Developmental Financial Research On Micro,Small And Medium Enterprises Financing Risk Sharing

Financing difficulties of medium small and micro-sized enterprises seriously hampered the healthy development of these enterprises.It is very difficult to solve this problem only by relying on self regulation of the market mechanism,while the key to cause financing difficulties is that the financial institutions are reluctant to share the risk,so medium small and micro-sized enterprises must seek reasonable risk-sharing approaches to completely break through the financing bottleneck.However,it is hard to get outside supporting just relying on self aptitude and strength,fiscal subsidies directly from government as temporary intervention policy has a certain function to the initial stage of the medium small and micro-sized enterprises development,but this measure is against the role of market mechanism,and also hard to form a reasonable risk-sharing pattern.Therefore,deeply exploring the effective mode of risk sharing is needed to fully disintegrate the financing difficulties of medium small and micro-sized enterprises,with the improvement of financing theory system of financial market and structure of financing environment,in the form of financial innovation to find reasonable financing risk sharing model will be the best solution to solve financing difficulties of medium small and micro-sized enterprises,meanwhile the government needs to take advantage of developmental financial institution as the appropriate intervention to guide the fund flow,and realize reasonable resources allocation.In view of this situation,this article expounds and discusses risk sharing problems of medium small and micro-sized enterprises in financing process from the perspective of developmental financing.Development financing refers to a financing manner carried out by financing institution empowered by government in order to realize the market standard by means of promoting system construction,and finally to achieve specific economic purpose.At present,in our country there are already many studies about development financing and financing difficulties of medium small and micro-sized enterprises,but the study about financing risk sharing of development financing supporting medium small and micro-sized enterprises is relatively less.From this perspective,this article first gives the theoretical basis of financing risk sharing of the development financing involving in medium small and micro-sized enterprises,and defines medium small and micro-sized enterprises;Secondly,this article analyzes the utility change of medium small and micro-sized enterprises financing risk after the intervention of development financing,and raises domestic and international risk sharing mode and its feasibility on this basis;Lastly,this paper calculates the standard and risk sharing proportion of each participant should reach in the whole process of financing risk sharing by making use of the mathematical model,and puts forward reasonable suggestions and opinions of the developmental financing supporting to financing risk sharing of medium small and micro-sized enterprises.