Abstract: Whether the docking between small and medium-sized enterprise (SME) cluster and folk capital can raise the enterprises’ financing efficiency has become one of the hot topic in the social from all walks of life. This paper take the data of Yangtze river delta as SME cluster, and build panel data model, and research on the financing efficiency of docking between SME cluster and folk capital. The results show that the docking between the SME cluster and the folk capital can improve the enterprises’ financing efficiency. Empirical results from subsample show that the docking between the SME cluster and the folk capital can improve the non-state enterprises’ financing efficiency, but has no significant impact on the state-owned enterprises’ financing efficiency. Moreover,the docking between the SME cluster and the folk capital has significant effects on corporate financing efficiency in Zhejiang province, but no significant effects in Jiangsu and Shanghai. Finally, the research results can provide the theoretical basis and realistic foundation for improving the financing efficiency of SME in China.