Financing Difficulties and Strategies for Stable Subsistence in Small Medium Enterprises

摘要

This study,on the basic assumptions of the finance structure theory and the credit rationing theory,discusses the solutions to the financing difficulties of small & medium enterprises.Through the demonstrative study on 132 small & medium enterprises,it reveals the specific causes of the financing difficulties in two aspects,namely,the macroscopical financing environment and the interior characteristics of small & medium enterprises.Through introducing the complexity science to describe the evolutionary process of small & medium enterprises,it illustrates that stable subsistence is a typical state of small & medium enterprises.The influences of the stable subsistence strategy to the financing of small & medium enterprises are as follows: i) the stable subsistence strategy is an important option for the development of small & medium enterprises;ii) it brings new challenges to the finance structure theory;iii) it can practically decrease the credit gap of small & medium enterprises.