| Recent years, with the rapid increase of the small and medium-sized enterprises (hereinafter" SMEs"), these enterprises' inherent drawback and the financing system's flaw exposes day by day. It brings universal financing difficultly, which becomes a bottleneck hindering the SMEs' development. The commercial banks are extremely dis-crete to provide loan to the SMEs. On the one hand this kind of condition has restricted the SMEs' development, on the other hand it has also weakened the commercial bank, specially small commercial bank's market competitive power. To positively develop the small business's financing project and guarantee the loan safely is also the bank's great effort to seek countermeasure in order to survive and develop. Based on this, this article pays key affention to SMEs' commercial financing, which is one form of the SMEs' indi-recf financing. From the bank's angle, this article discusses the present situation of SMEs' loan financing, the reason why it is difficult for SMEs to get loan, and the legal countermeasure to solve these problems.This article mainly concentrates on commercial bank and legal matters involved in SMEs' loan financing. Most reasons forming the particularity of SMEs' finance concers "information". As one kind of generalized transaction cost, the mortgage and the guar-antee has come into being directly from the asymmetrical information because the most usual method for banks to solve the asymmetrical information is to extract the risk in-surance money and locking the fund origin through the mortage goods and the guarantee money. According to the statistics, the restrictive factors of the SMEs' loan include: the enterprise scale, the industrial level, product competitive ability, the enterprise management system and so on. The intuitionistic embodiment of these deep-leveled rea-sons in the concrete loan contracts is that the commercial banks take the real estate mortage loan as the first choice and the guarantor guarantee as the second, and some commercial banks stipulate not providing the credit loan to small or the miniature en- terprises. Therefore, looked from the direct-viewing statistical data, the reason why the small business cannot obtain the credit aid is the absence of effective guarantee way and sufficiency collaterals, its behind reason is the assymetrical information causes the enterprise's credit insufficient caused by assymetrical information, the deeper reason is the credit crisis spread in economical field. Without doubt, the credit guarantee organ-ization can supplement the SMEs credit, the perfect social credit system can alleviate the credit crisis between banks and enterprises and finally solve the difficulties in the SMEs' loan problem. The above aspects cannot be solved completely by the market vol-untarily. Even if the loan guarantee way expands, these problems cannot be solved through negotiating between banks and enterprises because the use of chattel mortgage needs the explicit stipulation by law, furthermore, establishing the national unified mortgage registration organization cannot be completed by the market force.There are many measures to solve the trust crisis, for example, constructing the new relations between banks and business, reforming finance system, supporting the SMEs community's development, expanding the SME's accumulation and so on. But at present, direct measures could be taken from three aspects which have certain execu-tion foundation. They are also three levels of legal system construction: the chattel mortgage's use directly solve the problems of loan contract's guarantee as a temporary solution; the policy-based guarantee organizations' establishment supplements SMEs' credit and provides an exterior safeguard for the contracts between bank and enter-prise; the social credit syestem's establishment solves the credit crisis between bank and SMEs as a permanent cure. Among these, the chattel mortagae is a legal regulation construction, the credit guarantee is a legal institution construction and the social credit is a legal system construction.The article divides into seven chapters.Chapter 1: "Introductory Remarks". First raises the problem, introduces selected topic origin and the research background. Summarizes research situation about the SMEs' financing, introduces the article's logical organization.First part "General theories on the development and financing of SMEs" includes Chapter 2 and Chapter 3.Chapter 2 "The development and financing pattern choice of SMEs". The goal of this chapter is to be launches for the later chapter. First section introduces the SME's concept and status in the national economy, expounds the reason why the SME needs the differentiated treatment from the angle of function difference between big enterprise and SME, whose function includes supplying employment, promoting economic grows, controlling monopoly, technological innovation and so on. Second section is about SME's financing pattern and influencing factor. The SME's financing pattern choice is influenced by the enterprise's development phase, the organization form, the govern-ment structure and other microcosmic factors, but the enterprise's financing pattern choice is influenced by the macroscopic factors such as a country's economic policy or the financial policy. Looked from the overall, commercial bank financing, folk finan-cing and policy-based financing all occupy the important status, but in the different