Construction Of Our Country's Small And Medium-sized Enterprise Financing System

The theorists have continued debating about the necessity and the possibility of establishing small and medium- sized enterprises. However, people have now come to an agreement: The development of SME is possible and necessary. The SME will become the two polar of the economic development. However, they are often ignored and placed in a disadvantageous position in the financing activities. Actually, they rely on the government's assistance to a large extent even in the developed countries with nimble and consummate market system.The financing gap refers to the demand of Small business for the capital and the debt is bigger than the amount which the financial system is willing to provide. Since Macmillan proposed the SME financing gap—"the Macmillan gap"in 1931,various countries' economist gradually started to work on this problem, and many countries' government also bring this issue to a strategic level of economic growth. The restructuring of our country's economic system has produced a large quantity of SME. However, the present financing system could not solve the problems facing the SME's development. Therefore to solve the problem of financing gap becomes an urgent matter. For years, the domestic economy scientists improve research on this issue; our government also brings the SME's development to the strategic level. It guaranteed its support for SME's development by promulgating "the People's Republic of China SME Promotion Law".This paper describe the important role the small and medium-sized enterprise plays in the economic growth and social life, affirm the necessity and probability of solving the problem of the small and medium-sized enterprise financing gap, and then introduce the small and medium-sized enterprise financing theory, including proxy cost theory, credit rationing theory, financing cycle theory, relational financing theory.Learning the small and medium-sized enterprise financing experience is very important to solve the problem of the small and medium-sized enterprise financing in our country in the present time, so this paper will mainly introduce the representative small medium-sized enterprise financing experience of America, Japan as well as Taiwan.Compared to the big enterprises, the small and medium-sized enterprise financing is congenitally deficient, for it has the characteristic of unsymmetrical information, big risk in the operation, the few pawn, the small scale transaction, and so on. Based on these characteristics, this paper analysis each financing channel of the small and medium-sized enterprise: Self-provide financing is congenitally deficient; Policy-type financing is an important way of the SME financing; indirect financing is impeded; the interest financing is more suitable for SME financing. This paper introduces the role "angel investment" plays in the small and medium-sized enterprise financing activities and its development at home and abroad. This paper also discusses the financing channels of the small and medium-sized enterprise of different types and on different development stages.Finally, this paper discusses how to build the small and medium-sized enterprise financing system. The financing system leaded by endogenetic SME and assisted by the policy must be established to deal with the difficulties of the small and medium-sized enterprise financing. Building our country's small and medium-sized enterprise financing system must firstly create the environment of financing system, and then make some institutional arrangements and policy guidance, establish the endogenetic indirect and direct financing system, and at the same time establish the policy financing system.Based on the previous studies, this paper combining the characteristics of the small and medium-sized enterprise, analysis each financing channel, give a thorough research to"the angel investment", the credit system and pawned financing.