Research on Financing and Decision from Micro Enterprises in China

Transcription

1 Open Journal of Busness and Management, 2017, 5, ISSN Onlne: ISSN Prnt: Research on Fnancng and Decson from Mcro Enterprses n Chna Based on Internet Fnancal Model Perspectve Junlong Wang Faculty of Fnance, College of Economcs, Jnan Unversty, Guangzhou, Chna How to cte ths paper: Wang, J.L. (2017) Research on Fnancng and Decson from Mcro Enterprses n Chna. Open Journal of Busness and Management, 5, Receved: February 21, 2017 Accepted: Aprl 27, 2017 Publshed: Aprl 30, 2017 Copyrght 2017 by author and Scentfc Research Publshng Inc. Ths work s lcensed under the Creatve Commons Attrbuton Internatonal Lcense (CC BY 4.0). Open Access Abstract At present, the fnancng of small and medum-szed enterprses n Chna s market economy has caused great concern of the whole socety. Small and medum-szed enterprses fnancng dffcultes drectly affect our country to complete the publc entrepreneurshp, people s nnovaton goal. There are many reasons for the fnancng dffcultes of SMEs, such as the small and medum-szed enterprse s fnancng characterstcs, the state of small and medum-szed enterprse servce system constructon, fnancal nsttutons and credt evaluaton mechansm of our country enterprse credt system etc. Ths paper argues that there are three reasons for the fnancng dffcultes of SMEs: The frst s the asymmetry of nformaton between the two sdes of the credt; secondly, the cost of the loan s huge. Fnally, t s dffcult to control credt rsk. Therefore, n order to solve the problem of fnancng, we should focus on three aspects: Credt nformaton, cost reducton and rsk control. Internet bankng model s not a tradtonal bank ndrect fnancng model, nor s t a drect fnancng model on the captal market, but a multagency cooperaton to complete a new fnancng model. Ths model s convenent and rapd; t provdes a feasble way to solve the fnancng dffcultes of small and medum-szed enterprses, whch can greatly mprove the current fnancng envronment. Keywords Internet, Fnancal Model, Small and Medum Szed Enterprses 1. Introducton Small and medum-szed enterprses are the man bulders of the natonal economy, a large proporton of the total number of enterprses n the country. DOI: /ojbm Aprl 30, 2017

2 But the macro envronment of small and medum-szed enterprse development tself s not optmstc, tradtonal fnancal nsttutons are more nclned to provde fnancal support for large enterprses, and SMEs n the early stages of development s not necessary to support the development of resources [1]. Small and medum-szed enterprse nformaton collecton s dffcult, so t s hgh cost of fnancng. However, the fnancal ndustry to make full use of the huge advantages of the Internet, and the Internet and ntegraton, penetraton, has become a new trend n the development of the fnancal ndustry. Internet bankng has become the man battlefeld of competton among enterprses; major companes have to use search engnes, socal networks, moble payment and other network platform, nnovatve Internet fnancal busness, just a few years to create a huge market, and the development momentum unabated. Because the Internet fnancal mode and the tradtonal mode of commercal banks are very dfferent, t ncludes not only when we say the drect fnancng model, ncludng a new fnancng mode of Internet companes and fnancal nsttutons and other partes to jontly promote the creaton. Ths fnancng model has the advantages of convenent, fast, and so on, whch provdes a feasble way to solve the problem of fnancng dffculty of small and medum-szed enterprses, and can greatly mprove the current busness envronment [2]. In the Internet fnancal model, the needs of corporate fnance can be a reasonable exposure, so that the demand sde and the supply sde of the demand and supply of funds can be more drect contact and meet. The supply of captal demand and captal to put on the Internet platform wll come out to show ther acceptable condtons clearly, so that they can easly fnd the combnaton of the object, and through fnancng platform fnancng guarantee, reach a purpose. Small and medum-szed enterprses enrch ther fnancng channels, reduce the cost of nformaton asymmetry caused by the past, to provde convenent fnancng for SMEs [3]. Ths paper frst ntroduces the basc stuaton, the rse of Chna s Internet fnancal development; second the artcle analyzes the present stuaton of the fnancng of small and medum-szed enterprses; ths paper analyzes the thrd Internet fnancal deal wth the problem of fnancng advantage; the fourth pont s that the development of onlne bankng s a good soluton. 2. Sgnfcance and General Stuaton of Research 2.1. Sgnfcance of Research Small and medum-szed enterprses are faced wth some dffcultes, whether through drect fnancng or ndrect fnancng. Captal market s a hgh threshold for small and medum-szed enterprses, the lstng of these condtons are usually not able to meet the small and medum-szed enterprses; secondly, a seres of problems of hgh transacton cost, economes of scale also exst n the captal market, thus greatly reduced the effcency of equty fnancng. For the ndrect market (prvate fnancng or credt fnancng), prvate fnancng because 373

