Small And Medium-sized Enterprises Credit Financing Based On Interest Rate Marketization

SMEs1 have been more important in our national economy, but the financing of them has been a problem for a long time, and restricts the development severely, especially on credit finacing field.Firstly,we has known the basic status of Chinese SMEs in national economy , and has been clear about the question which the present SMEs credit financing present situation and urgently awaits to be solved.Secondly, initially with support of traditional economic theories about decision of the interest rate, the writer shows that it is in the market that the interest rate is determined by the supply and demand of the markets. However, the rate mechanic in developing countries is not capable of function as investment adjustment, because of government severe constraint of the interest rate. Then in this part the writer introduces the theory of financial deepening represented by R.L.Mckinnon, whose kernel is to abolish constraint of the interest rate so that it can freely adjusts investment.Thirdly, we has been able to cause through a simple model evidence interest rate marketability result for the SMEs to provide financing the financial organ rationally consideration risk and the income measures the question, then proposed the interest rate marketability solves a small and medium-sized enterprise financing difficult problem essential condition judgment.At the last, we draw a conclusion that solving the SMEs financing problem, besides thorougher interest rate marketization, but also should from on macroscopic strengthen the perfect SMEs credit appraisal system, establishes the perfect SMEs credit guarantee system; On the microscopic, commercial bank must recarefully examine the SMEs enterprise this profit spot, establishes the more perfect price risk mechanism, at the same time the enterprise own must open the many kinds of financing channel, reduces the dependence of credit financing.