China Sme Financing System Disorder Research, And Institutional Innovation

Small-and-medium-scale enterprises (SMEs) play an important role in employment, technical innovation , economical growth and so on , therefore it is vital for our country to develop small-and-medium-scale enterprises . However , it is difficult for SMEs to develop smoothly , because of the "bottleneck"of capital which is the most outstanding problem . This paper first analyzes the present finance situation of our country's SMEs , pointing that the financial system arrangement is the main factor to influence the SMEs finance, at present using the financial policy to correct financing difficulty produces little effect. Then this article analyzes China's SME financing system, concludes that system obstacle is the main reason of SME financing difficulties. The lack of small and medium-sized banking system is the main obstacle of Chinese SME' financing system. State-owned banking system, credit guarantee system , capital market financing system and the nongovernmental finance legal system is imperfect .,which also China's SME financing system can not avoid the shortcomings .The system obstacle results from compulsory financing institutional change in our country . So it is a basic solution to carry out financing system innovation under observing basic thought of our economic reformation to eliminate system defect.Based on research results , this paper proposes the goal and orientation of our country's SMEs financing system innovation . The goal of new financing system is to promote the rapid development of SMEs ,to innovate mainly financial institutions ,to achieve the diversification of financing channels and the high efficiency of financing . from policy financing system and commercial financing system , under market-oriented , efficiency and economic coordination principle . The conditions of financing system innovation is the Chinese Government's position appropriately and positively as well as the enhancement of the civil force. On the basis of the clear objectives , finally this article introduces the methods of Chinese SMEs' Financing system innovation : (1)constructing policy financing system at the core of a policy bank ; (2) improving the commercial banking system ; (3)improving the credit guarantee system for SMEs ; (4) promoting capital market system innovation ; (5) developing civil financing and improving the legal protection of civil financing system.