3 of ts hgher rsk rate s hgh; and the commercal credt as a natural way of fnancng, usually wthout addtonal condtons, also do not need to go through the formaltes, wth commodty tradng naturally. But ths model generally rased less money n the long run, consderng the actual total cost of nvestment s stll great. In contrast, nternal fnancng by enterprses after tax profts drectly to the enterprse transformaton and accumulaton, addtonal nvestment, f you do not consder the opportunty cost, cost and cost of the fnancng mode of the relatve mnmum. Fnally, we can use the research results not only to observe the fnancng cost of SMEs, but also to help small and medum-szed enterprses need to choose the most sutable fnancng methods Latest Research Stuaton The rse of the Internet fnancal model for SMEs fnancng to create a very convenent and low cost fnancng. In the tradtonal fnancal model, the fnancng of small and medum-szed enterprses mostly rely on the bank, but through bank fnancng, small and medum-szed enterprses to obtan loans of small amount, complcated procedures, hgh cost, whch restrct the development of small and medum-szed enterprses fast. And banks and enterprses n the presence of asymmetrc nformaton, the supply and demand sde of the matchng tme s long, low fnancng effcency. However, n the Internet fnancal model, the needs of both sdes of the supply and demand n the context of large data quckly matched to mprove the fnancng effcency, reducng the cost of fnancng. Gong Xaoln (2013) on the Internet fnancal model and the mage of the tradtonal bankng sector ponted out that Internet bankng s a convenent platform for fnancng, on ths platform, enterprses n nformaton collecton and processng fast, can get the most approprate confguraton [4]. On the one hand, small and medum enterprses on the one hand, the uncertanty of the duraton of operaton, the lack of the characterstcs of the mortgage assets, on the other hand, the loan amount s relatvely small, relatvely hgh frequency, short loan tme. These factors have led to the small and medum enterprses n the captal transacton rsk s relatvely large, relatvely hgh cost. So, normally t s dffcult for SMEs to obtan bank loans, even f access to bank loans, the cost s much hgher than the large-scale enterprses, SME fnancng, hgh fnancng costs have a negatve mpact on enterprse development. Zheng Zhla (2014) n the study of the mpact of the Internet on SME fnancng, ponted out that large, medum and small enterprses to obtan the loan balance rato was 2.9:3.6:3.5 [5]. The number of small and medum-szed enterprses and the number of large enterprses are not n the same order of magntude. Ths paper also ponted out that accordng to the survey data of Jangsu and Zhejang n 2012 for small and medum-szed enterprses: small and medum-szed enterprses loans to meet the rate of less than 30%, the mcro enterprse loans to meet the lowest rate. Sun Yux (2014) beleves that the current fnancng dffcultes of SMEs are 374

