Study on Credit Abnormal Phenomena, Financial Marginal Contribution and SME Finance Innovation

This paper utilizes methods of empirical analysis, institutional economics and corporate finance to study disharmonious effects between credit support of SME and its GDP or EVA in recent years, analyses Chinese credit market's financing abnormal phenomena of SME disadvantageous financing status under its huge economical contribution, points out that these reflect the problem of non-reasonable allocation resources and insufficient investment elasticity in credit market, find that economical contribution follows the diminishing marginal GDP law of loan capital, lower GDP of big state-owned enterprise always goes along with excessive lending ratio, and constructs a package of policies and proposals to deepen the reform and innovation of credit system. The conclusion is that SME finance innovation can largely improves the efficiency of finance systems, if low efficient big state-owned enterprises further reduce in quantity, small and medium non-state-owned enterprises and private enterprises maintain fast development, GDP of our country will continue to rise.