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Research on the Legal System of the SME Development Fund

Author: LiBin
Tutor: ChenYunLiang
School: Hunan Normal University
Course: Economic Law
Keywords: SME the SME Development Fund Law of the People’s Republic of China on Promotion of Small and Medium-sized Enterprises
CLC: F276.3
Type: Master's thesis
Year: 2011
Downloads: 132
Quote: 1
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Abstract


Gathered mainly by the government, the SME Development Fund is such certain amount of money that is used to help small and medium enterprises to develop their business by means of capital supporting. As a kind of non-profit policy funds, the SME Development Fund has functions such as investing, financing, guaranteeing and etc. The SME Development Fund first appeared in Taiwan of China. It has some similarities with Organization for Small and Medium Enterprises and Regional Innovation in Japan (SMRJ) and SME Funding Scheme in Hong Kong. The SME Development Fund system took its shape at the time when Law of the People’s Republic of China on Promotion of Small and Medium-sized Enterprises was issued in 2002.The SME Development Fund should have its own organizational systems. And by drawing lessons from the precedent experience of setting up investment fund and fully considering the desirability between open-end fund and closed-end fund, it shall has an independent fund management company. The SME Development Fund consists of Administrative Committee, Administrator and Custodian. Being an authoritative organ, the administrative committee is responsible for making decisions on important issues concerning funds through the board of director meetings. In charge of the fund operation, the administrator serves as an executive body thus loyalty and diligence is required. While the custodian takes in charge of fund assets keeping and using as well as administrator supervising. The financial sources of the SME Development Fund are divided into general fund and crisis protection fund.The supporting to small and medium enterprises should follow the principle of considering the public interests, being fair and open. To apply for supporting funds, small and medium enterprises shall meet the following conditions:for the main condition, it relates to the small and medium enterprise and its supporting institutions; for the real condition, the enterprise shall be within the scope of supporting; for the political condition, it shall be consistent with macro-control policies; and for the procedure condition, the application and approval shall follow the established routines. The SME Development Fund can be used to support the SME financing guarantee, its counseling services, its market expanding as well as its transforming and upgrading.Apart from the supervising of the custodian, the supervision can also be achieved by board of directors, administrator themselves, executives and the society.The imperfections existed in the SME Development Fund at present lie in four aspects, that is, single financial sources, lack of organizational systems, uncertain use and over-reliance on financial control. To solve these problems, the SME Development Fund in China shall take the following measures:expand its financial sources and optimize its structure; set up governance structure to realize the suitable division and mutual supervision among the administrative committee, administrator and custodian; widen and refine its fund use and construct a supervisory system based mainly on internal control while supplemented by the supervision of the government and the society.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Small and medium-sized enterprises, township enterprises
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