4 manly nternal and external reasons for two reasons [6]. Internal factors: frst, the small and medum-szed enterprses lack of operatng strength, two s the lack of SME credt guarantee. Accordng to the characterstcs of small and medum enterprse loans, t s lkely that the ablty to repay the loan n a tmely manner s nsuffcent, poor credt records n fnancal nsttutons, the mpact of the next loan. The small and medum-szed enterprse assets s lmted, dffcult to provde qualfed fnancal nsttutons collateral requrements, coupled wth the small and medum-szed enterprse management rsk s bg, small and medum-szed enterprse loan extremely dffcult. External factors: the frst s asymmetrc nformaton, the second s the lack of fnancal nsttutons and polces, the thrd s the lack of drect fnancng channels, the poor credt envronment s fourth. Fnancal nsttutons tend to provde servces for large enterprses, resultng n the lack of small and medum enterprses specalzed servces for SMEs, commercal banks can not get the most accurate and effectve nformaton. Yang Yunmu (2015) also ponted out that the Unted States as the world s frst developed countres, the fnancng of a varety of ways, manly based on securtes fnancng. Ths knd of fnancng forms the unque fnancng structure under the market economy system, has the hgh transparency and the bndng force, carres on the management to the enterprse captal ndrectly through the captal market mechansm. But ths way s not fully applcable n small and medum-szed enterprses, the company system of small and medum-szed enterprses only have the rght to use, and small and medum-szed enterprses can obtan the qualfcatons lsted condtons are extremely strct, only a handful of companes meet the condtons Analyss of Fnancng Cost Internal fnancng s lmted and low cost, more convenent way of fnancng, the mountan nto Englsh (2015) ponted out that n the on the socal cost of fnancng of the enterprses fnancng order s: nternal fnancng frst, followed by external fnancng. External fnancng s manly three means: 1 bond fnancng, 2 equty fnancng, 3 other fnancng mode of fnancng. Wth the development of socal economy, the cost of the three fnancng methods have changed, the cost of banks and prvate lendng n the future wll contnue to rse. The Chna n the mode of socal development n the transton perod, Zhang Hu (2014) sad n a research and analyss n the transformaton of the socal cost of fnancng problems, socal fnancng nsttutons open to small and medum-szed enterprses almost no low-cost fnancng less [7] The Impact of Internet Bankng on SMEs Zheng Zhla (2014) showed that n the study of the fnancal mpact of the Internet on the fnancng of small and medum enterprses n the Internet to solve the fnancal problem of tradtonal fnancal nsttutons for small and medum-szed enterprses fnancng dffcult, hgh cost fundamentally, has an mportant nfluence on the development of small and medum szed enterprses [8]. 375

5 Manly n the followng four ponts: frst, through the forced mechansm for the formaton of tradtonal fnancng nsttutons to adjust, so that t s no longer a bg. Second, the small and medum-szed enterprses n the fnancng object selecton s more comprehensve, more ratonal, more scentfc. Thrd, SME fnancng servces more convenent and effcent. Busness owners can operate on the nternet. Sun Yux (2014) also ponted out that the Internet fnance so that small and medum enterprses to effectvely crack the followng nternal and external bottlenecks: frst, nternal bottlenecks: 1, operatng strength s weak; 2, the lack of securty capabltes. Internet bankng wll guarantee the rsk passed to the thrd party platform, reducng the fnancng pressure. Two, external bottlenecks: 1, nformaton asymmetry, the lack of fnancal nsttutons, polcy, lack of drect fnancng channels, 4, 3, poor credt envronment. In the thrd party platform, small and medum enterprses to fnd the rght fnancng object n the context of bg data. 3. Overvew of Internet Bankng n Chna 3.1. Defnton and Characterstcs of Internet Bankng Internet bankng s the use of Internet technology, moble communcatons technology to acheve fnancng, payment and nformaton ntermedares and other emergng fnancal busness model. After 2011 n Chna, Internet bankng has become a hot topc, many local governments are the man aspects of the development of local Internet bankng as a local rulng polcy to grasp, to acheve the leadng poston n ths feld. The concept of Internet Bankng: Internet fnancal theory s orgnated n the Unted States, relyng on Internet technology n general fnancal actvtes, ts connotaton and the network fnance and electronc fnance has obvous dfferences. Network ncludes not only the Internet, but also ncludes a varety of non nternet network, so some of the fnancal transactons carred out n the non nternet network s a network of fnancal actvtes, but does not belong to Internet bankng. Internet fnancal functon: Internet bankng has an open, convenent, whle reducng the operaton costs, mprove transacton effcency, on the other hand, the Internet fnance can reduce the fnancal rsk by usng the nformaton on the nternet [9]. In the Internet bankng, the fnancal sector n the past due to the dvson of labor caused by the specalzaton of Internet software technology and greatly weakened Advantages and Dsadvantages of Internet Bankng Advantage Aspect Frst, to solve the problem of asymmetrc nformaton. Internet bankng to a certan extent, solve the problem of corporate fnance nformaton asymmetry. Internet captal nvestment and fnancng model can use ts own nformaton advantage to a certan extent to solve the hgh cost of nformaton asymmetry. Internet fnancal nsttutons usually through the network platform to collect a large number of small and medum enterprses fnancal needs, credt ratng, proftablty and other related data, bg data and cloud computng technology to 376

