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SMEs in the economic development of the occupied an important position and role in the theoretical circles consistent view has been formed and is important for countries. White chin first, Xue reputation that during the transition period, with comparative advantages, differences and a variety of small and medium enterprises made a great contribution to a market-oriented and to adapt to the characteristics of factor endowments for China's economic development. According to a survey conducted by the national authority, the number of SMEs in China for more than 99% of the total number of enterprises accounted for 55.6% of its industrial output value, tax contribution of exports as well as practitioners, 46.2%, 62.3% and 75% 2. SMEs for the degree of China's economic contribution and its operating characteristics determine the status of small and medium enterprises in China's national economy. The embarrassing situation for the development of small and medium enterprises in China, however, has been in a strong bit vulnerable, capital, management level, and many other issues restricting the development of SMEs. An investment of private equity funds (Private Equity, PE), the equity investment in non-listed companies or listed companies in non-publicly traded equity. PE has three main features: First, focus on investing in growth equity investment enterprises. The growth is not in the size of the enterprise, the space for development and prospects. Many enterprises are small enterprises, but great growth, and therefore sought after by private equity funds. Second, private equity funds not only provide long-term capital required by the enterprise, as well as to bring entrepreneurs. In fact, the success of private equity funds organic capital and entrepreneurs to these two elements combine together to produce a 1 1 gt; 2 effect. Third, the private equity fund is a long-term stability of the enterprises with capital markets channel. In Europe and the United States and other countries with developed capital markets, private equity funds, emerging enterprises, unlisted SMEs, financial difficulties and the enterprise, as well as an important source of funds of listed companies to seek acquisitions of financial support. Wu Xiaoling, deputy governor of the People's Bank of China has also proposed that China should vigorously develop private equity funds. Financing through private equity funds, to solve the financing problems of SMEs, with the help of the investment and the operational characteristics of the private equity funds, to help SMEs to solve the problems faced in the development, to promote the development of small and medium-sized enterprises, and thus contribute to the development of China's economic . The topic of this article is formed in this context. The purpose of this study is: recommendations based on the value of private equity in promoting the development of small and medium-sized enterprises, the development of private equity capital markets in China. This paper is divided into seven sections, specific structure follows the Chapter Introduction section briefly describes the research background and significance, the basic ideas and methods, as well as current research. Chapter II by the statistical report of the SME Department of National Development and Reform Commission, indicating the important role of SMEs in China's national economy. Simultaneous analysis of the five questions in the development of SMEs in China: First, the financing difficulties; Second, the relatively low quality of personnel; family management mode; Fourth, the lack of credit; Fifth, human resources management mechanism unsound; Chapter combing historical clues to the development of China's private equity market, private equity fund has a strong momentum of development in our country has been subject to the attention and support of the government and the community in the development process. Also the problem of the development of China's private equity funds. The fourth chapter analyzes the characteristics of private equity fund investments. First, the private equity fund fancy enterprises have the technology and the team is not to scale and profitability as investment criteria, due to the characteristics of SMEs to become the main target of private equity capital investment ; second, through the private equity fund's investment process analysis, indicating that the private equity fund to provide funds for the enterprise while also actively into the management of enterprises, help enterprises to standardize their operations, which is SMEs addition to funds is most lacking in a kinds of resources; and third, private equity capital in the final out of enterprise and rewards for investment purposes, so they will the corporate culture into have listed qualifications or sufficiently attractive to other buyers; Fourth, the private equity fund involvement of small and medium enterprises, technical innovation and a risk-sharing partner: Fifth, due to the characteristics of the double agent of the private equity fund, and take the form of limited partnership, making the general partner of the fund will be spent in the investment process a lot of time and effort to investigate the enterprise, and oversee business operations after the investment, to help the development of enterprises. The fifth chapter discusses the role of private equity funds for the development of small and medium-sized enterprises. First, private equity funds with strong risk management capabilities and portfolio, making bold technology research enterprise risk controlled environment, promote technological innovation, and ultimately help SMEs to transform their operational areas, to promote industrial upgrade; Second, the presence of private equity funds for the direct financing market in China's capital market to increase the level and deepen the capital market. Its flexible investment program design also makes the individual needs of SMEs are met. Third, the survey of the private equity funds of enterprises and training help to identify and shape a group of outstanding entrepreneurs; fourth stake in the enterprise to change the structure of corporate equity, private equity funds can enter the corporate management, in order invested enterprises to solve the problem of information asymmetry; fifth, with a wealth of management experience in private equity funds and scientific management methods to help enterprises to improve their governance structures. Chapter VI select small board of the Shenzhen Stock Exchange listed companies as sample data, and the data are divided into two categories according to whether they have PE background. Profitability, solvency, asset operational capability and the ability to grow in four areas to establish the 11 evaluation, including: OPE, the total return on assets, return on net assets, gearing ratio, current ratio, speed dynamic ratio, total asset turnover, inventory turnover, accounts receivable turnover ratio, the main business growth, the growth rate of net assets. Then factor analysis using SPSS software, based on a composite score of various listed companies, the use of non-parametric tests concluded, the involvement of the private equity funds are indeed able to enhance the comprehensive strength of SMEs, and further demonstrated that the previous chapter on the analysis of the value of private equity capital . Chapter VII of the development of the private equity fund recommendations. First, the source of funds. Proposed institutional environment should be created to encourage pension funds, insurance funds, private capital, and outside into the private equity capital markets; Second, the study of the production of a limited partnership for the advantage of the organizational form of private equity funds; proposed should establish appropriate funds managers credit platform is conducive to oversee the fund manager market, improve the efficiency of private equity capital investment; proposed should be established equity market outside the stock market, to broaden the private equity capital exit channels. Such as the establishment of the OTC equity market and over-the-counter market; fifth, the perfect private equity capital market intermediaries, such as focus on the private market accounting, law firms, intermediaries provide the equity registration services and hosting services for enterprises.
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