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The Financing Problems and Countermeasures of Small and Medium-sized Enterprises in China

Author: ZhaoZhenZhen
Tutor: GuoHuaPing
School: Jiangxi University of Finance
Course: Accounting
Keywords: Small and Medium-sized Enterprises financing financing methods financing channels
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 3610
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Abstract

The financing problem of Small and Medium-sized Enterprises (SMEs) is a world-wide problem, but also long-term issues. With 30 years of reform and opening up, SMEs has become an (?)portant force of China’s economic development. Accounting 99.8 percent of total enterprises of SMEs is playing an increasingly important role, in the prosperity of the economy in the expanding employment and the promoting innovation, but the financing difficulties have been the greatest obstacle to the development of SMEs in our country. Although the government has adopted a series of financial measures to improve the financing environment for SMEs, the issue of financing has not been resolved yet. There is still a wide gap between the current financing environment and the hope of enterprises. In particular, since the second half of 2008, the global financial crisis had the harmful effects to the economic development entities, the development of SMEs are facing an unprecedented challenge, the issue of financing of small and medium-sized enterprises is more prominently than ever before, facing an unprecedented financial difficulties. Under the current background, discussing this question again that has very practical significance.The financing problem of the SMEs is a "stubborn illness", and the market economy system of our country is in the initial establishment and the reform of investment and financing systems is in the critical period, only to rely on a certain kind of the financing arrangements or financing mechanisms to address the plight of our country’s SMEs financing is very difficult. Because of SMEs financing constraints and the reality of the specificity of SMEs’self-development, and with the change of macro policy environment, some new problems appear. So we need to look into the problems of the new breakthrough to ease the plight of SME financing. This paper explore deeply into these problems.This paper mainly adopts standard research methodology, follows the principle of combining theories with practices, and uses the basis theory and analytical instruments of modern economies, financing and management. It combines macro-analysis with micro-analysis. The logical frame is the present situations and future out lets of the financing of SMEs. This Paper can be divided into five Parts:The first part is the introduction, generalizing the background, bibliography, and basic frame work etc. The second part introduces t some basic concept and theoretical foundation. It gives definition of SMEs, the status and social and economy effect of the SMEs, financing methods and financing channels. And then elaborates several theories on which this paper bases, such as capital structure, information asymmetrical, credit rationing, and relationship lending.The third part, is the problem and causes analysis of our country SMEs’financing. This chapter has carried on the analysis to the present of our country’s present situation SMEs financing plight. Then analyzed the deep level reason thoroughly which has formed the SMEs financing difficult position, namely the internal and external reasons. In fact, it is SMEs’own problems and adverse enteral environment that cause SMEs’ difficult position of financing.The fourth part is reference of SMEs financing in developed countries and region. The financing problem of SMEs is a world-wide problem, but the United States, Japan, Korea and Taiwan, and other economically developed countries are successful to this problem’solution, we have much to learn and think. During this part, by analyze foreign financing models for SMEs, the author sum up the successful experiences of developed countries and area, as well as their similarities and differences, in the hope of getting beneficial enlightenment which can take as a mirror.The fifth Part, Chinese SMEs financing solution. On the basis of analytical study above, this chapter points out that the SMEs, the bank, the government all must take the actions and make efforts together to alleviating the current financing pressure of the SMEs and seeking probable measures to cure the financing problem permanently. And proposes solutions to the plight of our country’s SMEs financing channels, such as enhancing their own quality of SMEs, strength the legislation, the polity support, the establishment to of a sound security system and multi-level capital market and so on.

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