6 ensure the ablty of nformaton processng and analyss. At the same tme can use soft nformaton platform for small and medum-szed enterprse sales, money remttance and other aspects of the stuaton, are related to ther treatment can be obtaned after judgng credt and repayment ablty ndex, fnancng obstacles get rd of the problem of nformaton asymmetry caused [10]. Second, lower transacton costs. Internet fnancal servces are all n the fnancng servce platform, through the nformaton platform certfcaton after the captal supply and demand sdes can accordng to ther own needs to fnd customers on the platform. Ths process does not requre the partcpaton of ntermedate meda, greatly reducng the transacton costs requred by tradtonal fnancal meda. The Internet fnance but also get rd of the lmtaton of tme and space, so that fnancal nsttutons do not need to spend a lot of money to the new busness outlets, but only need to buld a good servce platform on the Internet, customers can enjoy the servces whenever and wherever possble. As shown n Fgure 1, the fnancng cost of the Internet platform s sgnfcantly lower than other ways. Thrd, hgh operatng effcency. Internet fnancal servces platform all through the computer operaton, busness s completed by computer processng. Carryng vast amounts of nformaton of supply and demand n the tradng platform, and fnancng busness operaton process have been carred out wth standard settng, customers do not handle the tradtonal fnancal busness as wastng a lot of tme n the queue on the cloud computng platform, the strong data processng ablty can handle the requred for successful busness for customers n a short perod of tme, and servce experence s better. Fourth, the ntegraton of hgh effcency. Everyone has a system of spare tme, f you can ntegrate these fragmented tme, use, wll create more value. Moble Internet technology s not subject to geographcal, tme constrants of the characterstcs, just to be able to take advantage of these fragmentary tme. In the 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Bank outlets Telephone network ATM network platform Fgure 1. Comparson of the average cost of several major fnancng channels. Data sources: 2014 US nternetbank announced. 377

7 feld of the Internet, fragmented tme and money can be fully appled, fnancal fragmentaton has become a trend. Ffth, huge market space. Now, most of the partcpants n Chna s Internet bankng has been carred out by e-commerce groups, they are more famlar wth the Internet, onlne shoppng and electronc payment. At present, although ths group may not be the man consumer groups, but they probably wll be the most socal, consumer and fnancal through Internet bankng, Internet bankng has gradually ntegrated nto people s daly lfe, the Internet fnancal value wll become lmtless Inferor Characterstcs Frst, the overall rsk control capacty s weak. The fnancal rsk s always accompaned by fnancal nnovaton, and the ablty of rsk control s drectly related to the postve effect of fnancal nnovaton on socety [11]. The amount of the current Internet s also necessary to follow ths rule, however, the emergng Internet fnancal ndustry has not been able to attract the top rsk control personnel to jon the ablty to control rsk s stll very weak. In addton, Chna s Internet bankng s stll not ntegrated nto the people s Bank personal credt nformaton system Chnese, so the Internet nsttutons wll not be able to fnance ther personal credt verfcaton, ths problem can potentally ncrease the rsk of the current Internet fnancal nsttutons bad debt rate. Second, bg data securty challenges. Bg data resources for the development of Internet bankng and fnancng to solve the problem of SMEs has a very mportant problem, n ts great value, whle the bg data securty ssues have to be consdered. Electronc nformaton n the Internet era, brng convenence to people but also the protecton of nformaton put forward hgher requrements, because the electronc nformaton has stronger reproducton and dssemnaton of nformaton, once the leak occurs, wll cause the consequences more serous than that of the tradtonal nformaton dsclosure. Therefore, the data securty of SMEs under the Internet fnancal model s also a major challenge facng the Internet bankng. Thrd, laws and regulatons are not perfect. At present, the legslaton system Chnese focused on tradtonal bankng, nsurance, securtes and other fnancal nsttutons, regulatory agences ncludng the people s Bank of Chnese and CBRC, CSRC and CIRC, but ths s dffcult to set up regulatory supervson accordng to the partcularty of Internet bankng. The Internet from a sense of Fnance n a gray area, the government regulaton s lkely to lead to confuson n the ndustry, government partcpaton and supervson and control over t easly lead to the role of the market to play out and cause the market to eventually lose vtalty. The absence of law brngs about regulatory problems. Because there s no perfect legal provsons as support, Chna regulators for the Internet fnancal dervatve fnancal rsk, has not presented a set of regulatory requrements, lack of supervson can make Internet bankng n the gray area of unfettered expanson and growth. It can be predcted that f you contnue to strengthen supervson, 378

