The Legal Discussion About The Financing Difficulties Of Small And Medium-sized Enterprises In China

In recent years, the development of the world economy integration, the adjustment of economic structure, production technology innovation, policy support and so on that small and medium-sized enterprises entered a stage of vigorous development, Small and medium-sized enterprises plays an important role in the development of China’s national economic who make a great contribution in economic growth, expanding employment, social stability and make a great contribution who is subject to many restrictions in the financing demand. Although the country has published a number of laws about supporting the small and medium-sized enterprises, the financing problem of SMEs has not been effectively solved.The legal is discussion about the financing difficulties of small and medium-sized enterprise, Wu Ying case in Zhejiang as the background, raise the financing difficulties of small and medium-sized enterprise environment. In order to draw lessons from the practice experience of foreign developed countries in small and medium enterprises basic law, preferential tax policies, credit guarantee system, financial subsidies for small and medium enterprises, analyzes our country small and medium-sized enterprise financing environment. From these successful experience we should perfect our country small and medium-sized enterprise financing legal system is the establishment of SME financing system foundation, at the same time, we should establish the "people’s Republic of China Law on promoting medium as soon as possible and small enterprises" to match the implementing rules and regulations. Finally, this paper put forward to do the financing difficulties of small and medium-sized enterprise. In the direct financing respect of small and medium-sized enterprise, The first one is to establish a suitable financing environment of small and medium-sized enterprises of the multi-level capital market, including the establishment of the second board, leading to risk investment market, the third board market, the corporate bond market as a supplement to the multi-level capital market; develop OTC market; establish to small and medium enterprises in the main board market and the second board market reciprocal movement of the direct financing system; standard folk financing; perfecting the multi-level capital market supervision system. The second one is to improve China’s bond market financing. The last one is to improve China’s private equity fund market, expand direct financing channels for SMEs. In the indirect financing respect of small and medium-sized enterprises, the first one is to improve the financing lease law system. The second one is to improve the legal system of mortgage guarantee, including expansion of the chattels guarantee range; in the guarantee law to establish credit guarantee legal provisions; simplified collateral flow, pay attention to collateral management effectiveness. The third one is for the credit guarantee special legislation, including the establishment of the credit guarantee institutions, the establishment of small and medium enterprise credit rating system, established services for small and medium-sized financial institutions. The last one is actively improve our state-owned commercial bank financing for SMEs to external financial environment. Encourage, guide and support including state-owned commercial banks to increase financial support for small and medium-sized enterprises; for small and medium enterprises tailored credit policy; government should tax relief, to give small and medium enterprises finance subsidy.Both of the law circles and economic circles in our country are strongly concerned with the financing difficulties of small and medium-sized enterprise. In the context of the economic system and the capital market in our country which are in urgent need for reforming. It is very valuable and significant to establish a sound legal system for small and medium-sized enterprises.