Analysis Of The Financing Requirement Of SMEs In China

Small and Medium-sized Enterprises (SMEs) have the good prospect in the market economy, and it have made the tremendous contribution to our economical development. But the difficult problem of financing has restricted the SMEs development. This question has aroused the attention from all circles of the social. The academe made the widespread research about the reason and the countermeasure of the difficult problem of financing to SMEs in our country, and discussed the application of some concrete financing ways. While the existing research have indicated some trait of our SMEs financing, but there is no uniform conclusion about its financing characteristic. We have less systemic research which studied the SMEs financing under our idiographic condition.This dissertation studied the financing problem of SMEs from a new angle. From the capital structure theory, we can know that the financing requirement of SMEs is the equity financing. In this foundation, the author used the empirical method to validate the stock market whether content the requirement of SMEs in our country, and then give some advices.This dissertation consists of five parts. In the first part, the background and necessities of this research are explained, as well as the introduction of related research domestically and overseas. The mean content and the frame of this paper have also been introduced in this part. In order to continue to the study, the meaning of SMEs is described very clearly. In the third part, you can see the classical capital structure theory, the other one is the enterprise character of the SMEs and the analysis about the SMEs'financing requirement. This part can be used to build up the frame of next one. The fourth part of this paper is the empirical study. Firstly, the author consulted the method which often been used in the research of capital structure influence; then test stock market whether content the requirement of SMEs in our country, and then give some advices. This study found, stock market broaden the financing channel of the SMEs, the equity financing system in china can not content the demand of SMEs which was induced by the increase and the competition, and the function of financing again was not efficiency. In this part, the data was selected from the CSMAR database which was provided by Guo tai an communication and technology Ltd in Shenzhen city. The main methods are statistical and regressive analysis. The fifths part of this paper is the last one. In this part, the author proposed some way to solve the difficult problem of financing of SMEs in our country. Finally, the shortcoming of this paper and the further way to the study in this field were mentioned.