Study On Indirect Financing Of SME

As an important force in China's national economy, SMEs has become China's most dynamic industrial enterprises patterns. SME development is of great significance to maintain our country's sustained, rapid, coordinated and healthy development of a socialist harmonious society. We must also see that they have financing problems, though SMEs have made great contributions. 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 Thesis analyzed the causes on indirect financing to SMEs and draw a conclusion that the SMEs financing difficulties are caused chiefly by information asymmetries and the main reason is that the system of indirect financing structural deficiencies from information economics and transaction costs theory analysis ; From the analysis to their own perspective and the enterprise development environment perspective , the thesis shows us that the difficulties to indirect financing to SMEs are mainly following, their own limitations and shortcomings, the non-banking institutions operating credit market behavior and environmental and social factors such as the guarantee system for SMEs.This thesis analyzed the successful practices of foreign countries to foster the development of SMEs. And then point out that the measures to alleviate the financing of SMEs lies in the following three aspects: the government should improve the social credit rating, indirect financial system, security system and accelerate the process of marketization of interest rates in the areas of financing for enterprises to create harmonious environment; financial institutions should accelerate the improvement of the management system and the promotion of financial innovation, and implementation of SME financing flow recycling; SMEs should strengthen themselves and improve the level of management integrity awareness, and change the financial concepts, and make full use of preferential policies of the government and financial institutions.