| The financing difficulty of small and medium enterprises is a world-class problem, but the small and medium enterprises are an important supporting strength and a new power to the development of national economies. International community always makes great efforts to alleviate the financing contradiction of small and medium enterprises: there is a comparatively integrated financing system of the small and medium enterprises in the developed countries, such as the USA and Japan. It includes the support from the policy, the government organization, and the folks. It has been 30 years since our country started reforming and opening-up, the problem of financing difficulty of small and medium enterprises appears not for long, but the restriction about our national economies is obvious. Since the end of last century, our country has set a series of laws and policy aiming at the problem of financing difficulty of the small and medium enterprises. In 2009, GEM board opened in the Shenzhen Stock Exchange, marking an important step to the goal of building multi-level capital market in China. GEM is an important financing platform to SMEs, especially to the development and growth of high-tech SMEs. From a macro point of view, China has built up a financing system for SMEs, Including the "SME Promotion Law," a series of laws and regulations on the Basic Law, the SMEs Division under Ministry of Industry and provincial administrative organs of SMEs Coordination Authority, the development of SMEs specifically, the progressive development of capital markets, and the continuous development of financing guarantee institutions. But there are many problems: the lack of laws and regulations, and legal barriers, inadequate implementation of the policy, the primary responsibility of government authority is not clear, the bank's discrimination on ownership, the threshold is high in capital market and financing is limited, the lack of appropriate business credit information platform, secured financing industry confusion, weak sense of their own credit for SMEs. These problems have hindered the development of SMEs, and the situation about the SMEs financing difficulties remains serious.In this paper, the research object is SMEs financing system, I will use comparative analysis and document analysis to research the existing problems and put forward the solutions. This article is divided into six parts: Part I is the introduction that describes the research background, purpose, significance and research methods; the second part is the literature review that introduces the theory of financing needs of SMEs, as well as our current small Characteristics of corporate finance and financial status; The third part is to describe the situation of foreign SME financing system, mainly refers to the characteristics of U.S. and Japanese financial system; the fourth part is the problems research about the current SME financing system in China, from the law, the Government policy, banking and capital markets, credit system and guarantee system, and so that the reality of our financing system; the fifth part is the emergence of the current financing system solutions to the issues raised, including the establishment of legal multi-level system, the multi-level capital market, banking support system, multi-level venture capital companies, SMEs, self-construction, etc.; the sixth part is the conclusions and outlook ,which do a simple statement on the proposed solutions, and to make a summary of the shortcomings of this article.This article attempts to take SME financing system as the object of study, studying the current problems, ending up with solutions to problems, which are of practical feasibility. However, this proposed solution to the problem is a broad guide. Due to the limit of knowledge, there is not an effective assessment of the difficulty of implementation of these programs. I expect in the future during the development of SME financing system, these problems can be resolved. |
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