Research On Financial Support To Amrican Small-medium Enterprises

It is a common problem that small-medium enterprises(SMEs) have many diffculties in financing, which becomes a major factor constraining their development. The United States has the most developed financial system in this world. They have a lot of successful experience on providing financial support for SMEs, so doing some research on it is of great significance.After reading some revelant literature, it can be seen that, the system of U.S. financial support to SMEs is consist of capital markets, financial intermediaries and government supporting policies. The United States have developed multi-level capital markets and a variety of financial institutions providing loans to SMEs, so they have many ways to get funds. Sound legal system provides a good financing environment for the SMEs, and the professional agency gives assistance to the affected SMEs.Although its development has been at the forefront of the world, the data suggests that, the proportion of financing is still not very high. Most SMEs get loans through relationship lending, which has its own limitations and can do harm to both of SMEs and banks. With the economic globalization in the 90s of the last century, there are many mergers and acquisitions among U.S. banks, which also affect SMEs'financing. Capital markets can only partly meet the needs of SMEs, so the further research of reasons are still needed.Improving the financial supporting system for SMEs is a complicated project, involving policy system, financing ways, management of agency and market. Doing reaearch on U.S. financial support to SMEs is useful to improve the financing of Chinese SMEs as a good reference.