Researches On The Financing Matters Of Small-and -Medium-Sized Enterprises Of China

Hard financing of small-and-medium-sized enterprises is the world difficult problem that puzzles the economic theoretical circle, business circle, and correlated departments of government in every country. In our country, this problem is more distinct because of influenced by the special historical background, and this made the financing system take on the abnormal structure of 搕hree high and three low? This is the realistic condition on which small-and-medium-sized enterprises of our country make up the capital structure again, and this is also the core matter on which this study will touch. From the foreign experience, financing of small-and-medium-sized enterprises relies on the multi-arrangement and multilateral financing system that includes many kinds of financing modes and capital attributes such as outer-source financing, inner-source financing, debt financing, rights and interests financing, etc. In order to support such compound system, under the great environment of market economy every country constantly consummates the environment constructs in policies, laws, codes, finance services, loan assurance, specialized poverty right dealing system, and social assistant system. Meanwhile, they strengthen macro-induct in the respect of modernizing construct of enterprise administering structure. In order to explore how to solve the problems existed in the financing of small-and-medium-sized enterprises of our country and improve financing situations on the basis of the situation of our country, this study firstly cleared the correlated conceptions, put forward the standards of scientifically defining small-and-medium-sized enterprises of our country, and synthetically analyzed the present basic theories of enterprises financing. Then this study carried out comparative analysis on international experiences of the financing of small-and-medium-sized enterprises, an鏻 positive analysis on the financing of township enterprises and national enterprises representatively in the small-and-medium-sized enterprises of our country. Through above-mentioned analysis, the study clarified the root reasons which caused the problems of present short funds of small-and-medium-sized enterprises, higher debt ratio of national enterprises and a great deal of bad assets existed in the national banks. The root reasons are just that in the long run the enterprise financing of our country followed the single structure system of taking the government as the leading, national banks as the main body and indirect financing as the dominant part. Constituting the modern enterprise system to get along with financing of small-and-medium-sized enterprises and Constituting 搕he second board market?to promote financing of small-and-medium-sized enterprises are two key matters which are generally concerned by the economic theoretical circle and have the decisive influences on improving the financing situation of small-and-medium-sized enterprises. This study developed in-dept subject researches on aforementioned two matters, put forward the aim modes of the multi-arrangement financing system and the III j~c拁5~ countermeasures and suggestions about developing this system. When analyzing the influences of financing system structure and external developing environment on the financing of small-and-medium-sized enterprises, this study consciously drew into systemic ideas, and carried through the model analysis on the efficiency of different financing modes and the main...