Research On SME Financing In China

The financing problem of SMEs is a world-wide problem,but also a long-term issues.With 30 years of reform and opening up,small and medium enterprises has become an important force of China's economic development.Accounting 99.8 percent of total enterprises of small and medium enterprises is playing an increasingly important role,in the prosperity of the economy in the expanding employment and the promoting innovation,but the financing difficulties have been the greatest obstacle to the development of SMEs in our country.Although the Government has adopted a series of financial measures to improve the financing environment for SMEs,but the issue of financing has not been resolved.The current financing environment and the hope of enterprises are still a wide gap,the rate of credit to the small and medium-sized is yet to be improved.In particular,since the second half of 2008,the global financial crisis had the harmful effects to the economic development entities,the development of SMEs are facing an unprecedented challenge,the issue of financing of small and medium-sized enterprises is more prominently than ever before,facing an unprecedented financial difficulties.China's market economy system is in the initial establishment and the reform of investment and financing systems is in the critical period,only to rely on a certain kind of the financing arrangements or financing mechanisms to address the plight of China's SME financing is very difficult.Because of china's SME financing constraints and the reality of the specificity of small and medium-sized self-development,we need to look into the problems of the new breakthrough to ease the plight of SME financing.On the one hand,from the promotion of employment and economic growth,the SMEs have the characteristics of public goods。Financial support to the SMEs is essential and logic.SMEs are important sources of public finance and the important objects to carry out Government's functions. On the other hand,the development and growth of small and medium enterprises provide"natural"and potential service objects to the commercial banks and the securities intermediary which are lack of high-end customers.More importantly,because the financial resources are limited and have the nature of objective-oriented ,such as"skillfully deflected the question"only to make full use of financial resources,to play with the advantage and the inherent characteristics of fiscal and monetary and the construction of effective fiscal and monetary docking mode of financing of small and medium-sized in China is the key to solve the problem.The paper uses the methods which are the quantitative analysis and the qualitative analysis,the comparative analysis and the historical analysis,the macroscopic analysis and the microscopic analysis,and takes the small and medium-sized enterprise financing difficult position,fiscal and monetary,the government and the market's inner link as the master line,along theory summary--Small and medium-sized enterprise financing difficult position-- the necessity and realistic feasibility of financial involvement in SME Financing -- the SME Financing model of Fiscal and monetary effective means of for docking to launche the elaboration.The paper mainly has conducted the research from three levels.The first stratification plane has carried on the analysis to the present of our country's present situation SME financing plight .then analyzed the deep level reason thoroughly which has formed the small and medium-sized enterprise financing difficult position.The second stratification plane used the comparative analysis and the historical analysis method to analyze foreign financing models for SMEs in developed countries, pointing out that the Government's financial capital in small and medium-sized the important role of financing.Then carried out a detailed feasibility demonstration for the necessity and realistic feasibility of involvement in financing small and medium-sized financial. The third stratification plane has defined the content and focus of effective fiscal and financial means of financing small and medium-sized docking ,at the same time pointed out that the financial financing and financial funding has its own corresponding with the existence of the main objectives of the development of space,only two are mutually reinforcing,effectively complement each other and would not be possible to completely replace.At the same time,the development needs of small and medium-sized government development.To build effective fiscal and financial means of financing small and medium-sized docking puts forward policy recommendations.