The Research On Trust Financing Of Small And Medium-sized Enterprises In China

The small and medium-sized enterprises play an irreplaceable role in the economic development of China. But shortage of funds and difficulty of financing are the dilemma of restricting their steps to develop and internationalize for quite a long time, it is important to solve these problems. Under the background of building and improving the system of the financing of small and medium-sized enterprises, this thesis is a theoretical exploration of resolving the financing problem of the small and medium-sized enterprises by attempting to introduce the trust institution.The thesis begins with the discussion on the Financial innovation and Principal-agent theory. Based on the situations of the shortage of funds and difficulty of financing in China, the thesis explores the shortcomings of existing finacing patterns, and analyses financing features of small and medium-sized enterprises from different industries and different cycles, then suggests develope new kinds of financial instisuions and innovate financal instruments to satisfy financing demands of small-sized enterprises. After analyzing the function and featuress of trsut financing, the thesis makes deeper analysis on the feasibility of trust financing from four different aspects: small and medium-sized enterprises, trust corporante, investors and financial market. Moreover, by considering the policy, features of supply and demand of small and medium-sized enterprises and trust corporates, and financing pattern development basis integratly, the thesis puts forward three patterns: the private equity pattern, the corporate asset backed securitization pattern and leasing credit pattern. Further more, it focuses on analyzing their features and operability of the three patterns and then sets up their frameworks respectively. Finally, based on the former analysis, aiming at solving all kinds of problems of patterns, the thesis proposes some recommendations from two aspects: reinforcing design of microcosmic institution and perfecting constructure of external circumstance.In order to provide theoretical and practical references for solving the financing difficulty of small and medium-sized enterprises, the thesis has done sensitive work to the researches on trust financing, and given discussions to relevant problems of trust financing in detail of small and medium-sized enterprises in China.