| Since the 1990s, SMES has become an important force in China's economic liberalization and economic growth. SMES played an increasingly important role in promoting economic growth, expanding employment, promoting technological progress and creating social wealth. The development of SMES has been concerned by the community. The normal and healthy development of SMES not only relate to the healthy development of the economy as a whole, but also relate to prosperity and stability of the entire society. Experience of the developed countries shows that SMES faced one of the most common and most critical constraints is financing difficulties. At present, our country is going through a period of economic transition, the financing problem become SMEs'first challenge. To meet China's huge employment pressures and economic structural adjustment needs, it is very important to develop SMES. In this context, researching and solving the financing problem is a matter of great practical significance.Due to the constraints of external financial circumstance and its own defects, SMES are troubled by "funding gap", which severely restrict SMES' development. Currently, commercial bank occupies most of the financial resources of our country, bank financial resources continue to be SMES'primary channel for external financing. The present study on China's SMES are focusing on the interpretation of the theory of SMES financing difficulties, the cause analysis and the countermeasures research, however,the research for SMES financing products and services innovation is very few, this is the starting point of this thesis.First of all, this article described domestic and foreign research and classical theory about SMES financing, and then on, described the definition and characteristics of SMES. The article analyzed the financing problem:SMES are difficult to obtain credit funds, to get direct financing problem, and they mainly rely on their own profit accumulation could be financed. Aimed to those problem, the article analyzed the internal and external reason. the external environment cause include:policy and legal system for SMES financing is not perfect, taxation is too heavy, credit system is not sound, credit guarantee system is not perfect, capital market is not suitable for SMES, as well as, the commercial bank of self-generated characteristics and other reasons are not conducive to SMES external financing. The second is that SMES'operation is uncertain, internal control is not standardized, accounting information is distorted, credit rating is lower, etc. The author believes the financing of the external environment and SMES own conditions could not improve in short time, but commercial banks have fewer restricted factors, credit financing innovation is the effective financing measures for SMES soon. this thesis considered that the innovation for credit financing products and services has significance:SMES in the financial markets has an important place, it is highly regarded by the Government and foreign banks, further more, the loan financing rate of return from SMES customers is relatively high, so there is a need for SME financing product innovation to solve the problem of financing of SMES. The author according to the theory of asymmetric information and transaction cost theory, classified the credit financing innovation into the innovation of resolving information asymmetry and the innovation of reducing transaction costs. The innovation to resolve the information asymmetry is primarily to make innovation of mortgage and guarantee, as well financing innovation for SMES supply chain. the innovation of reducing transaction costs include changing the loan service mode, re-engineering of business processes, and organizational innovation.Finally, the author think the Government should encourage and protect credit financing of innovation, accelerate the credit rights legislation, the commercial banks should to promote the capacity to discriminate and manage SMES risk, and to strengthen to cultivate creative talents. |