8 the rsk wll be more dffcult to control, and ultmately wll not conducve to the healthy development of Internet bankng The Basc Model of Internet Bankng Thrd Party Payment Thrd party payment s not desgned to create a product for corporate fnancng, and more nclned to be an nfrastructure n the feld of Internet bankng. Its man role s n the feld of computer technology, nformaton securty technology and communcaton technology, has formed a partnershp wth the bank and non bank nsttutons, responsble for the end user and bank payment and settlement work. It s the greatest contrbuton n bear the mnmum rsk under the condton of technology, usng the Internet to termnal customers and reservor funds-bank establshed the most drect connectvty P2P Network Lendng Platform The peer-to-peer loans or personal loans between, professonal ntermedary platform s responsble for dentfyng true nformaton lenders, then a seres of loan revew materals, f approved, wll be released to provde to nvestors on the platform scale. The lender s through audt platform for vdeo authentcaton, and check the other bank blls, electrc water blls and tax payment vouchers and other mportant documents, through a seres of process control of the lender qualfcaton revew. There are two man types of loan nterest rate formaton, the frst s to bank lendng rates for the benchmark, all accordng to the comprehensve evaluaton of a credt rsk premum, benchmark nterest rate plus a rsk premum s the fnal nterest rate; second s to nvestors n the project bddng form, ths mode s seldom used Bg Data Platform Loans under the Fnancal Background Bg data s based on the fnancal mpact of the electronc busness platform as a bg data platform for fnancal servces, but also has a large number of data provders to carry out a seres of fnancal servces busness. Based on the cloud computng, the most mportant s the ablty to quckly obtan useful nformaton from a large amount of data. Ths knd of platform based on loan at present there are two man ways, one s Al Jngdong to use ts own funds to customers loan platform operaton mode; the other s a platform wth the bank sgned an agreement for Small and mcro busnesses to provde loans guaranteed loans s the network group Publc Rasng Mode All the chps are wdely spread by the Internet, let entrepreneurs or entrepreneural ndvduals to rase the platform to demonstrate ther creatvty and projects n the publc network, for nvestors attenton and support, and then get the project to start or run the fnancal ad. The congregaton rased smlar mode of operaton of the platform, to an ndvdual or team of funds wll project plannng to rase publc platform, through the audt, they can establsh ther own 379

9 page on the platform on the ste, to ntroduce the project to the publc. Professonal, but the judge needs to return the project hgh rate of uncertanty, so ths model only n a small number of angel nvestors, nvestment nsttutons and mnorty nvestors, the amount nvolved s relatvely small Fnancal Insttutons Network Platform In order to follow the trend of thnkng of the Internet, to comply wth consumer spendng habts, but also n order to reduce labor costs, the tradtonal fnancal nsttutons wll be some smple busness transferred from the lne to the onlne. Most of the ordnary commercal banks can transfer busness through the bank s APP operaton to complete, even some nnovatve small banks have a two loan busness of most securtes companes moved nto the network, the APP can be completed on the securtes account transfer busness, etc. 4. An Emprcal Study on the Success Rate of Small and Mcro Enterprse Loans Based on Internet 4.1. Data Statstcs and Model desgn Data Descrpton and Explanaton In ths chapter, we wll study the factors that affect the success rate of corporate loans n the Internet fnancng model. The data n ths chapter are from Bengbu SME fnancng database. Ths chapter focuses on the study of the Internet fnancal models: Al Jngdong small loans, network UNPROFOR credt pool loans and P2P loans. Accordng to the relevant factors of these three fnancng models, the paper lsts the key condtons, and expects the factors to affect the success rate of postve and negatve drecton. 1) personal nformaton; Age (dvded nto 4 years, years old, years old, years old, over the age of 43, the vrtual varables were set at 1, 2, 3, 4) correspondng varables are: X11. Gender (set dummy varable, female set to 0, male set to 1) correspondng to the varable s X12.Personal credt records: accordng to the comprehensve score of the network fnancng platform, the correspondng varable s X2 2) Securty nformaton; accordng to whether there s securty or collateral to set the vrtual varables, secured or secured to 1, no s set to 0, the correspondng varable s X31. Another factor s whether the cash flow from the fnancng platform, the correspondng varable s set to X32. 3) Borrowng nformaton ncludng the amount of loans, loan nterest rates, borrowng tme and other nformaton, the correspondng varables are X41, X42 and X Descrptve Statstcs of Sample Data Model From the entre database records of three years of data, all companes have appled the loan number as the overall data of ths study. In the Internet lendng model, the proporton of male borrowers reached 85.73%. In the age structure, the populaton under the age of 34 accounted for 72% of the total, the Internet s the man force to apply for loans for young men. Specfc condtons are shown 380

