Study on Financing Efficiency of SMB in Industry Clusters

摘要

As the bottle-neck of developing SMB in industry clusters of China, the problem of financing has been the most serious obstacles. Four ways of the SMB financing have been proposed in this paper, including internal financing, bonds financing, equity financing and private-loan financing. The new concept of financing efficiency of SMB in industry clusters is proposed, which determines the influencing factors of SMB in industry clusters on financing efficiency, including the cost of financing, the utilization ratio of funds, the reasonability of financing system, the freedom of enterprises financing and the ability of paying off. The evaluation model of financing efficiency is put forward in order to evaluate the financing efficiency of every SMB financing way, and single out the most efficient financing way. The conclusions in this paper are drawn that internal financing is the most efficient, and the equity financing is most inefficient. At last, several advices are proposed in this paper in order to improve the SMB financing efficiency and solve the bottle-neck problem of developing SMB of China.