【導(dǎo)讀】但是,中小企業(yè)融資難一直是制約其發(fā)展的關(guān)鍵因素。綜述了從我國(guó)中小。企業(yè)當(dāng)前的融資渠道出發(fā)，分析各個(gè)融資渠道所存在的問題，同時(shí)找出解決對(duì)策，的融資問題，為將來我國(guó)中小企業(yè)的發(fā)展鋪平堅(jiān)實(shí)的基礎(chǔ)。資結(jié)構(gòu)中所占比重持續(xù)下降。

　　

【正文】 scarcity of capital earmarked for small and mediumsized (particularly small) enterprises is the cause of the financial predicament that faces such businesses. Increasing the volume and ratio of credit for SMEs in China’ financial assets, especially banking credit capital, will help create a better external environment for solving SMEs financial difficulties. Proper measures should be taken to encourage financial institutions to raise the ratio of credit capital for sall and medium sized, especially small businesses, to a proper level. The role of special SME creditservice departments at stateowned mercial banks should be fully fulfilled. A more flexible interest rate floating regime should be adopted for credit extended to SMEs, and the inappropriate management system should be reformed. (2) China should gradually develop specialized financial institutions to serve SMEs and reform the current financial structure and management system,many reasons for SME financing difficulties, the lack of specialized financial institutions is undoubtedly a major one. Vigorously developing small and mediumsized financial institutions and establishing and improving China’ s small and mediumsized financial institution system should be a major initiative for solving the problem. The existing urban and rural credit cooperatives should be reformed so they can gradually develop into independent, nonstate, small and mediumsized banks or other types of loangranting financial institutions. They should be encouraged to pete with each other to motivate them to get in touch and ultimately establish a longterm and stable cooperation with SMEs, which will lead to less information asymmetry. Those financial institutions can include “ small stock markets?(regional stock markets), “ small banks?(regional shareholdi banks initiated by nonstate investors), small credit guarantee panies, small leasing panies and small finance panies. Developing nonstate financial institutions not only serves as a supplement for the state financial institutional structure, but also solves the problem of financing difficulties faced by SMEs. To prevent financial risks, however, the regulation of nonstate “ small financial institutions?is very important (3) China should enrich the direct financing channels for SMEs so that the entrepreneurs of those businesses can choose relatively lowcost capital sources according to their unique mercial goals and product characteristics. The further growth of SMEsoriented financial institutions, creditguarantee institutions and the capital market, especially the growth and improvement of SMEoriented venture capital funds and second board markets, will add to the financing channels for those businesses. It is advisable to draw from the managerial experiences of the second board market of developed countries. Meanwhile, SMEs should take advantage of their own institutional adjustment elasticity and flexibility to pool funds. In the process of development, such enterprises can pool capital by properly diversifying their shareholding structure. SMEs with promising projects, operational petency and a good reputation can successfully attract capital needed for their development on the capital market. Now that China has stepped out of the “ shortage economy?period, a large quantity of social funds an financial resources are seeking investment channels. The financing environment for SMEs has improved remarkably. (4) China should further improve the loan guarantee system for SMEs. The development of the SMEoriented capital market can only partially solve the financing problem of the hightech enterprises that can garner high returns while facing high risks, and the number of such enterprises is limited. From a longterm perspective, China will remain a developing country that features relative capital (including physical capital and human capital) shortages and an abundance in labor. Developing labourintensive SMEs is in linewith the parativeadvantage of the Chinese economy. Such enterprises will always be the principal and most dynamic part of China’ s SMEs. The earning ratio of laborintensive enterprises and thei growth prospects have determined that they are unsuitable for direct financing on the capital market. Therefore, we need to establish specialized loanguarantee institutions for SMEs to solve their financial problems, where the government can play a prominent role. Some loanguarantee panies specializing in providing loan guarantees for SMEs have been gradually established across China. The China Development Bank has indirectly supported the development of SMEs by providing reguarantees for loanguarantee panies in Shanghai. In recent years, although China has made some headway in providing loan guarantees for SMEs, the guarantee procedures and management must be reformed in accordance with demand from SMEs. (5) China should accelerate the fostering of a socialcredit environment and the establishment of an SME creditrating system. China now remains at the initial stages of market economy, where insufficient market petition has led to many distortions in economic life. There is a lack of a prehensive socialcredit system and social notarisation mechanisms. The market economy is a creditbased economy and social credit is the intangible assets that an enterprise uses to get bank loans for their sustainable development. Therefore, enterprises should strengthen their credit awareness and establish a good credit relationship with banks, like paying back loans on time, so that a mutual respect can be established. To this end, we should accelerate the establishment of the SME mercial creditrating system and the individual financial credit system. The collection and sharing of credit information should be promoted vigorously to provide a verifiable cre