Study On Financing Measures Of Government Guiding Fund Support Small And Medium-sized Enterprises

Chinese small and medium-sized enterprises(hereinafter referred to as SMEs)are the largest and most dynamic grou p,which is the main channel to absorb social employment,a also be deemed as an important undertaker of technology and business model innovation.However,during the transition period,the recovery of the world economy is weak,and China's macro-economic operation fluctuation rules are difficult to grasp,SMEs in China have to face the operational risks and uncertainties increasingly.The development confidence index of SMEs in China is insufficient,and the financing dilemma is still severe.To solve this dilemma,the government issued further fall to the ground in all kinds of SMEs supporting policy,setting up the government guiding fund have been an significant fiscal and taxation policy to optimize the development of SMEs in the market and service environment.Our government guiding fund had a prototype in in the early 1980 s,after that the government has issued a number of documents to regulate the development of government guiding fund.The size of government guiding fund appeared geometric growth in past three years which provides opportunity to solve the financing problems of SMEs.According to the plight of SMEs financing,the author studied on the perspective of government guiding fund,this paper defines the related concepts of SMEs financing and government guiding fund,with combing the process of Chinese government guiding fund support SMEs financing and current situation of SMEs financing for finding problems.First,government tend to be cautious about investing in start-ups,this is the main reason of low fund-utility efficiency.Second,information asymmetry exists between the government and enterprises due to the multiple principal-agent relationship,which lead to the policy objectives of the government guiding fund are not in harmony with the market rules.Third,the government neglected the post-investment management and performance appraisal.Fourth,domestic capital market develop for short time,venture capital withdrawal channel is not mature.After analyzing the causes of these problems,this paper offered two cases to get some insight.First,the level of regional financial concentration is closely related to the fund investment efficiency.Second,the entrusted management mode is better than the self-management mode.Third,investment proportion,mode and time will affect fund output quality and the guidance effect.At last the author put forward suggestions from four aspects,including ease the fund raising problem,change the investment strategy,improve the management level and optimize the exit mode and environment.