行为公司金融视角下的我国中小企业融资结构分析-analysis of financing structure of small and medium - sized enterprises in china from the perspective of behavioral corporate finance.docx

Research On SME Capital Structure Based On BehavioralCorporate Finance AbstractThroughout the history of the development of SMEs, especially since the reform and opening-up, small and medium enterprises as the most active forces in market economy play a pivotal role in solving the employment, improving peoples livelihood, creating technology and so on. Compared to its contribution, small and medium enterprises face many difficulties in the growth process, which of the most critical they facing are serious financial difficulties.In the existing literatures about financing of SEMs, information asymmetry is recognized as the main reason that causes financing constraints for SMEs. How to ease the situation of asymmetric information between financial institutions and SMEs and reduce the adverse selections that the financial institutions make in the credit activities in the case that SEMs lack of information disclosure system and its platform is backward and it is in low willingness to disclose information. This issue has been more concerned by scholars and industry experts. At present, the fields on the analysis and recommendations in our country focus on three aspects: First, system construction, namely the establishment and improvement of information disclosure system for SMEs, strengthening the information disclosure regulation for SMEs; Second, system construction, namely sounding and improving the social credit system in China; Third, product construction, namely improving the technology financial institutions’ loans and supporting a more diversified financial products. The above researches were mainly considered from the government and banks. They made recommendations to improve the problem of asymmetric information, but they ignored how to explore information furtherfrom the major financing body itself - small and medium enterprises and neglected to seek ways to solve the financing problem from the SMEs themselves.For the above problems existing in current situati