| Technical small and medium enterprises play important role in our national economy. Be short of funds,choke point of their evolutionary,these enterprises have been restricted. It is a vital problem how to provide feasible financing environment for them.There was a mistake to restrict indirect financing for small and medium enterprises in traditional mass production economy,either in developed countries or in developing countries. According to it,mass production has advantage and big enterprises will win small over. The theory of mass production economy gave powerful support to rapid progress of big enterprises and gist of denial to small enterprises.Accrete relation grows up between banks and big enterprises in course of pursuing mass proceeds. The essence of it lies in the ingathering of mint income by possession of property and financing. Then government strengthened the relation.The character of credit monopolization for few enterprises holding majority interest of credit in mass production,which leads to fund scarcity of small and medium enterprises. It indicates that credit system projected for big enterprises did not meet the request of small and medium enterprises. The indirect financing of technical small and medium enterprises has characters like finance,risk and policy support,functions like technology contribution rate improvement,technology innovation promotion and financing tool innovation. In the text,indirect financing is equal to credit. Lending rate,the mostly ingredient in credit,has connection with time limit,fluidness,risk and manage cost. The indirect financing of technical small and medium enterprises is different from venture capital for it' s profit coming from price difference in business of asset and share of ain corporation.Ripe capital market and transparent corporation management are the precondition of straight financing,for example,limited by market content,the Second Board market does not fit for practical funds requirement of technical small and medium enterprises,it only supplies exit to venture capital. For the more,venture capital will not come into operation radically on account of lack of ripe condition,such as special capital market,special person with ability,increase chance,investment way and high profit margin.The indirect financing system of technical small and medium enterprises should be reformed for establishment of country innovation system,which supporting the competition relation between big,small and medium enterprises to avoid market failure in technology innovation,for the development of technical small and medium enterprises becomes new economical increase point,but also new benefit increase point of finance.In fact,There is only one way efficiently to solve funds problems for technical small and medium enterprises that credit system be reformed. Because indirect financing could solve their financing problem deeply and broadly,secondly,smallest benefit loss comparing with others,last,it may be the way to establish venture capital system in developing countries.It will be help for realizing the industrial develop stratagem from big country to great power,for bringing the advantage of backwardness into play if banks support technical small and medium enterprises in credit.In generally,it is ultimate reason for technical small and mediumenterprises in the difficulty of credit that government and bank be one in finance system in our country. In addition,conflict of risk of technological innovation and security of credit,conflict of benefit of technological innovation and interest of credit. At last,due to no bank participating in the technology exploitation course also.Four obstacles must be broken through. First,acquaintanceship obstacle of small and medium enterprises carrying out innovation,second,system obstacle of sizing enterprises up good or not by possession form,third,notion obstacle of foreseeable investment be accepted and last,organization obstacle of establishing nationally department with function to serve for Technical... |
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