The Research On Financing Problem Of SMEs In The Perspective Of Financial Lease

Medium and small-sized enterprises(SMEs) are very important to the development of our national economy. According to the data of National Development and Reform Commission,the quantity of the SMEs exceeds98percent of the whole enterprises in our country,and SMEs provide about85percent of jobs that all enterprises can provide,and they research and develop75percent of the new product that the whole enterprises do,and they create nearly more than60percent of GDP.Besides,more than a half of the tax of our country is from the SMEs.Above all,SMEs are becoming more important with our country’s rapid enconmic development.However,the financing problem of SMEs,is an urgent problem in our country even in the whole world.There are two financing channels of the SMEs,one is internal financing channel,the other is external channel.As the scale of SMEs is small and there are limited on SMEs’ financial strength,it’s very diffcult for SMEs to develop by themselves,so they have to lean on the external channel.In direct financing channels,most part of SMEs can not reach the standard of the access to the market for stocks and bonds,because of the few assets and profits.Even they reach the standard,as the imperfection of the enterprises’ system and the information asymmetry problem between SMEs and investor,the direct financing channels are restrained; In indirect financing channels,there are also the information asymmetry problem between financing institution and SMEs.If SMEs want to solve the problem,they have to promote the information disclosure,which however would increase SMEs’ cost.Besides,in our financial system,although the government issue document to guide the direction of loans, which can make the banks put more energy and money to SMEs,while as banks,especially the state-owned commercial banks,own the position of monopoly to some degree,and they don’t want to loan to SMEs as the effect of economies of scale.Many scholars think we should build and develop medium and small financial institutions to solve the financing problem of SMEs by the advantages of relationship banking.However,the medium and small financial institutions are too few to make a full competitive financial system,which can satisfy the demand for capital.The financial lease came into being in America in the1950s,and then develops rapidly.This new financing channel makes a combination of the funds needs and equipment needs,and a separation of ownship and use rights,which makes it own a special advantage on the financing problem of SMEs. The financial leasing companies have less strict requirements than the banks,as the financial lease just transfers the use rights on the lease item, and the financial leasing companies can still have its ownship.So this new financing channel can decrease the financial doorsill of SMEs,which just fits the development situation of SMEs,which have weak financial foundation and low credit line.The financial lease not only can solve the information asymmetry problem,but also can promote SMEs’ competitiveness,optimize the structure of funds and satisfy the SMEs’ long-term funds demand.However,as the financial lease stays in our country for only30years,the theoretical research is not so adequate,which just remains on the empirical theory abroad. Financial lease can’t play an important role on the development of SMEs as it should be,because of the imperfect of laws and regulations,inadequate of government support and lack of recognition to the financial lease by SMEs.So in order to the rapid development of our financial leasing industry,we should improve the laws and support policy,build reasonable supervision mechanism,increase awareness on the importance of the financial lease and cultivate special talents.As long as starting on government,SMEs and the financial leasing companies, can the financial lease play an important role in the development of SMEs.