| Small-and-medium-sized enterprises (SMES) are playing an important role in national economy and social live, especially contribute a lot to enlarging employment in cities and push on the countries to urbanism. Hard financing of SMES is the world difficult problem that the economic theoretical circle, business circle, and correlated departments of government in every country. In our country, this problem is more distinct because of influenced by the special historical background, and this made the financing system take on the abnormal structure of "three high and three low" that means the ratio of outer-source financing is high while the ratio of inner-source is low, the ratio of direct financing is high while the ratio of indirect financing is low, the ratio of debt financing is high while the ratio of rights and interests financing is low. This is the realistic condition on which SMES of our country make up the capital structure again, and this is also the core matter on which this study will touch.This study firstly cleared the correlated conceptions, expounded the ^standards of SMES of our country and foreign countries, and synthetically analyzed the present basis theories of enterprises financing. Then this study carried out comparative analysis on international experiences of the financing of SMES, and positive analysis on the financing of township enterprises and national enterprises representatively in the SMES of our country. Through above-mentioned analysis, the study clarified the root reasons which caused the problems of short funds of SMES, higher debt ratio of national enterprises and a great deal of bad assets exited in the national banks. The root reasons are just that in the long run the enterprises financing of our country followed the single structure of taking the government as the leading, national banks as the main body and indirect financing as the dominant part. Creating financing hypothecate system of SMES and perfecting risking investment system and constituting " the second board market" to promote financing of SMES are three key matterswhich are generally concerned by the economic theoretical circle and have the decisive influences on improving the financing situation of SMES. This study developed in-dept subject researches on aforementioned three matters and the countermeasures and suggestions about developing this system. When analyzing the influences of financing system structure and external developing environment on the financing of SMES, this study consciously drew into systemic ideas. Finally, this study discussed that WTO bring the opportunities, challenges and replied after our country joined WTO. |
