Sme Financing Difficulties And Ease The Way

The financing of small and medium-sized enterprises is a subject which the scholar all around the world is studying constantly for a long time, because during nowadays enterprises all around the world, small and medium-sized enterprises take the overwhelming majority, the role in modern economic society is strengthened day by day. The economists of various countries have formed a lot of theories about financing of small and medium-sized enterprises through studying. Our country began relatively late on financing question of small and medium-sized enterprises, because enterprise's property rights of our country were all publicly-owned after the foundation of the state, financing is a duty instead of enterprises of the country. After reform and opening-up, small and medium-sized enterprises get swift and violent development, become an important strength to promote the economic development and social progress of our country progressively . They perform an important function that big enterprises can't do in respects such as creating the employment opportunity, meeting the individual character demand, promoting the market competition, promoting technological innovation , alleviating economic crisis , strengthening economic vigor , dwindling differentials between town and country ,etc. But in recent years, small and medium-sized enterprises fall into financing predicament, the difficulty of financing becomes the main factor to restrain small and medium-sized enterprises' development. So, analysing financing predicament and origin cause that small and medium-sized enterprises face, and probing into the effective way of alleviating the financing predicament, have a very important theoretic and realistic meaning.This text combines the positive analyse and normative analyse together, choose Dezhou city as a concrete case to analyze , so as to find local government's some helpful explorations in financing of small and medium-sized enterprises , for the theory researcher to probe into and the policy maker to draw lessons from.Research frame of this text. First part Have expounded on the relevant basic knowledge of financing of small and medium-sized enterprises. Including the definition of small and medium-sized enterprises, relevant theory of enterprise financing, such as MM theory, The pecking order hypothesis, Capital breach theory, Debt breach theory and Finance suppressing theory. Thus establish the theoretic foundation for the following argumentation.Second part Have nowadays analysed the predicament existing in financing of Chinese small and medium-sized enterprises at first, has pointed out that small and medium-sized enterprises occupy fewer financial resources comparing their contribution . Then probe into the origin cause of financing difficulty of small and medium-sized enterprises from enterprise , financial institution , government three sides. Article point out enterprise's own poor quality is the internal cause of financing difficulty, for example enterprise credit consciousness bad, information inside opaque , ability getting weak to return loan; In the face of "Adverse Selection" and " Moral Hazard " result from the asymmetric information , the financial institution provides a loan to small and medium-sized enterprises prudently in consideration of risk and cost ; Government's function omission, failing in construction of guaranteeing system and credit appraisal system so as not to create a good environment for financing of small and medium-sized enterprises. These form external cause of financing difficulty of small and medium-sized enterprises.The third part Mainly seek the way to smash financing bottleneck of small and medium- sized enterprises on the basis of the analyse of the second part. Including direct financing, such as introducing venture capital, opening enterprise debt market, etc.; In indirect financing respect, innovating banking system, financial transaction, financial rule to guide and encourage the loan supply of the bank to flow to small and medium-sized enterprises. Explore the new financing way actively, including financing lease, mortgage business etc.. Understand correctly and normalize rationally informal finance, make it go after profits and avoid disadvantages , become helpful supplement to regular finance. Set up the financing system of small andmedium- sized enterprises supported by finance.The fourth part Study under the market economy condition , the function which the government should give play to in the financing of small and medium-sized enterprises . Including government's functional positioning, macroscopical decision , microcosmic guiding, setting up credit appraisal system and financing assurance system ,etc. Finally choose the guaranteeing system construction of Dezhou city to go on in an all-round way analysing , furtherly prove credit assurance system great function in the financing for small and medium-sized enterprises.The conclusion of the article is: As the social status of small and medium-sized enterprises improves, the external environment condition is being improved constantly, under the joint efforts of both sides of the government and financial market, through institution innovation and system innovation, through dispelling the ideal and systematic obstacle of financing of small and medium-sized enterprises constantly, the predicament of financing of small and medium-sized enterprises can be alleviated progressively.