Research On The Innovation Of SME Financing Policy Of China

The small and medium-sized enterprise (SME), as an important strength in the economic structure, plays an active role in economic development, the employment creation, the technological innovation and the maintenance of social stability, etc. But as a result of its own special background and the restriction of our country financial market developing level, SME has a series of problems: unitary financing channel, heavy rely on debt financing, high financing cost, the capital supplies are not balanced in the industrial constitution and the local distribution: In the area it inclines to the eastern part, in industry to superiority industry. The venture capital has certain non-rationality in the investment directions.In the construction of security system of SME, legislation support is insufficient at present stage. There is no independent management section for SME in the government institutions, establishment of such sections are repetitious and low-level. The commercial bank loans become the main channel of SME financing, however, under the influence of the ownership system and the strategy-"the big customer"of commercial banks, the innovation of loans for SME is insufficient and SME's debt financing is stranded. The capital market structure is unitary; the sole main board market was unable to benefit SME, which takes the overwhelming majority part of the main board. The lag of the second-board market and the legislation deficiencies of the third-board market have limited the venture capital development, overseas capital becomes the main financing dependence of SME stockholders.Through learning the financing position and respective main financing pattern of American and Japanese Government, considering China SME present developing situation and the government function, and analyzing the possibility and feasibility of the above patterns'application, under the condition of the imbalanced development of China SME, it is considered that utilizing mix financing, the Hi-Tech venture capital, traditional debt financing and innovative trade financing, etc different patterns under industrial chain is appropriate. In order to solve the unbalanced development problem, we should take the following measures: In eastern area, promote the development of small and middle-sized financial institutions, meantime, guide the venture capital to invest Hi-Tech industry in the west and mid of China, enlarge government direct support for the west and mid of China, In promoting the optimization of financing policy for SME, the government should persist in multiplying the financing channel, marketing the operation, consisting with the country industrial policy. In the construction of capital market, the government should promote the second-board market as soon as possible, develop the second-board market, loosen the conditions for SME to be listed abroad and the limit for"overseas red chip", encourage SME to list on the second-board market overseas. To instruct commercial bank to strengthen the support for SME loans, encourage commercial bank to serve local SME; especially, China Development Bank should take SME financing as its new develop direction, by uniting the local SME management structure to develop the supporting pattern of"the consolidated loan", and participate in the restructuring and debt-back of small and mid-size financial institutions, enlarge the loans for SME from the origin, loosen establish conditions and business scopes of foreign commercial bank and guide them to develop SME loans. Establish assistance system for SME financing system, including SME financing guarantee network and loan insurance business. Considering the SME management structure, the State Council and the local authority should establish the SME administrative bureau, strengthen the function of SME management association, and set up the SME bond trade union, devote specially to the securitization of SME assets. The financial regulation authorities should impel the PE capital's operations to become more, and guide informal finance service to be legal.