Research On The Legal System Of Small And Medium Enterprises Financing In China

Since the reform and opening up,China's small,medium and micro enterprises have risen rapidly and gradually become a main force driving economic development.In the first meeting of the State Council Leading Group for Promoting the Development of Small and Medium-sized Enterprises in Beijing in 2018,the current role of small,medium and micro enterprises in the Chinese economy was clearly stated,and it was summarized in the form of "five six seven eight nine".That is,small and medium-sized enterprises have contributed more than 50% of tax revenue,more than 60% of GDP,more than 70% of technological innovation,more than 80% of urban labor employment,and more than 90% of the number of enterprises,which are important foundations to promote high-quality economic development.It is also the main force for expanding employment and improving people's livelihood.While SMEs have made tremendous contributions to China's economic development,they have also spawned many problems,especially the problem of difficulty in financing and expensive financing.In China,the vast majority of small and medium-sized enterprises rely on personal capital investment to complete the original accumulation of capital.When the enterprise reaches a certain scale,especially in the transition period from labor-intensive to technology-intensive,the demand for capital will be even greater,urgent.However,due to the limitation of the current system policy and the restriction of traditional ideas to people's thoughts,and the shortcomings of small and medium-sized enterprises themselves,the financing channels that small and medium-sized enterprises can choose are relatively narrow,which can easily lead to the breakage of the capital chain.In this paper,the identification criteria of SM Es are expounded,and the main categories of financing methods are endogenous financing and exogenous financing,direct financing and indirect financing.From the course of financing development of small and medium-sized enterprises in China,the financing of small and medium-sized enterprises in the past mainly depends on endogenous financing and indirect financing.In the indirect financing mode,mainly commercial bank loans,but commercial bank financing long-term shortage,so many small and medium-sized enterprises long-term dependence on private financing,financial leasing and other informal financing channels.Long-term financial suppression and financial monopoly policies make it difficult to alleviate the financing difficulties of small and medium-sized enterprises with indirect bank financing as the main path.In recentyears,the innovative development of Internet finance has had a great impact on the financing of small and medium-sized enterprises.At present,the basic form of Internet finance is third party payment,equity crowdfunding,network lending and so on.Through combing and summing up the three characteristics of financing of small and medium-sized enterprises in China,that is,indirect financing,endogenous financing is the main channel of financing for small and medium-sized enterprises,commercial banks financing gap is serious,financial leasing,commercial credit,private lending,network financing accounts for more.From these financing characteristics,it is shown that the main problems of financing difficulties of small and medium-sized enterprises in China are too few financing ways and too high financing costs.The main causes of these problems are: the shortage of small and medium-sized enterprises themselves,the insufficient attention of state-owned commercial banks to small and medium-sized enterprises,small and medium-sized banks specialized in serving small and medium-sized enterprises," weak quantity ",direct financing in the threshold of market access,and so on.From the system level,there are bank credit system,credit guarantee system,small and medium-sized enterprises credit system and so on.Therefore,it is suggested to perfect the following aspects: system innovation and product innovation of financing service of commercial banks;perfection of financing credit guarantee system;perfection of private financing system;construction of comprehensive social credit system;strengthening the auxiliary policy support in financing of small and medium-sized enterprises,such as increasing the support of fiscal and tax preferential policies and so on.