Sme Equity Securities Trading Framework Envisaged

The difficulty of financing becomes an obstacle in the development of the medium-and-small sized enterprises in china. The investment to the medium-andsmall sized enterprises depends more on exterior funds, for the limit of its management size. However, for the short of financing channel, the medium-andsmall sized enterprises are faced more difficulty and it makes bad effect to the economic increase and the settlement of employments. Simultaneity, the propertyright-exchange means of the medium-and-small sized enterprises drop behind, which restricts the enterprise property-right-exchange. Thus it is imminence to seek a new channel to solve these puzzles. Based on a great deal of close investigation into the present situation, the current financing situation and problems facing the medium-and-small sized enterprises in china are analyzed, then it is pointed out that there is some inherent and institutional handicap in the indirect financing system serving the medium-and-small sized enterprises and some property-right-exchange obstacle in the direct financing system. Proceed with modem property right system, the paper put forward a new approach to solve the difficulty of financing facing the medium-and-small sized enterprises in china, namely Property-Right Securitization; considering of the characteristics of the medium-and-small sized enterprises in china, the paper designs the pattern of Property-Right Securitization to the medium-andsmall sized enterprises; at last, this paper probes into the exchange market construction of securitization property-right of the medium-and-small sized enterprises.