A Research Of State Action In The Small And Medium-sized Enterprises' Financing

Since reform and opening up, the small and medium-sized enterprises after considerable development play an important role in promoting economic development, expanding employment, providing social services, and increasing the fiscal revenue. However, the financing problem which produced by its own defects and external environment in the development process has become the largest bottleneck of them.To break this problem, the government should focus on the following aspects: playing the management and adjustment function, expanding the financial support to small and medium-sized enterprises, promoting the credit system construction of small and medium-sized enterprises, and strengthening the supports of policy and system.Many experts & scholars at home and abroad have researched on this subject from multi-angle and multi-level, and also have got some achievements. Since the 21st century, the State Council, the CBRC and the PBOC, as well as other relevant departments have issued a series of policies and regulations, and increase supports to the financing of the small and medium-sized enterprises. As a result, the financing environment of them has improved gradually, and difficulty in financing also remits to some extent. But the problems, such as blocked financing ways, unreasonable financing structure and high financing cost, still didn't get solved fundamentally. All the above problems are caused by the following reasons: low enterprise credit, tenuous financing consciousness, imperfect financial system, asymmetric information between bank and enterprise, not enough force of government's support, no matching policies and so on.To solve this problem, in addition to play the role of market, the government should play an active role in economic regulation, especially; local government should take effective measures combining with actual situation in the basis to provide strong support to the small and medium-sized enterprises. Specifically,the government should do as follows: Exercise emphatically functions of economical management and control. Fully play a part between financial department and small & medium-sized enterprises. Open the doors for them to close cooperation, communication and collaboration. Use the financial sector policy well. Increase financial supports to small and medium-sized enterprises. Implement earnestly the preferential tax policy of small and medium-sized enterprises. Vigorously develop financial institutions especially for small and medium enterprises'financing services. Build more specialized local commercial bank for small and medium-sized enterprise financing service. Encourage the establishment of development risk investment funds for small and medium-sized enterprise. Support establishing guarantee agencies for small and medium-sized enterprise, and guide to play its full role. Establish guarantee agencies' capital complementary mechanism; widely absorb social capital to help them solve financial difficulties.The government should insist on promoting credit system construction of small and medium-sized enterprises, and gradually establish and perfect credit reporting system and credit evaluation system to improve the credit level and ratio of successful financing effectively.Also, they should stick to pay special attention to the legal system, constantly strengthen laws and regulations construction to promote standardized, scientific management and financing, and gradually improve gradually enterprise financing environment.