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1、InternationalBusinessManagement201510(2):6974.ResearchonfinancingofSMEsinPRCsunhuiJilinUniversityAbstractWiththerapiddevelopmentofeconomydlesmallsizedenterprisesareplayingamemeimptantroleinmarketeconomicbecomeanimptantpa
2、rtofnationaleconomyinourcountrywhichisalsoanactivestrengthinthemarket.Howeverthemanageenvironmentofdlesmallsizedenterprisesisnotveryfavablespeciallytheproblemoffinancing.Theproblemoffundshtageisbecomingthemostseriousprob
3、lemwhichrestrictsthedevelopmenteventhreatsthesurvivalofdlesmallsizedenterprises.Thisessayisgoingtoanalysisthefinancetheyaccdingtodifferentsizesofbusinessthefinancingchannelsthepresentsituationofourcountrysmallmediumsized
4、enterprises.Itwillalsostartfromthreeaspectswhicharethepolicyenvironmentsocialbanktheweaknessofdlesmallsizedenterprisesthemselves.Indertofindthereasonffinancingdifficultiesitwillstudythefinicalsystemthecreditguaranteesyst
5、emtheinfmationsymmetrythecostoffinancingetc.Theaimofthisessayistoputfwardsomeimprovementmeasurescountermeasuresaccdingtothereasonsdiscussedabove.Nowadaysourcountryisinthehighspeedeconomicdevelopmentstageifwecannotfindabe
6、tterwaytodealwithsmallmediumsizedenterprisefinancingproblemstherewillhaveseverenegativeimpactontheeconomydevelopmentinourcountry.Soresearchingontheproblemsofsmallmediumsizedenterprisefinancingdifficultiesfindingthesoluti
7、onhaspracticalsignificance.Keywds:MediumsizedsmallenterprisesFinancingBankSelfconstruction.Keywds:MediumsizedsmallenterprisesFinancingBankSelfconstruction1.SMESENTERPRISEFINANCING1.1TheDefinitionofSMEsSMEsmeanthecompanie
8、sthosewhodonothavelargepaidupcapitalalsodonothirelotsofemployees.TheUnitedStatesissued“smallenterprises”inregulation:“allownedoperatedindependentlyenterprisesarenotdominantinanindustrythatbelongstosmallbusinesses.”PRC’sn
9、ationalbureauofstatisticsministryofindustry2increaseaswell.Theincomefrombondswillbelowerthanexpected.Inthemeanwhilethecostofdebtissuancethedifficultyofreleasewillincreasesothatitwillleadtoainthelengthofthevalue.Sothebest
10、capitalstructureinenterprisesshouldtakeabalancebetweendebtcost.(3)Agencycostthey.JensenMeckingthefounderofAgencycosttheythinkthereareseriousenterpriseinterestdisputesintheprocessofdevelopmentwhichmainlyreflectinthedisput
11、esbetweentheagenttheprincipal.Fthedetailedpointsaretheinterestdisputesbetweentheownerthemanagementtheinterestdisputesbetweentheownerthecredit.Theinterestdisputescausetheequityagencycostsdebtagencycosts.(4)Financingder.Ma
12、yersthinkswhencomprehensivelyconsideringtransactioncostofvariousfinancingmethodsderinginaccdancewiththecostcpationsalwaysprefertogivingpriitytofinancingtransactionwithlowercostin1984.Enterpriseusuallytakesadvantageofendo
13、genousfinancingwiththeprofitachievedbydepreciationexpensessaved.Thebenefitisveryobvious.Thiskindoffinancingmethodhasnotransactioncost.Howeveritmayleadtobadconsequencessuchastheleakofsignificantinfmation.Thatisactuallynot
14、confidential.Meseriouslyitrunsrisksintheownershipoftheenterprise.Thuswhendecidingwhichfinancingmethodtoadoptthecpationshouldtakeadeepconsiderationinthebalanceofthebenefitsthatwillachievebetweenownershipprofits.2.PRC’SSME
15、SPRESENTSITUATION2.1THESOURCEOFPRC’SSMESPRCPRC’sSMEsasakindofspecificfinancinggrouphavethefollowingacteristics:2.1.1InitiallyRelyonInternalFinanceWiththedeepeningoftherefmopeningupinthe1970smemeSMEsbegintosetup.Thedevelo
16、pmenthistyofSMEsinourcountryisreallyshtsothattheenterprisesarelackofreliablecreditrecdsarenotalwaysfaithfulnessaccuracyoffinancialstatements.SMEscreditguaranteeabilityisnotgoodenoughsothatithassomedifficultytogetthetrust
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