Research On The Development Of Small And Medium-sized Enterprises' Direct Financing In China

That financing channels are narrow is an important reason why Small and Medium-sized Enterprises (SMEs) in China can't get themselves out of financing difficult position. Preference on low-risk has made commercial banks not the best choice for SMEs, they can't satisfy the SMEs' huge capital demand .So SMEs have to depend on the direct financing if they want to eliminate the bottleneck of funds.Based on Marx' and western scholars' theories of direct financing, this paper takes Marxist materialistic and dialectical method as the main study methods,with a view to provide a policy basis guided by Marxist theory and takes the advantage of western economy theories, as to resolve the problems come from SMEs' direct financing in the new period. This paper, firstly, analyze the new characteristics of SMEs's and the advantages to develop direct financing presently. Next, it studyies on the achivements and the main problems of SMEs' direct financing ,and then deeply studies on the reasons that holdback the development of SMEs' direct financing from different sides. Finally ,it puts forword a series of strategies and proposals on how to promote the development of SMEs' direct finaning, learning from foreign SMEs' experience and according to Chinese realities,and tryies to build a perfect system of direct financing for SMEs.