Theoretical analysis and empirical study of the financing of SMEs in China relations
|School||University of Foreign Trade and Economic|
|Keywords||SMEs Relationship lending Relationship loans Relationship Banking|
Of SMEs in China due to the limitations of scale and the nature of ownership of discrimination in the credit market is difficult to obtain funds , made ??the issue of bonds eligible for IPO conditions restricted , into the stock market and high threshold , long-standing internal raised financing , facing serious shortage of funds , private equity funds have also increased the risk of the entire financial market . This article is from the two levels of theoretical and empirical demonstrate how to solve relationship lending to SMEs lack of funds . First start from the three aspects of the system concept , contract economics and financial intermediation theory on the relationship between finance feasibility theoretical analysis , three theories are interrelated and complement each other, jointly revealed the \the basis of the relationship between the financing system ; Second , by contrast creation of small and medium-sized financial institutions in the United States to solve the financing problems of SMEs , the feasibility of the auspices of Japan 's main bank system and the German banking system, the relationship between finance and then come to solve the financing of SMEs operating conditions. Currently in China , one of the innovative ways to solve the financing difficulties of SMEs system is the relationship of the government to ease banks and SMEs , establish institutionalized financing - relationship lending , to alleviate the status of the lack of finance for SMEs ; Finally, this article select the 50 listed companies of Shanghai and Shenzhen SME board as the object of study , the amount of short-term and long-term loans , loan guarantees , conditions and interest rates reflect SME loans available , specific indicators of loan costs empirical research, SPSS software relationship lending to SMEs financing advantage be proved , the article further elaborated at the end of the status quo of China's macro-economic situation , banks in the SME financing , policy advice relationship financing .