Chinese Sme Research, Development And Establishment Of A Multi-level Capital Market System

This paper analyzes the importance of China's small-medium enterprises to economic development. It points out that the hindered finacing channel is the bottleneck which restricts the development of China's small-medium enterprises.Then by analyzing the features and the system of innovation and growth in China's small-medium enterprises,this paper draws the conclusion:Widening direct finacing channel,especially equity finacing,is the effective solution to the finacing problem in small-medium enterprices.Through research into constrution of the comparative perfect-level capital market at home and abroad in combination with the development reality of the capital market in China,this paper thinks that our country should construct a multiple-level capital market system which include angel capital,venture capital,Growth Enterprise Market,ex-pit transaction market,in order to meet the needs of small-medium enterprises of different types in various stages.It also puts forwards the corresponding design of system for multiple-level capital market'construction.