10 n Table 1. From the total amount of the loan, the maxmum value reached 6 mllon, but the average value of only 545 thousand, the medan s on average, ndcatng that the large amount of loan applcaton quantty s less, the applcaton amount of most people under 540 thousand. Perod of less than half a year, whch s the performance of short-term lqudty shortage of small busnesses, but also to control the rsk of captal sde to shorten the loan perod. Loan nterest rate span s very large, from 8% to 26%, the gap several tmes, whch reflects the level of rsk management platform for many Internet platforms, as well as dfferences n busness style. Specfc condtons are shown n Table 2. The statstcal descrpton of the securty nformaton s as follows: companes have secured n general, accountng for more than 59.95%; most of the rest are unsecured. As the object of the study s the success rate of the loan, but for a sngle enterprse or a sngle loan applcaton, there are only two knds of results, so the model used n ths paper s a logarthmc unt model and Logt regresson mode. k = β0 + β j j + j= 1 Y X u (1) Y n the model s latent varable s unobservable, but the vrtual vara- s observable. The ble Y Table 1. Descrptve statstcs of personal nformaton. Personal nformaton Absolute quantty Relatve proporton Female (1) % Gender Male (0) 26, % Total number 41, % % , % Age % Above % Total number 41, % Data source: Bengbu small and mcro enterprse fnancng database. Table 2. Statstcal descrpton of loan nformaton. Total borrowngs (10,000 yuan) Loan term Borrowng rate Maxmum value year 24.00% mnmum value days 8.00% average value days 13.6% Medan days 14.8% Data source: Bengbu small and mcro enterprse fnancng database. 381

11 It s customary to assume ( u ) * 1, f Y > 0 Y = 0, otherwse so the followng condtons are formulated as follows: Var = 1, that s used to fx the Y n general, k p = Prob ( Y = 1) = Prob u > β0 + β j Xj j= 1 (2) F s the cumulatve dstrbuton functon of u, f the dstrbuton of u s symmetrc, then 1 F( z) = F( Z), (2) can be wrtten If the cumulatve dstrbuton of can be obtaned: k p = F β0 + β j Xj (3) j= 1 ( ) F Z u s logstc dstrbuton, the Logt model ( Z ) ( Z ) All knds of above can get the prelmnary logt model. The p ( 1 p ) exp = (4) 1 + exp k p ln = β0 + β j X j 1 (5) p j= 1 n the equaton s called the opportunty rato, that s, the rato between the probablty of occurrence and the probablty that t wll not occur. Accordng to the above logt model, the model set n ths secton s set as Z = β + β X1+ β X2+ β X3+ β X4+ u (6) β 0 ntercept constant, X1 represents the personal physologcal nformaton matrx (ncludng X11, X12, X2) on behalf of the personal credt nformaton matrx, X3 represents the guarantee nformaton matrx (ncludng X31, X32, X4) on behalf of loan nformaton matrx (ncludng X41, X42, X43). βββ and β 4 represent the coeffcent matrx respectvely, and u represents the random perturbaton term An Emprcal Analyss of the Factors Influencng the Success Rate of Loan All the data nto the model, and the use of Evews software for data analyss. The results are shown n the followng fgure. 1) multcollnearty test The correlaton coeffcent matrx can be used to test the exstence of multcollnearty between the explanatory varables. The results of the frst regresson are shown n Table 3. From the above table, we can see that the loan nterest rate X42 has a lnear relatonshp wth other varables, such as the personal credt stuaton, and whe- 382

