Studies On Financing Channel Innovation For Small And Medium-Sized Enterprises In China

In today's development of economy and society, the small and medium-sized enterprises (abbreviated as "SMEs") are playing an extremely important role. In China, since the government carried out reform and open policies, although SMEs have developed very fast, at that time their development has not obtained enough attention from all walks of life, because of the constantly high developing rate of Chinese economy. Since the 1990s, along with change of the domestic and foreign economic environment and the advancement of Chinese economic reform, people all recognized the important functions of SMEs, such as acting as the economical engine, creating employment opportunities as well as technical innovation. As the most vigorous group in the market economy, the development of SMEs has become a critical issue. Among all the problems SMEs faced, the financing problem bears the brunt. Although Chinese government have given SMEs some kind of supports like promoting regulations and laws, which have also obtained certain effect, as the financing problem is complex and each work is at the start, the financing problem is far beyond resolves.This paper, through collecting various materials from magazines, books and internet, not only has studied the related financing theories, the present situation of Chinese SMEs financing and the successful experience in other countries, but also made countermeasures to resolve the financing problem. After having compared each kind of the SMEs financing superiority and inferiority and respective risk in the financial organs, this paper writes to prove that the reasonable and feasible market localization is, to put the privately operated financial organ in the prioritizing place, serving for the SMEs. In the encouragement of financing channel innovation aspect, the paper promotes the overseas financing and speeding up construction of our own SMEs board market. In the aspect of consummation financing organization system, it is argued to found and consummate the commercial banks' corresponding service organization, and to establish the perfect and multi-level capital market system and the SMEs credit guarantee system.