A Comparative Study Of Small And Micro Enterprises Financing Service System Between China And Foreign Countries

With the gradual development of market economy, small and micro enterprises (SMEs) play an increasingly important role in economy and society. It could increase social employment and people’s income, improve people’s livelihood, it plays an irreplaceable role to promote economic restructuring, too. Their level of development is directly related to the level of economic development of the country, it has become a worldwide topic and focus of common concern of the whole society of supporting small and micro enterprises. However, as its own operating characteristics and size structure, in our country’s enterprise systems, small and micro enterprises belong to vulnerable group, it frequently subjected to discrimination scale, and the most obvious thing is the financing difficulty in the capital markets and this has become a bottleneck in the development of small and micro enterprises in China. Although the policy of financing support for small and micro enterprises of our country have been strengthened, however, the difficulties still exist for them to financing through commercial banks or other financial institutions. By analyzing the credit rationing theory and Stiglitz-Weiss’mode, it can be drawn that the asymmetric information between the bank and the enterprises is the fundamental reason for the bank carry out the credit rationing to small and micro enterprises. This paper studies the credit rationing problem in the period of interest rate deregulation and liberalization, and thought after the interest rate liberalization, if there is not enough founding policy to support small and micro enterprises, the bank will increase the credit rationing to small and micro enterprises, so that they will at an even more disadvantageous position in the financing market. The United States, Germany and other developed countries have established a relatively complete financing service system of small and micro enterprises for it started much earlier. The paper enumerate the bank credit system and the credit guarantee system and the legal system about the financing of small and micro enterprises of some developed countries, and compare with our country’s small and micro enterprises financing service system, find out the deficiencies in support of small and micro enterprises development in our country, and then learn from the advanced experience of the financing service system to support the development of small and micro enterprises in foreign countries, finally draw the measures to improve the financing service system of small and micro enterprises in our country that would promote the development of small and micro enterprises and further promote the rapid development of our country’s economy.