12 ther there s a mortgage, and whether or not to menton the relevant factors. In order to avod the problem of naccurate estmaton caused by the multple collnearty problem, t s necessary to modfy the model. The correlaton coeffcents between the varables are shown n Table 4. After excludng the nterest rate factors, although the goodness of ft was reduced to , the other varables were tested at the sgnfcance level of 5%. The results of the second regresson are shown n Table 5. 2) Integrty test of the model Due to the nonlnear characterstcs of the model, ths paper uses the lkelhood rato (lkelhood) to test the whole sgnfcance of the model. Because the Table 3. The Frst logt regresson results. Varable Coeffcent Std.Error z-statstc Prob. X X X X X X X X McFadden R-squared Mean dependent Var Schwarz Crteron Log lkelhood 23, Hannan-Qunn Crter Restr.Log lkelhood 25, LR statstc Prob(LR statstc) Table 4. Correlaton coeffcent between the varables. X11 X12 X2 X31 X32 X41 X42 X43 X X X X X X X X

13 Table 5. Second logt regresson results after excludng nterest rate varables. Varable Coeffcent Std.Error z-statstc Prob. X X X X X X X McFadden R-squared Mean dependent Var Schwarz Crteron Log lkelhood 22, Hannan-Qunn Crter Restr.Log lkelhood 36, LR statstc 24, Prob(LR statstc) lkelhood tself s a probablty, ts value range s [0, 1], the range of the log lkelhood value s (negatve nfnty, 1]). Ths value s often used to reflect the degree of fttng the model, the smaller the value of the better. The negatve value of two tmes can be used to test the overall sgnfcance of the logt model Table 5 statstcal software to gve the lkelhood value of 24,798.33, P value s zero, successfully passed the overall sgnfcance test. 3) summary of Logt Model Accordng to the above results, the formula for obtanng the loan success rato p s as follows: 1 P = (7) 1+ exp ( β0 + β1 X1+ β2 X2 + β3 X3 + β4 X4) Accordng to the statstcal results, the factors that affect the success rate of loans are ncluded n the followng table. Ths secton uses logt model to determne the factors nfluencng the success rate of the loan, the older, the better, credt guarantees and non cash and other factors s the success rate n the postve nfluence; and gender (male), loan and loan terms and the success rate of negatve drecton to affect the success rate of the loan. The fnal emprcal results are shown n Table Conclusons and Polcy Suggeston 5.1. Artcle Concluson In the frst two chapters, ths paper analyzes the rreplaceable role of small and medum szed enterprses n Chna n absorbng employment, actvatng socal economy and mantanng socal stablty. Therefore, t has always been the ssue of concern by the communty; at present, the most serous problem s manly focused on fnancng problems. Through theoretcal analyss, the fnancng 384

14 Table 6. Factors affectng the success rate of loans and the drecton of ts mpact. varable Factor Influence drecton X11 Gender (male) negatve X12 Age postve X2 Credt stuaton postve X31 Guarantee stuaton postve X32 Non cash wthdrawal postve X41 Amount of money negatve X43 term negatve problem of small and medum-szed enterprses manly comes from the nformaton asymmetry n the enterprse level and the mortgage problem n the fnancal system. The problem of nformaton asymmetry s the fundamental problem. It can only be reduced and can not be completely elmnated. However, due to the lag of the credt system n our country, the conscousness of the enterprses to publsh nformaton s not strong. Therefore, based on the consderaton of rsk and beneft, the domestc fnancal nsttutons at all levels wll not partcpate n the fnancng of small and medum enterprses. At present, Chna s fnancal system s stll an ndrect fnancng system, whch s domnated by banks. However, the state-owned nature of commercal banks leads to a large state-owned enterprse. The two problems just stuck n the end of the two stage fnancng chan, so that t s dffcult for SMEs to enter nto the fnancng system. But Internet bankng can allevate ths problem. Frstly Internet nformaton hgh speed crculaton operaton reduces the dffculty and cost of fundng to gather nformaton and effcent operaton of the Internet; secondly the effcent dssemnaton of the Internet mproves the effcency of the operaton and reduces the cost of obtanng nformaton; thrdly wth the Internet the popularty of the general publc can purchase related fnancal products through the Internet channel, whch wll ncrease the supply of funds, wll be conducve to the resdents savngs nto effectve nvestment; fourthly wth the maturty of bg data technology, the Internet can record all transactons every nvestor every demand, whch wll make great contrbutons to the whole socety of nformaton transparency. In ths paper, Logt model s used to study the factors that nfluence the success rate of Internet fnancng. The fnal results show that the older, the better the credt, and the guarantee are the factors that have a postve mpact on the success rate, whle the gender (male), loan fnance and loan maturty are negatvely correlated wth the success rate Polcy Suggeston Enterprse Level Recommendatons Small and medum-szed enterprses lack of funds s more serous, on the one hand, due to the rapd expanson of busness, captal demand; on the other hand, there s also a long-term occupaton of funds, cash management effcency s not 385

