| With the development of our country, small-and-middle-sized enterprises (SMEs) have been a very important part of our national economy. And now, SMEs have played a vital role in promoting our national economy and society develop steadily, continuously and harmoniously. However, SMEs always find that it's very difficult to get fund/capital from financial institutions because of SMEs' limited capital scale, low-level credit and some discriminatory policies of government, etc. Financial difficulties are becoming increasingly serious obstacles to the development of SMEs.The rising of project financing in SMEs gives us a new way out of the financial difficulties in SMEs. Project financing is a new fund circulation pattern which has no/limited right of recourse. Compared with traditional fund circulation pattern, this new pattern has several special advantages in fund circulation, such as: credit advantage, loan advantage, etc. It has very important and practical significance to solve SMEs' financial difficulties. Unfortunately, the theoretical research on project financing in China now has only focused on large companies/projects which are always affected by administrative departments. In the whole world, project financing has been used in more and more fields, not only in large companies/projects, but also in SMEs. So it is very important to do some theoretical research on the SMEs' project financing.This dissertation is just aimed at this blank area of theoretical research. It chooses a representative case about SMEs' project financing ---- Leshan Plantation Timber Products Group (Leshan PTP), to discuss how to use project financing in SMEs and how to develop SME project financing in China now. In this case study, the author first introduces the basic situation of Leshan PTP, such as: the background information, the pattern of project financing, special structure and process of fund circulation, etc. Then, the author describes the running situations of Leshan PTP and analyses the experiences of this case, including positive and negative experiences. After that, the author expands his train of thought based on the case study, discusses the restricted factors of developing SME project financing in China and detailed ways to deal with them from different levels and different angles.There are six parts in this dissertation:Preface. In the light of the case study, the author introduces the SMEs' financial difficulties and the special advantages of project financing, which can prepare theoretically for the following research and help us expound in a further way.Chapter One is about the case background, which introduces the background information of Leshan PTP, especially the origin of the project.Chapter Two is the main part of case investigation. In this chapter, the author describes in detail every main part of the case. Firstly, the author describes how Leshan PTP chose the pattern of project financing according to its specific situation. Then the author introduces four main parts of the pattern: investment structure, management structure, the process and characteristics of fund circulation, risk research and risk management. It will give us detailed information about this case. Chapter Three is about case research, which is the key part of this dissertation. Firstly, lots of data and facts are applied to describe the detailed situation and result of the case. Then the author analyses the positive and negative experiences of this case. On the one hand, to be a successful case, there are several positive experiences that can be used by other SMEs: right choice of the project, cooperative partner, supported by local government, good investment environment, etc. On the another hand, there are still some negative experiences, such as: longer period for fund circulation, higher cost, changes of government policies, conflicts between different systems and concepts, etc.In Chapter Four, the author discusses the restricted factors of developing SME project financing in present-day China. |
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