The Selections Of SMEs' Financing Patterns In China

Along with the rapid development of economy,that SMEs play an important role in the development of the economy of whole country is gradually realized.However, the development of SMEs is not the ideal situation.Particularly,after experiencing the global financial crisis, Chinese SMEs are suffering from the unprecedented challenges.At present,there are many problems existing in the development of SMEs, such as the lack of talents,the laggard supervisor modes,unsound laws and statutes etc. Of all the factors, the problem of financing is the biggest bottleneck which restricts the development of SMEs. Therefore, the resolution of this issue is of great significance to promote the development of SMEs and the national economy.Based on the financial patterns of SMEs.,first of all, various financing patterns obtained is summarized for their advantages and disadvantages. Then ,the financing efficiency of these financial patterns and the factors which may affect the financing efficiency are compared, further a order of financial patterns which the SMEs should select in the absence of other influence factors is concluded.Secondly , the reason why it's hard to get bank loan under information asymmetry circumstance is analyzed,. In the discourse discussing, through deducing the S-W model and another model, it is conclude that the information asymmetry is the root cause which leads that SMEs are hard to get bank loan . Then the solving ways to the problem is put forward--by bringing in the Relationship Financing, further, some advices are proposed to promote the development of the relationship financing in our country. At the end of the text, after learning the experience which the America,Brition and Japan uses to support the development of SMEs of their countries, some policy suggestions which is according to China's particular situation are put forward.