Smes Outside The Pe Financing Risk-control Study

Chinese capital market is in historic development opportunities in resent years. The continued Prosperity of secondary market brings the development of issue market,the establishment of multi-level capital market entered real operational phase from discussion and pilot stage. Big expansion of the small and medium enterprise board and the introduction of GEM, means the birth of new financing opportunities. On the other hands, Small and Medium Enterprises (SMEs) face difficulties in financing bottleneck for a long time in china, SMEs often at loss when face less financing opportunities, which constrains development and strengthening of the most creativity economies, how to decide became the key of the development of the enterprises. SMEs in our country occupies important position in national economics, but because of various institutional arrangements, and the inherent shortcomings of the enterprise's own problem, 80% of the SMEs have the capital gap problem. At indirect financing, the difficulty in getting the bank loans is more than national big enterprises. Whether to issue bonds or IPO, variety of resources is in favor of large corporations rather than SMEs, therefore, SMEs need large numbers of capital in time.The invest activity of the international PE grow fast in recent years in china, and the international PE will drive the SMEs'development. Compares with financing in stock market and make loan by bank, the PE is the better way in financing. Because the qualification limit of once average financing size is lower than others. PE is the hot topic about financing innovation, but much risk in whole process, for that failure in each aspect is possible. Therefore, it is important to broaden the financing channels and circumvent the risks. The investor and financing enterprises can achieve win-win situation. It is of significant to strengthen the study of PE financing risk management.This article combine the methods of specification and case studies, study the operational characteristics of PE in-depth , discourse definitely the significance of using the international PE , analyzed systemically the compose ,reason and influence about risk in the whole process , at last , concluded the practical method of risk controlling. It must have guiding significance to the practice work. The article is divided into six parts, the first part is the background and purpose of the article; the second part focuses on the causes of difficulties in financing faced by SMEs, made the research and development in some countries about the PE, and the important aspect in china; Parts III and IV focus on an analysis about the private equity financing risk and the methods about how to prevent and control the risk; part five analyzed the financing risk and how to control it based on the successful case of Mengniu. The last part of this article look forward the conclusions and outlook.