Research On Operating Mechanism For Civil Finance Of Hi-tech Small And Medium-sized Business

Since 1990's, the small-and-medium-sized high-tech enterprises in our country have achieved rapid development and now become an important part in our national economy, performing significant role. And they have made great contribution to the constant, stable and harmonious development of Chinese economy. However, the financing difficulties have turned out to be the main obstacles to the development for the kind of enterprises, severely restricting the development of the small-and- medium-sized high-tech enterprises. Therefore, it's very necessary to study financing methods, financing systems according with the rules of the enterprises and special demanding for capitals.At first, this dissertation introduces the status of the small-and-medium-sized high-tech enterprises in economy development, the reasons for the financing difficulties, and the concepts and characteristics of the informal financial. The original financing channels can not meet the requirement of the financing of MSE, and they have to find and develop more suitable financing channel for themselves. The emergence and development of informal financial market have internal and necessary relation with the problem of financing difficulty of MSE. On one side, MSE have very limited financing channels, the finance supply of financial market is seriously insufficient. MSE'finance demand can not be satisfied, they have to seek help of informal finance. On the other side, informal finance have increased greatly because of the rapid economy grow. A great amount of unused capital can not find good investment directions. Therefore, informal financial market has emerged and developed. The financing of 90 percent of MSE relies on self-financing or informal financial market.Then, through the methods of financial comparison and the case analyzing, we get the conclusion. Informal financial plays a complementary role in improving the liquidity and utilization of capital, the development of local and non-state-owned economy, and complementing the inadequate service of government regulated financial institutions。In comparison with other financial channels, informal financial market still has many outstanding advantages for MSE'financing, such as information advantage, security advantage and trade cost advantage etc. However, the negative effect of informal financial on the development of society and economy should be noted. For example, the decentralization, blindness and unregulated existence of informal financial will have a negative impact on the operation and regulation of macro economy; both MSE and informal financial market are facing enormous financial credit ventures;MSE still have their own financial disadvantages;the development of informal financial market still needs to be perfected, and laws and regulations need to be amended and improved .Thus how to understand informal financial comprehensively, the rationale of its origin and development, and if reasonable, how to promote and regulate it are all important issues with theoretical and practical significance.Finally, combining with the analyses of the capital resource of the small-and-medium-sized high-tech enterprises in our country, the dissertation puts forward with some conceptions and advices about financing mode to perfect the financing system of the small-and-medium-sized high-tech enterprises. Advises include many sides. Such as Government management ; law standard ; financial innovation;financial agency and the environment of investment, and so on. Therefore, this thesis believes that the development of informal financial market will be an effective financing solution of MSE.