phase of SME's development and in different period of the state's economic develop-ment, these financing channels have different emphasis. The conclusion of this chapter is that the proportion of SME's direct financing is very small in our country, and under the complete organization form in the enterprise's development phase, the bank loan has developed to the main exogenetic financing method for the SME to obtain the funds.Chapter 3 "Systemic risks in SMEs' financing". This chapter analyses the SMEs' internal systemic risks and the systemic risks in the whole financing environment, makes clear the state's leading role, in the promotion of SMEs' financing, and raise the reason of state's intervention to SMEs is that the systemic risks cannot be solved by the marker voluntarily. This chapter holds that the SMEs' financing difficulty based on the asymmetrical information essentially is the market malfunction in the financial transac-tion, the fund demand is very difficult to satisfies completely in the financing market where information is asymmetrical, the borrower's information should be transmitted to the lender as far as possible in order to reduce the information's dissymmetry. Howev-er, our country is still in the transformation period for market economy, various social mechanisms are not completed; all of these are unfavorable to establishment of a per-fect system of information production and transmission, so the government's moderate intervention is required. The government's intervention must combine the prudential in-tervention and the moderate intervention. The government's intervention includes but not restricted in: completing the information disclosure mechanism, constructing the credit guarantee system, and improving the legal regulations and system.The second part "Risk prevention and institutional construction of Chinese SMEs' indirect financing" includes four chapters, from Chapter 4 to Chapter 7.Chapter 4 "Empirical analysis on SMEs' loan financing". This chapter investi-gates the actual situation of Chinese SMEs' loan from the present situation of SMEs' loan financing, the financing channels, the financing methods, as well as the guaran-tee ways and guarantee goods. The conclusion of this chapter is that reforming guaran-tee way is an effective way to overcome the loan financing's barrier, expanding the chattel mortgage scope and stipulating explicitly the chattel mortgage right is helpful measure to solve the SMEs, specially the small miniature enterprises' financing bottle-neck, and to let the bank and the enterprise get win-win.Chapter 5 "The legal analysis on SMEs' loan financing". This chapter described the present legal environment of SMEs' loan and the existing loan laws' influence to fi-nancing in China. It is pointed out that the absence of explicit stipulation of chattel property as a mortgage guarantee has already become the direct barrier for SMEs' loan financing. Based on the legal regulation on chattel mortgage in China and its flaws, this chapter discusses the mortgage registration system's construction, and then sug-gests setting up the unified mortgage registration system.Chapter 6 "Credit guarantee system for SMEs' financing". This chapter holds that the enterprise's credit insufficiency causes the bank's prudential loan, the key way to solve this problem is supplementing enterprise's credit through authority organization, and the credit guarantee organization arises at the historic moment. The various countries' practice of SMEs' credit guarantee have proven that policy-based guarantee is the core of the SMEs' credit guarantee system. Through funding the guarantees organi-zations, not only guide the enterprise to achieve the state's strategic target of promoting SMEs, but also rescue SMEs from financing difficulties, and at the sarae time the bank's own risk is reduced because the guarantee risk is undertaken by the guarantee organizations. It can be said kills several birds with one stone. This chapter also intro-duces the operation patterns in credit guarantee practice in China, such as the Xiaos-han model which is suitable for the rural enterprises, the Shanghai model which oper-ates in the big or media-sized cities, and proposes the credit guarantee organization's legal construction.Chapter 7 "The credit system of SMEs". This chapter and Chapter 6 are for the purpose of solving the SMEs' credit problem. The angle in this chapter is more macro-scopic, which bases in the whole society's credit enhancement to solve the bank and business's credit crisis caused by the universal credit deficiently. Establishing the so-cial credit system is the foundation to solve the SMEs' finance difficulty, because no matter expanding the scope of guarantees goods in indirect financing or establishing the enterprises' credit guarantee system is to make up the SMEs' credit insufficiency. The SMEs' finances difficulty still roots in the credit flaw. This chapter discusses government's status in credit system, namely, in our country, the government is the leading power in constructing the social credit system, but in the credit system's opera-tion, government itself is also the; subject of credit who needs to keep good faith ac-cording to laws. This chapter also proposed the credit system's construction frame in China as well as how to keep the balance between the business secret and the scope of information collection.
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