Study On Financial Structure Of Small And Medium-Sized Enterprises

China's small business plays an increasing important role in pushing forward the country's economic development and economic growth. Financing problem of small and medium-sized enterprises (SMEs) has been one of central issues in domestic capital market controversy since China's entry into the 215t century. The domestic study about the SMEs finance are focus on the government policies and finance forms. Disquisitions from the angle of finance structure are very few.Firstly, begin with the basic connotation and the caste of financial problems and the frame of reference, author put forward the theoretical meaning of the research of SMEs' financial structure.Secondly , briefly explain the theoretical foundation. Unbalanced information alters "structure non-correlation" resulting from M-M theory. According to Myers and Majluf, enterprises managers possess information advantages comparing with outer investors. Considering stockholders' interests, enterprises always strictly follows Pecking Order rule. After being corrected ,this rude was usually being as a theory frame of the domestic study of small and medium enterprises' financial structure problems. Besides , finance growing cycle can preferably explain the changing rule of small and medium enterprises' financial structure from the angle of long time and dynamic.The third part of this paper is the main body. In this part, author analyzed the needing quality of the domestic study of the small and medium sized enterprises' financial structure; the characteristic and the influence complication of the small and medium sized enterprises' financial structure; Apart from clarifying the related concepts, expounding the current financing structure situation for small and medium sized enterprises, this paper also analyzed the internal and external causes of their financing difficulties.The forth part of this paper bring forward some shallow advice of how to optimize the SMEs' financial structure and how to enhance the SMEs' financial ability.