Empirical Study of Chinese SMEs Financing Under International Financial Crisis
|School||Dongbei University of Finance|
|Keywords||financial crisis SMEs financing financing structure financing channel|
The small and medium-sized enterprises (SMEs) are holding an important position in Chinese economics, and other countries in the world prevalent pay more attention to the SMEs. By this procedure, the finance difficulty faced by SMEs attracts the attention of the world.Problem of SMEs financing are the core issue of survival. The financing "stubborn illness" which follows the SMEs’ growing of our country for a long time has not been able to be controlled effectively. Even in normal economic and social conditions, because of funds weak, credibility is not high, the operating risks and other reasons, the SMEs have very narrow channels and the financing capacity is very poor. After the loan crisis occurred in late 2007,the SMEs of our country had experienced layered tests. Influenced by the sharp decline of export, the profit margins of SMEs significantly reduced, which resulted in greatly reduced in inside financing way;At the same time, the increasing financial risks, leading to more cautious investment in financial institutions and further deterioration situation of credit crunch, which led to more difficult of outside financial. Under the superimposition of the internal disorder and foreign invasion, many SMEs of our country are facing with the survival crisis which rarely have. The problems of enlarging needs of the fund, the rising of production cost, Renmibi revaluation are increasingly worse. In the multitudinous difficulties which the SMEs meet, the fund short is reflected the most intensely. Therefore, to solve the financing problems of SMEs are to resolve the fundamental way to survive the crisis. Under the current financial crisis attacking, discussing this question again has very practical significance.Though the study on SMEs financing by academicians of countries is growing significant, there is little under special economic background. The author studies it in the storm of financial crisis, and analyses the characteristics of SMEs and propose some suggestions in such situation.In the first and second part, the thesis introduces the background and significance、the train of thought and the ways. This part also defines the conception and feature of SMEs, the time horizon of financial crisis and theories related with financing. At the same time, this thesis tracks the current status of research about this topic both from China and abroad.In the third and fourth part, the thesis makes a clear known of the true situation of financing problem of Chinese SMEs in none financial crisis period and financial crisis period by an empirical study. We exam the factors in different economic situation and divide the factors in two groups. The first grout is used to exam the factors may be influence the capacity of inside financing way. The second group is used to exam the factors may be influence the capacity of outside financing way. Firstly, we analysis the dimensions what influence financing structure of SMEs, and find out what is the real factors influence financing structure of SMEs in different situations through the empirical model. Then, we want to know clear what factors influence the structure of SMEs’ financing and their change in financial crisis period. Last, by this way, we analysis what cause the financing problems of SMEs.In the fifth part, the thesis contrast the outcome and especially point out the differences of factors which influence SMEs financing in none financial crisis period and financial crisis period. (In none financial crisis period, the factors which influence financing structure are quick radio, profitability and collateral value of assets; In financial crisis period, the factors which influence financing structure are enterprise size, quick radio and profitability.) In the end of the thesis, we give advises in three levels. They are operation of SMEs, relationship between SMEs and banks and policies of government.This thesis finds out the reason of financing problems about Chinese SMEs in none financial crisis period and financial crisis period, and find some normal and special discipline of SMEs financing. It makes a foundation to the resolve of these problems.