Integrate Research The Non-bank Financing Channels For Small And Medium-sized Enterprises Of China

With more than thirty years’ rapid economic development since the policy of the reform and openness, although small and medium-sized enterprises have played a very important role on our economy and employment aborbing, the access, especially the financing methods and channels to financial resources hasn’t been able to match its contribution.Therefore,small and medium-sized enterprises issue is becoming a hot topic that global countries are actively exploring and doing research on.China treats it as the root of the national reform and development.To address the financing problems in small and medium-sized enterprise, in view of the small and medium-sized enterprise financing difficult problem, Chinese government and financial institutions have successively carried on some measures, making every effort to impove their financing ability. Although countries and financial institutions are enhancing support for small and medium-sized enterprises and implemented many policies and measures,financing problems in small and medium-sized enterprise are still quite severe. There are many contributing factors, such as the unstable economic environment, small and medium-sized enterprise management and government policies etc.However,among those factors, that the financing channels are too simple, that financing environment is not desirable and that it is too hard to get financing have been the obstacle that hinders the development of small and medium-sized enterprises in our country.Based on the above analysis, this paper starts from the practical financing channels of small and medium-sized enterprises in our country, drawing lessons from other developed countries in alleviating the financing difficulties,mainly from the following five aspects to explore the various ways and operating methods,namely non-financial institutions, enterprises,governmental non-bank financing platform, private capital and new financing channels. This article is based on professional and scientific analysis.The research on the integration and expansion of the financing channels for small and medium enterprises does not only conform to the practical demand of the small and medium-sized enterprises, it also serves as the financing guidance for the small and medium-sized enterprises in China.This paper contains the following four parts, including:The first part introduced the background information and practical significance as well as the related literature review both at home and abroad,meanwhile it puts forward the innovation of the paper.The second part elaborated the present situation,problems and causes of small and medium-sized enterprise in our country.More importantly,it analyzes the financing channels and draws lessons from the small and medium-sized enterprise in other developed countries such as the United States, Germany, Japan,South Korea and the like. Meanwhile,it offers some ellicitation to optimize the development of small and medium-sized enterprises in our country.The third part is a comparative analysis of the existing non-bank financing channels in our country and it summarizes the advantages and disadvantages of non-bank financing channels of small and medium-sized enterprises in China at this stage. Furthermore, from the operation and the policy level, taking credit enhancement,establishment of financing policy,innovation of non-bank financing tool and the like into account,it brings bout corresponding operating guidance and suggestions for policy making for small and medium enterprises in China.The fourth part is a summary and puts forward the effective ways to broaden and integrated financing channel of small and medium-sized enterprise in our country and the corresponding policy recommendation.