The Analysis On Financial Channels Of Guangxi SMEs Based On Pecking Order Theory

Small and medium enterprises (SMEs) have been an active factor to support GuangXi GDP to grow stably and strong. They have supplied a lot of jobs, and improved the level of life for the people of GuagnXi, which helps the whole society grow stable. But compared with other SMEs in developed provinces, the GuangXi SMEs has lagged more, and has more disadvantages. So, how to help the SMEs to be more comparative and to play a more important role for the economy has been a hot topic for all the people concerned. Many scholars have pointed that the finical problem can be a main factor which affects the SMEs to grow bigger and stronger.This passage based on many scholars'research fruits, chooses the finical channels as the object based on the pecking order theory, connects the capital structure theory with the SMEs, and uses the game theory and information economic theory to analyze the finical structure of the SMEs. On the basis of these, it tries to supply some useful and practical ways to finical for solve the finical problems of SMEs.First, the passage has concluded the main capital structure theories which help us understand the relationship between capital structure and the ways of financial. Based on this, it disuses the ways how to make the capital structure better in order to improve the value of SMEs. In the last few parts of the passage, it connects the special characteristics of guangxi SMEs with the theory we have disused before, then, we analyze the ways for the SMEs to choose to fiance the money they need.