Financing System of Research and International Experience
|School||China University of Political Science|
|Keywords||Financing System Multi- level capital market Letter of Credit System Financing guarantee system|
SME financing is a worldwide problem, and the development of SMEs is also important to support national economic strength, is the new driving force for economic development, the world has been exploring ways to ease the financing difficulties of SMEs contradiction in the United States and Japan and other developed countries has established a relatively complete system of SME financing, from government policy, financial institutional arrangements, civil support for SME financing are a complete solution. China's reform and opening up 30 years, SME financing problems of the time is not long, but the constraints on economic development has obvious. Since the last century our country financing problem for SMEs, issued a series of regulations and policies, in 2009 opened the Shenzhen Stock Exchange GEM board, marking China's multi-level capital market towards the goal of building an important step in taking the . GEM are SMEs, especially high-tech development and growth of SMEs, an important financing platform. From a macro point of view, China has built up SME financing system, including the \capital markets, evolving financing guarantee institutions, but there are many problems: the lack of laws and regulations and legal barriers, inadequate implementation of the policy and the primary responsibility of government authorities is not clear, the bank's ownership discrimination threshold is high and capital markets financing is limited, the lack of appropriate business credit information platform, financing guarantee industry confusion, weak awareness of SMEs themselves credit. These problems have hindered the development of SMEs, SME financing, the situation remains serious. In this paper, SME financing system as the research object, the current problems, the use of comparative analysis and literature analysis, learn from developed countries, U.S. and Japan on the issue of financing system proposed solutions. This paper is divided into six parts: The first part is an introduction, preface introduces the research background, purpose and significance and research methods; second part is the literature review, introduces the theory of financing needs of SMEs, as well as our current small corporate finance and financial status characteristics; third part describes the situation of foreign SME financing system, mainly refers to the US-Japan financing system characteristics; fourth part of our current problems of SME financing system, from the law, the government policy, banking and capital markets, credit system and guarantee system and other aspects of reality shows and financing system has problems and deficiencies; fifth part of the current financing system problems proposed solutions, including the establishment of a multi-level legal system, multi-level capital market, multi-level banking support system, multi-level venture capital companies, SMEs, self-construction, etc.; sixth part is the conclusion and outlook of the proposed solutions do a simple statement, and the purpose of this article to make a summary of the deficiencies. This paper attempts to SME financing system for the study, study current problems, we end up with solutions to problems, and there are certain practical feasibility. However, this paper put forward a solution just guiding program involves a broader level of knowledge is limited, and the reality on the implementation of the program is not difficult to implement effectively estimate, expect in the future of SME financing system development process These problems can be solved.