MBT italia Financing for SMEs alleviate the plight -

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Relieve the plight of SME financing and the supply of financing system

One touch on the small and medium enterprises financing difficulties Singapore and abroad to discuss the theory summarized in getting loans for SMEs is very rich theoretical explanation. Foreign scholars StrahsnBrWealon (199 copies of the scale proposed by matching theory: Bank lending to SMEs and the banks of the scale there is a strong negative correlation, that large financial institutions are generally more willing to provide financing services for large enterprises, while not willing to demand for funds to finance small-scale services for SMEs. MaziCGeiilerBrSimanGilchrist (1994) from the perspective of asymmetric information and concluded that: Bank for its information disadvantage for high risk compensation, increased costs of external financing for SMEs, the agency raised problems. The Pazzari. Hubbard $ Peters, and other scholars think that the credit market is closely related to the rise and fall with economic cycles, compared with large enterprises, credit contraction during the Depression, the pressure will be borne primarily by the SME. It follows the credit of SMEs in China difficult it may be relevant in recent years, macroeconomic austerity. Mainland scholar Lin Yifu, 'Yong-jun (2001) pointed out that because of information asymmetry, small and medium enterprises have an incentive to use its information advantage in advance of negotiations, signed the contract funds will be used during or after the process that harm the interests of fund providers, leading to adverse selection and moral hazard. and Zhang Jie (2000) from the credit point of view: the private economy is the gradual reform of financial difficulties during the course of the phenomenon of students, the private economy and the banks Cuisheng insufficient to maintain lateral contact the credit of its financial support, and thus the financial plight of private enterprise is fundamentally a credit difficulties. I believe that all these explanations is undoubtedly compelling. However, due to changes in the financial system with a strong path dependence, taking into account the transition period in China, both the mandatory changing financial system changes and the dual character of the induced changes, therefore, the issue of financing difficulties of SMEs in China,[link widoczny dla zalogowanych], it is necessary to consider the process of economic development financing difficulties of SMEs general causes. At the same time, but also of Economic Transition in the plight of the special causes of SME financing. explore the issue of SME financing difficulties, supply from the perspective of the financing system is undoubtedly a new attempt. Second, growth of business cycle theory and the golden touch-owned Paradigm a child), Enterprise Financial Growth Cycle Management 20 century 70s, Weston & Brigharn different stages according to business sources of financing proposed changes in the life cycle of corporate finance (Financial life cycle of the fiirm) the flaw said. They will be corporate finance division of the six life cycle stages: creation of, growth stage I, growth stage II, growth stage III,[link widoczny dla zalogowanych], maturity and decline.recession. mainly through inter-firm mergers and acquisitions, stock repurchases, and winding-up approach to the withdrawal of financial resources. Early life-cycle theory of corporate finance mainly based on the capital structure, sales and profits to illustrate the dominant characteristics of enterprises in different stages of development between the availability of financial resources issue, but it has for a number of corporate information Characteristics of the lack of hidden factors to consider. In the later study, the information widely circulated and applied economics. Explain the sources of information as an important corporate finance house has been included for the interpretation of the theory being. U.S. economist Berger & Udeli of L} Teston $} B tons of ham business financial growth cycle theory was modified. Revised corporate financial growth cycle theory ((Bergert}: Udeil, 1998) that: along with the business growth cycle changes, information constraints, firm size and financial needs of corporate finance such as structural changes that affect the basic factors. In the enterprise the early stages of creation, since small-scale enterprise assets, the lack of business records and tax situation, financial auditing, corporate information is basically in a closed state and can not pass to the outside world, so its external source of financing is almost impossible, in this context , companies have the main source of financing in accordance with the flag; when the enterprises to enter the growth stage, as the business expansion of the market, sales increased sharply,[link widoczny dla zalogowanych], forcing the inevitable increase and expansion of investment, this time, enterprises face a growing market limited production capacity and self-contradiction, trying to expand the production scale, but only rely on their own capital and retained profits of freedom is clearly unable to meet the needs of its investment expansion, therefore, there is an objective to obtain external financing on the internal demand, at the same time, with the expansion of business scale, * business records, tax payment as well as financial and other information can be passed to the outside, and the company's assets can be used for mortgages also increased, to provide debt financing for financial intermediaries also have the maneuverability, so. enterprises to enter the growth stage, large business financing as its access to external financing of the main channels: in the German fixed into the mature stage of growth after the company's business records and financial management tend to improve at this time, enterprises have gradually released into the market portfolio of assets and information conditions. As enterprises from the open market, open up channels of sustainable financing,[link widoczny dla zalogowanych], corporate debt financing from the Seung you get the proportion of a downward trend, the proportion of equity capital and gradually the rest open. In this cases, some outstanding small and medium enterprises to gradually grow into large enterprises. b), the growth cycle of small and medium enterprises in the SME financing paradigm different stages of the growth cycle, because of its financing needs and risk characteristics among the different financing capacity of SMEs led to the formation of the financing of SMEs growth cycle paradigm (paradigm of financial growth cycle ofSMEs). from the perspective of information asymmetry, corporate financing capacity can be defined as capital providers and business enterprises to provide the return on investment in information satisfaction. The ability to display information available enterprise-scale enterprises, the survival time, financial condition, its owner may mortgage or pledge wealth and access to potential funding sources and other indicators to reflect. Can say that the process of growth of SMEs is its relying on information constraints continue to break and then improve their ability to obtain capital financing process. In different stages of business growth, business enterprises to finance the supply of funds depends on effective information providers the ability to show that hidden information and the behavior of internal transparency. Because different types of capital providers on the effectiveness of the requirements of different forms of information, such as lenders, bond and stock investors gain the right to request and control requirements of different forms. Therefore, in various stages of business growth, enterprise and between suppliers of different types of capital formation to adapt to its transparency of information, relationship or way of capital supply. At the same time, different ways exist between capital supply and alternative complementary relationship. Thus, in various stages of business growth, there are features with the corresponding period and system financing arrangements. In general, the enterprises established stage, the production of smaller, local business activities mainly in a local area, if you want to trade outside the local area, will have to pay search costs, enterprises lack the necessary operating records and The information available to the accumulation of wealth and mortgages, while their production and business activities with a high degree of uncertainty. Therefore, the funds required for enterprise development will mainly depend on the source of financing, including financing and equity capital of endogenous direct debt financing, equity financing and exogenous direct and indirect external debt financing is only a limited range. From the perspective of the financial system, the formal financial system is almost impossible to meet its financing requirements, the informal financial system to provide a viable financial framework.

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