Institutional Breakthrough Of Bottleneck Of Financing Of SMEs

Thirty years of reform and opening up, China’s small and medium enterprises have developed rapidly, and make more contribution to economy of our country. Small and medium-sized enterprises play an important role in optimizing the economic structure, changing the mode of economic development, solving employment problem, accelerating town to change construction and prosperity of local economy.The main obstacle of our country small and medium-sized enterprises and financial institutions (mainly banks) financing process is the problem of asymmetric information, information asymmetry is prime cause caused the difficulty of our country small and medium-sized enterprises financing, asymmetric information has been become the prime restriction to our country’s small and medium-sized enterprises financing. Because of the asymmetric information, it brings the problem of moral hazard, adverse selection and the transaction cost problems, and bank financing for SMEs to take credit rationing, small and medium-sized enterprises are credit rationing victims.In order to solve the information asymmetry between small and medium-sized enterprises and banks, we can solve it from multiple aspects of system, one of the most effective ways is credit system and guarantee system for dredging bank financing channel, credit system is a foundation, guarantee system is the guarantee. However, the imperfection of China’s credit rating system and guarantee system restricts the financing of small and medium enterprises in system. Therefore, there should be innovation in China’s credit rating system and guarantee system, breaking the current institutional constraints can better solve the financing difficulty of small and medium-sized enterprises. To analyze the credit system and guarantee system of United States, Japan, Europe and other developed areas,and then make breakthrough to system combining with China’s specific national conditions. The key of Credit system is to establish the comprehensive and interactive Credit database; the breakthrough of guarantee system is to improve guarantee ability and risk aversion ability.