The Financing of Chinese Small and Medium Sized Enterprises Facing the Financial Crisis
Small and Medium-sized Enterprises (SMEs) are an important part in national economy and play a strategic role in the economic development in China. However, the problem of insufficient finance in SMEs has become the first and foremost bottle-neck, which constrains their development especially when facing financial crisis. This paper primarily studied the present financing condition of SMEs in China and the reasons for the difficult financial circulation of SMEs, which includes the SMEs themselves, financing institutions and government organizations. From the perspective of SMEs, increasing funds demand ( increasing labor cost, increasing raw material cost), difficult loans mortgage and higher financing cost can make SMEs face financing difficulties. From the perspective of the bank system, the collateral requirement is rigid, the loan process is complicated, the loan cost is high, the loan management system for SMEs is incomplete, the number of financial institutions matching with SMEs is not enough. From the perspective of government, they include incomplete laws and rules, incomplete capital market, and unsound security mechanism and so on. Then three strategies were put forward to tackle the dilemma which SMEs are facing with. First, SMEs should make use of chattel mortgage to obtain bank loans, use private loans, improve the funding environment of SMEs, establish a standardized modern enterprise system, adjust the industrial structure continuously, and foster sound credit awareness. Second, the bank system should carry out targeted professional financing services, implement financial innovation and establish a flexible and detailed credit risk management system. Third, the government should establish financing services funds for SMEs, improve social credit guarantee system, and put preferential tax treatment policy for SMEs into practice.
SMEs financial crisis financing status reason analysis financing strategies
ZHAO Yu CHEN Shengfei
Jiangsu Teachers University of Technology, P.R.China
国际会议
杭州
英文
145-148
2009-10-25（万方平台首次上网日期，不代表论文的发表时间）