Financing Channels For Small And Medium-Sized Enterprises In Shihezi Research On Influencing Factors

Since the formal establishment of the socialist market economy system,SMEs have developed rapidly and,as the main force of national economic development,play an important role in promoting the economy,preserving employment,revitalising the market and improving people’s livelihood.2018 saw the first meeting of the State Council Leading Group for Promoting the Development of Small and Medium—sized Enterprises,which proposed that SMEs in China have "five,six,seven,eight,nine " typical characteristics,reaffirming the great contribution of SMEs.However,under the influence of the new crown epidemic and driven by the global financial crisis,the shortage of capital has gradually become a bottleneck for the development of SMEs.Therefore,how we can better address the financing dilemma of SMEs is a key challenge facing our entire nation.Against this background,this thesis firstly compares the relevant literature on SMEs and their financing channels,introduces the concepts and theoretical foundations of SMEs,and secondly understands the current situation of SMEs and their financing channels in Shihezi through visits and research.Afterwards,questionnaires were collected based on telephone interviews,and descriptive statistics were collected from the sample enterprises in four aspects including managerial characteristics,basic enterprise conditions,financial characteristics and financing environment.On this basis,correlation tests were conducted to explore the relationship between these influencing factors and the choice of formal financing channels through logit model regression,and the influence of five major influencing factors including managerial education,asset size,financial statements,bank interest rates and business conditions on formal financing channels was analysed.Finally,by summarising the problems of Shihezi SMEs themselves and their financing channels,targeted countermeasures are proposed to improve the efficiency of SME financing.The main problems are as follows: SMEs mainly suffer from shrinking markets,inventory backlogs,low — end products,fierce competition,low quality,lack of innovation,financial chaos,lack of management,rising costs,lower profits,shortage of funds and financing difficulties.There are narrow financing channels,reliance on endogenous financing,low financing efficiency,high financing cost,insufficient financing amount and lack of supplementary channels.In response to the above problems,the countermeasures proposed are: First,to strengthen the construction of SMEs themselves.Mainly from the standardization of the financial system,improve the management level;increase enterprise innovation,steadily expand the scale;improve the quality of management,strengthen the credit construction of three aspects to enhance.Secondly,to improve the service capacity of financial institutions.Mainly from innovative credit products,to ensure the quality of loans;training small and medium—sized finance,to broaden the financing channels;recruit outstanding talents,to strengthen the construction of the team three aspects.Third,strengthen government support and guidance.Mainly from perfecting the financing platform and improving financing efficiency;developing inclusive finance and increasing policy support;and improving the credit system and optimizing the financing environment to strengthen guidance in three aspects.