The Availability of the Credit Finance: The Influence of the Entrepreneurs Different Characters and the Marketization Degree Based on the Non state-controlled SMEs Verifying

摘要

The paper discussed the impact of entrepreneurs' wealth concentration, their risk aversion, and the degree of financial marketization on credit finance availability for SMEs. This paper found that entrepreneurs' wealth concentration of SME was significant indicate a signal from control rights to outside investors. Furthermore, The degree of financial marketization has a positive effect on the credit financing availability, but we have no evidence on the significance between entrepreneurs' risk aversion and debt availability. Finally, it found that the operating performance and the size of the SMEs are important factors to affect credit financing availability. The empirical study showed that, under current capital market, the differences of entrepreneurs' characters of non state-controlled SME have become one of important criteria when getting credit financing, and have become one of good reference to improving the efficiency of credit financing. Moreover, increasing financial marketization will help to amplify the entrepreneurs' characters_1