| The SMEs occupy the very important position in the economic development of international community. Its function can't be replaced in enlarging employment, activing market, increasing income and stabling society. But in view of its whole development situation, the SMEs belong to the weak community in social economy and it is very difficult in entering the market, accommodating funds, bringing in the intellectuals, sharing the information and applying the science and technology achievement. The SMEs' develop very quickly with the market economy develops continuously in our country and it has already become important power that pushes the development of national economy. At the same time, the SMEs' small scale, nonstandard management, the unsound finance system, and low credit level, what' s more, the unperfect credit and assure system, the unsound capital markets and the incomplete law system are bottlenecks which obstruct SMEs' healthy development. If government can't open widely the SMEs' financing channel and resolve the difficult problem of its financing, not only the SMEs development space will be compressed, but also its contribution to the national economy will be reduced, even affect the development of the national economy. Now, the government has already paid attention to the difficult problem of financing of SMEs, but still now, the problem has not be resolved essentially yet. So, continuing to study and investigate this problem has deeply realistic meaning.TO address the financing difficulties, and to promote the healthy development of SMEs, the state has promulgated a series of measures, including the promulgation and implementation of the "SME Promotion Law" and the establishment of national SME Policy Division, the SME board launch in the capital market, "the State Council on Encouraging, supporting and guiding the non-public individual and private economic development of a number of views, " and so on. From the above initiatives, to promote the healthy development of medium-sized countries played a larger role in promoting, financing bottlenecks still constraining SME development.This thesis use information economics and transaction costs theory to analyze indirect financing to SMEs, and the writing process took empirical analysis, research methods, etc. The thesis took the definition to SMEs and the indirect financing to SMEs and scope of the theory of indirect financing as a starting point, and it shows us the status of indirect financing to SMEs . This paper tries to find how to adjust the capital structure of financing problems SMEs face through analyzing the mode SMEs in order to solve the and structure of the indirect fund-raising and the connection between SMEs and the financial institutions.Author studies the present situation of SMEs on the basis of analyzing the financing status of SMEs, and analyzes the factors that influence the fund supply of SMEs through comparing that in foreign countries and taking advantages of modern indirect funds-raising theories. As far as I am concerned, a conclusion can be drawn that the funds of SMEs mainly got from internal accumulation and bank loan. There are many reasons for the financing difficulties of SMEs but the main three are as follows: First, SMEs suffer great financing difficulties from the lack of credit of SMEs. Second, the reluctant of loan of financial institutions that takes cost and risk into account. Third is the weak of government support on SMEs. So the ability of making profit and the credit level of SMEs should be increased, and the information asymmetry between SMEs and their investors should be decreased. The government should developed capital market in order to make SMEs financing capital from it more efficiently and easily, strive to accelerate the transfer from the saving to investment and increase the efficiency of capital allocation. The aim is to improve the surrounding of financing capital for SMEs, to perfect their financing structure and to relieve the financing straits they are suffering. |
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