Financing Mechanism Of Small And Medium Sized Enterprises In The United States And Its Enlightenments To China

Enterprises, which are cells of the United States'economy, are the base of micro economy. In the United States, it is traditionally believed that Small and Medium Sized Enterprises (SMEs) have little impacts on national economy, while the improvement of economic efficiency depends on the scale of economy. The economy of the U. S. is dominated by large corporations in most of the 20th century. However, based on researching the economic development of the U. S. after World War II, especially since 1970s and 1980s, is it easily to find out that SMEs not only create large amount of jobs, produces two fifths of GDP, but also create two thirds of America's export. SMEs are the most active and fast growing part of the economy of the U. S. One of the most important reasons of SMEs'fast developing in the U. S. is that the problem of financing is resolved properly. So, research on the financing mechanism of SMEs in the U. S. is both theoretically and practically important.The dissertation contains four chapters.The first chapter is introduction. In this chapter, theoretical meaning of the topic, relevant literature and the structure of the dissertation is elaborated.The second chapter is general introduction of the financing mechanism of SMEs in the U. S. In this chapter, SMEs in the U. S. is defined, three features of SMEs in the U. S., which are small scale, short life time and flexibility, are discussed. On this basis, the function of SMEs in the economy of the U. S. is revealed, which can be concluded as follows: first, creating new jobs; second, promoting technical innovation; third, creating export. In the end, the financing mechanism and financing structure of SMEs in the U. S. is discussed.The third chapter is the financing mechanism of SMEs in the U. S. Besides highly developed financial system, Financing of SMEs in the U. S. mostly benefit from effective institution arrangement, which includes: first, the foundation of the Agency of SMEs that take in charge of the financial support for SMEs; second, relevant legislation which encourage commercial banks to finance SMEs and support newly established enterprises; third, completed credit system which contains credit management system, credit service institutions, credit evaluation models, and warranty system; fourth, financial institution innovation which includes the financing of activating capital for newly established enterprises, and the development of NASDAQ.The fourth chapter is the enlightenments to the financing of SMEs in China. The status and features of the financing of China's SMEs are discussed; reasons of the difficulty are analyzed. On this basis, suggestions for the improvement of the financing problem of SMEs in China are given as follows: first, perfecting the legislation system for financing SMEs; second, setting up special agencies inside the government for supporting SMEs; third, developing national credit system; fourth, developing small and medium sized financial institutions; fifth, expand the financial support for SMEs in different ways; sixth, clarifying the responsibility of the government in supporting the SMEs.