Research on the Governance of Creditor´s Rights and Growth of SMEs: An Empirical Analysis Based on Structure Equation Modeling

On the basis of Listed small and medium enterprise´s(SMEs) empirical datum in China, this paper applying structure equation model (SEM) to research four dimensions of creditor´s rights governance mechanism: solvency, debt financing level, assets maturity structure, debt maturity structure. And we do research on both theory and empirical analysis on the relationship between governance of creditor´s rights, enterprise characteristics and growth of SMEs. The result indicates that, the governance mechanism of creditor´s rights for SMEs do not have a proper business growth promoting effect, which the solvency do a negative impact on business growth; the maturity structure of assets have no significant impact; debt financing and debt maturity structure of a role in promoting the growth of enterprise, but the debt maturity structure isn´t rational enough; debt financing have single type and bank borrowings financing have absolute position; heterogeneous characteristics of enterprise have a significant impact on the governance of creditor´s rights and enterprise growth.