A Studies On The Structure Of The Financing To Small And Medium Enterprises

As well known that SMEs play an important role in China’s national economy.In recent years, China’s small and medium enterprises to create more than60%of the gross domestic product (GDP), more than50%taxes,80%of urban jobs and commitments82%of new product development, worldwide attention for China’s economic growth has made the hugecontributions. However, since the reform and opening up, the problem of financing of SMEs has not been satisfactorily resolved, still plagued the development bottleneck. Wenzhou and Ordos outbreak in2011the SME debt crisis, the intensification of the contradiction between supply and demand of finance for SMEs in China, seriously affecting the financial stability of the region. From the macro and micro perspective, solve the problem of financing SMEs has become essential. Based financing structure theory to explore the problems and their causes difficulty in financing, from the perspective of the SME financing structure, to resolve the problem of financing SMEs has both theoretical significance, but also with real needs.This paper is divided into six parts. The first chapter of the thesis significance of the topic and the Home and Abroad; combed the basis of corporate finance theory; Chapter review and analysis of the status quo of China’s small and medium enterprises financing structure; fourth chapter outbreak of small and medium enterprises in Wenzhou and other places debt crisis to explore the problems of the structure of financing of SMEs; fifth chapter describes the major countries and regions of the small and medium-sized enterprises experience in the financing structure; Chapter VI on the basis of foreign experience of SME financing structure proposed to resolve China’s small and medium-sized corporate finance structural problems solution.Finance theory as the basis, with the external economic environment, financial systems and policies play external financing structure is closely related to the small and medium-sized enterprises with a focus on SME financing structure is divided into bank credit, private lending and direct financing threeThe part to be studied individually. Believe that the presence of bank credit to the lack of small and medium-sized financial institutions policy system design flaws, and there is a cumbersome approval process, the lack of guarantee institutions and credit system is not perfect operation run defects; the private lending presence of lack of the targeted legal basis and regulatory body system design defects, and the existence of the legal definition of private lending body demanding protection of the interest rate basis is not clear, and regulatory simple and extensive practical running defects; direct financing capital markets, high barriers to entry and distribution difficult system design flaws, and the existence of capital market issue approval inefficiency, the delisting mechanism lack of discipline and venture capital imperfect, private equity fund speculative operation defects. The same time, learn from Japan, Taiwan and bank credit, Germany, Japan, the private lending, and the United States, the United Kingdom experience in direct financing to support SME financing, and on this basis to optimize the structure of financing of SMEs recommendations, including improvements in the bank credit reasonable standard to guide private lending and to strengthen direct financing support for SMEs.