The Research On Financial Innovation Of Small And Middles-sized Enterprises

As one of the important component of Chinese national economy,small and middle-sized enterprises(SMEs)have experienced vigorous development under the new situation of mass entrepreneurship and innovation.To promote the development of SMEs has become the important foundation to maintain the stable and relatively rapid growth of national economy and has become the major strategic task related to people's livelihood and social stability.However,even though under exploration,financing difficulties haven't been efficiently and systematically solved.At present,economic development enters into 'new normal',face up to the challenges of finance disintermediation in large and middle enterprises,interest rate liberalization and the strength of capital regulation,to ensure the quality of SMEs service is not only the need for commercial banks to respond to the call of the government,but also the actual demand for their sustainable development on business.Therefore,financial innovation of SMEs is here to make great sense.This paper aims to explore the approaches for commercial banks to achieve SMEs financial innovation under the new situation,in order to improve the developments of SMEs.This paper explains the definition of financial innovation,interprets the theoretical basis of SMEs financial innovation,and analyses the following three theories:scale economy,cluster operation,and multiplier effect.Afterwards,this paper introduces the current situation,difficulties and achievements of financial innovation.Combining with the practical case study of China Merchants Bank(CMB),this paper illustrates industrialization,clustering,batching,integration,and light-weight trend of SMEs financial innovation,and summarizes the inspiration and expectation of innovation.This paper contributes to the combination of practice and theories,and induces the similarity of financial innovation in SMEs.Therefore,it would deepen the understanding of SMEs financial innovation and improve the popularization and application of financial innovation in reality.This paper is organized as follows.Section one provides a brief introduction of research background,problems to solve,purpose,significance and thoughts.Section two is theories,introducing the definition of financial innovation and three theories:scale economy,cluster operation,and multiplier effect.In section three,the paper explains the current situation of financial innovation,and analysis the hard points in practice.This section raises the efforts of solving guarantee problems in several ways,and provides positive results.Section four introduces the successful case of CMB,and provides a detailed explanation of its successful industrialization,clustering,batching,integration,and light-weight trend.In section5,this paper analyses the practical inspiration from CMB,and looks into the future of innovation.