Research On Financing System Of Small And Medium-sized Enterprises In Hubei Province

During the economic development of Hubei province, small and medium-sized enterprises are playing important roles in promoting the growth of economy, creating the employment opportunity, increasing the fiscal revenues, motivating scientific and technical innovation, prospering the market etc. However, in the course of growth of small and medium-sized enterprises, because of small scales in initial stage and business risks, it's difficult for them to receive enough financing support. This restrains the development of small and medium-sized enterprises of Hubei as bottleneck. On the basis of comparative analysis on domestic and international experience of the financing system of small and medium-sized enterprises and positive analysis on small and medium-sized enterprises financing system of Hubei province, the paper offers some perspective and solutions.The paper is divided into six chapters: Chapter one is the introduction, which states the background, orientation, domestic and international situation of development, research contents and methods. Chapter two proceeds with the characteristic of small and medium-sized enterprises financing system of Hubei province, and then clarifies several factors influencing the financing of small and medium-sized enterprises of Hubei, including: information asymmetry, difficulties in mortgage and guarantee, high transaction cost, imperfect financial system, some problems on enterprises themselves and so on. Chapter three analyzes the financing system of small and medium-sized enterprises of Hubei province. The paper consciously draws into systemic ideas and carries out from three respects, including small and medium-sized enterprises financial channel analysis, financial credit system analysis and financial auxiliary system analysis. In the analysis about financing channel of small and medium-sized enterprises, this part gathers abundant data materials and uses a large number of charts, and it carries out positive analysis on the financial structure of small and medium-sized enterprises of Hubei province especially. Chapter four is comparative analysis on domestic and international experience of the financing system of small and medium-sized enterprises.Chapter five explores the key factor that causes the financing predicament of the small and medium-sized enterprises of Hubei. Without a perfect and effective financing system is the core difficulty. The system at present is unable to offer the abundant fundsfor small and medium-sized enterprises. So setting up a multi-arrangement and multilateral financing system is the main way to break through the bottleneck. This part discusses the ways of solving financing difficulty of small and medium-sized enterprises effectively from five aspects: financing market innovation, organization innovation, financing products innovation, financing system innovation and financing auxiliary system innovation. Financing market innovation means setting up a multi-arrangement capital market which just serves small and medium-sized enterprises. Organization innovation includes developing the small financial institution. Financing products innovation uses the life cycle theory of small and medium-sized enterprises to demonstrate the demand for different financing products in different stages of small and medium-sized enterprises. Perfecting the credit guarantee system is discussed in financing system innovation. Financing assistant system innovation explores how to build a good external environment condition for small and medium-sized enterprises. Only setting up the high-efficient financing system of small and medium-sized enterprises could alleviate the difficult problem of financing of small and medium-sized enterprises of Hubei. The last part summarizes the major points and also points out the issues need to be studied any more.