15 hgh. Frst, enterprses need to strengthen the operaton effcency of cash, mprove the management of cash flow, strengthen the strategc plannng of enterprses n order to be able to fnance the project n advance, to maxmze the mpact of the project does not affect. Second, external fnancng, comprehensve consderaton of varous fnancng cost and effcency, try to avod the maturty msmatch of captal flow, whch requres a profound understandng of the varous fnancng methods, matchng the most approprate cash support for enterprses. Thrd, strengthen the dsclosure of nformaton, for the enterprse does not belong to the confdental nformaton, shall be announced, ncrease the amount of Internet actvty, can leave more real nformaton to the outsde world, to allevate the problem of asymmetrc nformaton, reduce the cost of fnancng Government Recommendatons As mentoned above, the problem of asymmetrc nformaton and the backwardness of Chna s fnancal level lmt the fnancng capacty of SMEs, so the government needs to solve the exstng problems from the two aspects. The method to solve the problem of nformaton asymmetry n the government level: frst establsh corporate socal credt system, and ths system should nclude the government enterprse credt nformaton dsclosure platform leadng publc products, should also nclude the proft for the purpose of credt ratng agences; second promote a unfed nformaton platform for the deployment of the whole socety, to acheve the varous departments fnance, fnance, taxaton, judcal and nfrastructure products, the common nformaton sharng mechansm; collect and share thrd law enforcement tools to buld a busness nformaton servce nformaton archtecture. To solve the problem of agency problem, we need not only the landng of the relevant legslaton, but also the need to mprove the level of corporate governance, mprove nternal control system to mprove management effcency. References [1] Berger, A.N. and Udell, G.F. (2006) A More Complete Conceptual Framework for SME Fnance. Journal of Bankng & Fnance, 30, [2] Economdes, N. (2001) The Impact of the Internet on Fnancal Markets. Journal of Fnancal Transformaton, 1, [3] Mollck, E.R. (2014) The Dynamcs of Crowdfundng: Determnants of Success and Falure. Journal of Busness Venturng, 29, [4] Gong, X. (2014) P2P Network Lendng Rsk and Regulaton Based on the Analyss of Bounded Ratonalty Hypothess. Investment Research, 6, [5] Zheng, Z. (2015) Internet Fnancal Impact on Commercal Banks n Chna Based on the Path of Internet Plus Impact on the Retal Industry Perspectve. Fnance & Economcs, 5, [6] Sun, Y. (2014) Research on the Fnancng Problem of Small and Medum Szed Enterprses n the Era of Internet Fnance. Journal of Hube Unversty of Economcs, 11, [7] Yang, Y. (2015) A Comparatve Study on the Fnancng Modes and Dffcultes of 386

16 Chnese and Foregn Small and Medum Szed Enterprses. Journal of Changchun Normal Unversty, 1, [8] Shan, C. (2015) The Development and Influence of Internet Prvate Banks. The Internet Fnance, 1, [9] Xe, P. and Zou, C. (2012) Internet Fnancal Model Research. Fnancal Research, 3, [10] Xng, L. and Wang, Y. (2014) Research on the Fnancng Dffculty of Small and Medum Szed Enterprses. Theory Journal, 3, [11] Wang, Y. (2013) The Impact of Internet Bankng on Fnancal Servces for Small and Mcro Enterprses. Enterprse Research, 22, Submt or recommend next manuscrpt to SCIRP and we wll provde best servce for you: Acceptng pre-submsson nqures through Emal, Facebook, LnkedIn, Twtter, etc. A wde selecton of journals (nclusve of 9 subjects, more than 200 journals) Provdng 24-hour hgh-qualty servce User-frendly onlne submsson system Far and swft peer-revew system Effcent typesettng and proofreadng procedure Dsplay of the result of downloads and vsts, as well as the number of cted artcles Maxmum dssemnaton of your research work Submt your manuscrpt at: Or contact ojbm@scrp.org 387