Research On Small And Medium-sized Enterprise Financing System

In the economic and social development SME (the small and medium-sizedenterprise) plays an important role, but SME is facing many dififculties，financing isone of the main difficulties. In early twentieth Century, the developed countries in theworld had already noticed the problem of financing of SME, and began to study it.Being studied from different angles, foreign theories of financing of SME includeinformation asymmetry theory, credit rating theory，financial repression theory,ifnancing order theory and financing cycle theory, formed a relatively complete theorysystem. As early as in the middle of the twentieth Century, developed countries in theworld began the establishment of SME financing system. Along with the economicaldevelopment, SME financing system has been perfect in practice. Combined with thesituation of China’s SME, on the one hand researches of SME ifnancing are based onthe foreign theories, on the other hand undertook studies are mainly conducted, puttingforward the countermeasures, such as strengthening the legislation, perfection of creditguarantee systems for SME, establishing small and medium-sized financial institutionsand other relevant. China also undertook some innovation attempt to promote SMEfinancing, and obtained some experiences.In order to promote SME financing, in2009JiangSu province and ChongQing citythrough the government procurement help SME to obtain loans, other provinces andcities have carried out similar operations, which basically led by the relevantgovernment departments, organizes concerned parties, using the governmentprocurement credit, to coordinate the relevant financial institutions to simplifyprocedures and reduce costs to SME to obtain loans. Through practice of nearly threeyears, the problem of the existing pattern of government procurement promoting SMEifnancing-the government procurement credit ifnancing, comes to appear gradually.Because that credit guarantee system is not perfect yet, and that the evaluationmechanism and incentive mechanism of financial institutions for SME financing havenot fundamentally changed. Bank is still afraid and cautious to loan to SME.Appearing almost at the same time with the government procurement creditifnancing, SMECN (small and medium-sized enterprise collection note) and small loan company appear develop extremely rapidly, performing perfectly. They are supportedby national policies and are all designed for SME specialized, so that they arefundamentally different from the credit financing of government procurement.In the SMECN and small loan company pilot work the government departmentsplay an important role, but the government encounter some problems on how to givefull play to its function in order to be better to promote the development of SMECN andsmall loan company; on the other hand，according to the relevant laws, regulations andpolicies, government procurement has to promote function to promote SME. So will thegovernment procurement and the emerging SME financing tools work together, learningfrom each other and promoting each other? Through the analysis of SMECN and smallloan company’s characteristics and business process, looking for entry points that leadthe government procurement into SMECN, and bonding points with which governmentprocurement and small loan company can word together, we can combine thegovernment procurement and the emerging financing tools for SME together. On the onhand government departments can better play the role to promote SMECN and smallloan company to develop better; on the other hand the using of the emerging SMEfinancing tools can promote the development of government procurement, so as tocreate a new pattern that government procurement and emerging financing tools forSME promote each other and develop together.