A Research On The New Factor Capital Allocation Of SMES In China

SMEs play a very important role in the national economy's development. According to'The Report on the Promotion of SME Development Presented by the State Council'that, by the end of Sep 2009, the total amount of the registered companies in China is about 10.3 million(excluding individually-owned companies), and among of which, SMEs cover a number of 10.231 million, which is more than 99% of the total amount. For the time being, the value of the finial products and services created by SMEs has occupied about 60% of the gross domestic product, and about half of the tax revenue was provide by SMEs, what's more, about 80% of the urban job opportunities is provided by SMEs. SMEs have played a positive role in the policy bias of years in promoting economic growth and solving social employment, science and technology innovation, optimizing industrial structure.As the government do their best to large enterprises, and a number of shortcomings are existing in small and medium enterprises, there are many development problems for SMEs in China. However, since the financial crisis occurred in the United States which quickly lead to the world economic crisis, the financial crisis has spread rapidly into the real economy crisis. And as high as 47.3% of all the collapsed companies were failed due to their financial problems. The main point of this article is to look for the main reason for the failure of the SMEs, and whether the financing problem is the fundamental factor that impending their developing.The article is trying to find out the core factor that helps the SMEs to make a sustainable development by the way of adopting facts analysis method, which is combined with the theory of "elements of capital" and "enterprise competitiveness" The conclusion of this paper is that the main reason that holds SMEs from sustainable development is not about lacking of monetary capital but lacking of Intellectual Capital, Technology capital and Senior talents.The structure of this paper is as following:The first chapter is introduction, and it is about the topic of this article; The second Chapter is the literature review and theoretical basis of the topic, and it is about the comments on the development of small and medium-sized enterprises and the relevant documents about their financing problem. It says that the theoretical basis of SMEs'sustainable development is to optimize their allocation of capital; The third chapter is cases study; The fourth chapter is to analysis the SMEs'investment to technology,information and knowledge; The fifth chapter is about finding the countermeasures for technological innovation and knowledge capital growth, which are believeed to be that the core factors. The sixth chapter is about summary and conclusion, and propose some suggestions for the SMEs'development。...