| As the main force in pushing forward the regional economic development with rapid progress, county small and medium-sized enterprises, compared to state-run large and medium-sized enterprises, have more ability to make profit and contribution. However, difficulty in financing hinders its development because of the financial restraining policy which is used for a long time, and also causes the asymmetry between the financing structure and the potential economic development structure. Thus it is of very profound meaning to make study on the root cause for the difficulty in financing of county small and medium-sized enterprises, to look for new point of penetration and to explore more pertinency financial strategies.This thesis paper defines the county small and medium-sized enterprises as regional industrial collective, applies information economic theory and nature endowment of resource theory, and makes quantitative analysis in the light of the on-the-spot investigation data into county small and medium-sized enterprises in Shandong Province in 2006 and 2007. The results show that at present, county small and medium-sized enterprises financing is mainly from interior channels, while the exterior channels are blocked, and the supply and demand for funds are seriously unbalanced. As for the reasons, on the one hand, it is due to congenital deficiencies, like the backward ideal system of county small and medium-sized enterprises subjectively, restrictive information cost, high centralization of risks, shortage in usable mortgage, etc.. On the other hand, it is restrained by series of objective factors, such as financial system, capital market, government policy and guarantee system.In order to solve this financing problem with more pertinence, based on the use for reference of small and medium-sized enterprises'financing polices both at home and aboard, this study makes the system design from the perspectives of demanding body and supplying body, analyses the chess-play innovatively between the financial structure and county small and medium-sized enterprises, and between state-run commercial banks and small and medium-sized commercial banks. And the study also proves that state-run commercial banks must firstly take on the historical mission of explore the financing service domain of the county small and medium-sized enterprises, and they should increase the line of credit, so as to have demonstration and promoting effect on small and medium-sized commercial banks and collaborated banks, build and consummate the credit service system of county small and medium-sized enterprises, and supply a gap in its financing. What is more, this thesis puts forward the innovative tentative countermeasure: building the new pattern finance of independent property right pervasion of county small and medium-sized enterprises, which means set up a property right bridge between county small and medium-sized enterprises and finance structure, making the exterior financing behavior of the two bodies become an interior property-special behavior of one body, and consequently, it efficiently restrains the moral risks, gets rid of obstacles, drives self- surveillance and decreases the dealing cost and financing difficulty. Besides, to ensure that the polices in solving the financing problems are totally implemented, this study advances that a good exterior"quaternity"environment should be given among the government, community, laws, and guarantee; collective developing guiding polices for county small and medium-sized enterprises should come on in time; supplies a more self-contained legal system; set up a credit guarantee parallel system between the state, the province and the county and grading evaluating system, to ensure that the finance structure and capital market and other supplying bodies can provide funds for county small and medium-sized enterprises to a greater extent.In this thesis, the empirical study is the main clue, and the researching objective is the county small and medium-sized enterprises in Shandong Province. After correlated quantitative analysis of financing restraining factors of models we build and typical cases, the paper makes anatomy and provides tactical choices that are with more pertinency and feasibility, thus it makes up the deficiency of previous studies, the majority of which qualitative and canonical researches, only of a few being quantitative, and empirical, and the present study is of practical significance for the research on county small and medium-sized enterprises'financing. |
