Legal Consideration On The Financing Dilemma Of Small And Medium-Sized Enterprises Under International Financial Crisis

International financial crisis spreading from the collapse of American subprime mortgage market has brought damages of different degree to every country's economy. The developed countries widely carried out trade protectionism in favor of their own interests. The prevalence of trade protectionism has prevented the international trade from normally developing. Chinese foreign trade markets have suffered severe damages as well. Chinese export-oriented enterprises, in particular the small & medium-sized enterprises have be confronted with great difficulties in further advancement, accordingly the financing problems of such enterprises have been high on the agenda. Chinese small & medium-sized enterprises are facing the situation of scarce financing means and narrow financing channels, coupled with the impairments of international financial crisis and trade protectionism, therefore, the financing dilemma is getting worse.This thesis's main body is composed of three chapters. The first chapter briefly introduces the basic information and characteristic of international financial crisis, and then the definition method and present status of small & medium-sized enterprises. Besides, it illustrates the financing situation of Chinese small & medium-sized enterprises and the legal systems related to financing. And lastly it discusses some systems such as financing guarantee system, credit guarantee system and non-governmental financing system. This chapter presents the idea that the development of small & medium-sized enterprises plays a decisive role in promoting the whole national economy. The financing problems, however, have become obstacles to further development of small & medium-sized enterprises.The second chapter mainly demonstrates the recurrence of trade protectionism caused by international financial crisis, which resulted in irreparable damages to China's economy and trade. The profit capacity of small & medium-sized enterprises has decreased with an increase of operating cost. While the demand for capital has increased, the exterior financing sources of small & medium-sized enterprises are devastating. From the analyses of this chapter, it is obvious that the financing means of small & medium-sized enterprises which were originally weak and enjoyed poor reputation have become more aggravated after the hit of financial crisis and trade protectionism. Moreover, the commercial banks are more cautious to offer loans, folk debit and credit is gradually shrunk, and the credit index of small & medium-sized enterprises are degrading day by day. All these changes add difficulties to financing of small & medium-sized enterprises.The third chapter elaborates the Chinese government's relevant measures which to some degrees have relieved the financing dilemma and met the fund demand of small & medium-sized enterprises. The financing dilemma, however, is a long-term problem which cannot be thoroughly resolved in short times. In this chapter, on the basis of changes in post-crisis financing means of small & medium-sized enterprises, as well as Chinese related financing systems, the thesis puts forward some suggestion on improving the financing means of small & medium-sized enterprises through the establishment of credit assessment system, further reform of financing guarantee system and creation of commercial bank loan incentive system.