| 1 The important sense of this thesis It's not a problem arousing at present that SME (Small MediumEnterprise) can hardly get financing, and it's not a problem that justfor China. However, in the developed countries, the unofficial equitymarket, venture capital system, and the development of the second boardmarket,to a great extent, make up for the gap of the SME financing. TheSME's financing embarrassment in China has some special reasons otherthan the general reasons. In the converting process of the economy andfinancial system, the faultiness of the micro-running base in themarketing-economy system caused the institutional conflicts. In resentyears, solving the SME's financing embarrassment became the discussfocus of the government and the financial area. and it's an importanttask for us to do some research and try to find approaches to thefund-absorption of SME in order to put into practice the spirit of the3rd meeting of the 16th session of Communist Party Central comminiteeand quicken the development of the economy in our country. 2 The structure and content of this thesis 2.1 The summary of SME. SME is the important support for the economy development and thesocial stability. The status of SME exhibits mostly on the wayshereinafter. (1) It can activate the market competition and acceleratethe increase of the economy. (2) It can create employment opportunityand reduce the impact of the economical circle. (3) It can flourish themarket and perfect the market economy system. (4) It can promote thetechnique innovation and maintain the sustained development of economy. Along with the change of the macro economy environment in domesticand abroad, SME has endured more and more pressure, and it faces austerechallenges. At present, the primary factors that block the developmentof SME in China are those thereinafter: (1) Lag of the government macromanagement system. (2) Heavy social burden and excessive tax andexpenditure. (3) Blocked financing resources and tough capitalturnover. 2.2 The analysis of SME financing actuality. The capital resource of SME can be sorted as self-financing, directfinancing, indirect financing and government support financing.Nowadays, Chinese SME financing status is just as below:(1) Financingchannel is very narrow, so it depends more on self-accumulating. (2) Bankloan is the most important external financing resource, but the bankprovide mostly the liquidity capital and fixed assets renovating fundother than the long term loan.(3)Officious finance such as loan fromrelative and friends, employee fund raising, and folk financing etc. playan significant role in SME financing. But the developing extent ofofficious finance has great difference in the East China, the Middle andthe West China because of the diversity of the economy level and thedevelopment of credit system. (4) Most SME lack stable and long-termcapital source------not only equity capital has a limited resource, butit's hard to attain long-term liability. (5) Assets scale is the crucialfactor that can determine whether SME can get bank loan and long-termliability. At the same time, along with the deepening of all kinds ofrevolutions in China, the SME's financing embarrassment present to newcharacteristics: (1) Difficulty for short term financing has reduced,but long term equity capital become severely lacked. (2) Superiorenterprises' financing difficulty fell down, but the most of SME'sfinancing still very tight. (3) Block of monetary policy conductionreduced, but the impact of monetary policy regulation increased. 2.3 The causal analysis of Chinese SME's finance embarrassment At present, the external causes of Chinese SME ' s financeembarrassment are: (1) shortcomings in the law and regulation system andadministration institution (2) depth of the financial system reform. (3)unitary of financing channel and under-development of direct financialchannel, (4) incompletion of the service system for SME. The internal causes mainly are: (1) the lag of SME system's reform,(2) the scarcity of SME's credi...
|
PDF Full Text Request