【正文】 equity, say again equity funds. Borrowed money is absorption funds from the bank, and other financial institutions and other enterprise etc, also called debt funds. Equity funds have the vital significance for the management and development of the enterprise, which is not only the initial operation of capital enterprise foundation and is but also the basis of liability undertaken by the enterprise. Enterprise39。s mercial credit, equipment leasing from nonfinancial institutions of various financing channel and folk informal financing channel.II. Problems Existing in SMEs Financing StructureA. Irrational Proportion between Equity Capital and Debt Capital AmountIn theory, panies capital can be divided into own funds and borrowed money according to its nature. Own funds is investors invested into the pany39。s financing structure is to show enterprise various financing source the proportion between the relations, namely selfcapital (equity) and borrowed funds (debt) position condition. It is measured one country capital allocation of resources and the level of economic development important symbol. Small and mediumsized enterprise financing mode is different from big enterprises because of its assets, small scale business uncertainty big, financial information opaque, bear external economic impact ability, such as low restraining factors, plus its operating flexibility requirement. Overall the SMEs financing structure in our country has the following features currently: Firstly, small and mediumsized enterprises, especially small businesses depend more on internal financing than large corporations in the financing channels. SMEs’ financing structure in the proportion of internal financing is less than 20% paring with the developed countries because of small and mediumsized enterprise ego accumulation and less profitable causing internal financing source impeded. Investigate its reason: enterprise management level is low, the ego accumulation is consciousness, internal profit distribution exists in the tendency, longterm business thought is lack. Secondly, small and mediumsized enterprises depend more on debt financing during the exogenous financing way choice, mainly depends on debts from bank loans and other financial institutions. But small and mediumsized enterprises are difficult to obtain bank credit funds support and bank loans in financing structure in proportion is less than 10%.Investigate its reason: on one hand is due to a lack of the supporting of national policy, the credit rating of small businesses and business in the development is usually lower. The bank give up SMEs loans support for preventing financial risks。s economic development in recent years. small and mediumsized enterprise external financing faces problems due to the rising prices of raw materials, labor cost increasing, bank tighter credit factors such as intensifying petition. The majority of small and medium sized enterprises, especially small and mediumsized private enterprises by private capital investment plete the primitive accumulation of capital. When the enterprise developing to a certain scale, especially from laborintensive to technologyintensive transition, internal financing is hard to meet the enterprise investment demand and external finance demand will be increasingly urgent. The SMEs39。 petitiveness to meet the market. At first, this article briefly describes the status of SME in the economic development and the problems faced by it. The paper then analyzes four main issues on the presence of SME financing structure: the proportion of equity capital and debt capital is irrational, the structure of debt capital itself with equity capital is unreasonable, the ratio of internal financing in equity capital is extremely low, the method of financing is single. The paper further proposes some measures to optimize the financing structure, including: optimize the ratio of equity and liabilities, keep capital structure some flexibility and maintain a virtuous circle, establish a reasonable financing order via learning from overseas financing experience, innovate the methods of SME financing. Finally, the paper introduces the SME objectives of financing optimization in China.[Keywords] small and medium sized enterprise financing structure financing method Internal financingI. IntroductionA. Status and Problems Faced by SMEs in the Economic DevelopmentSmall and mediumsized enterprises are the most active power in modern social economy development. Its function and position are not allow to be ignored in any countries and regions. SMEs’ development has been hot economic problems and be mon concerned by various countries government and many economists in the longterm. The small and mediumsized enterprises has bee an important force in building the socialist market economic system in the economic development of our country. They are playing a more and more important role in promoting rapid economic growth, maintaining market prosperity, expanding employment and increasing in taxation.??The total number of SMEs in China has reached to more than 4,200 million by the end of 2008, accounting for total enterprise39。在李老師的指導(dǎo)下，我學(xué)習了很多以前不知道的分析方法，了解了更廣泛的知識。在這個過程中，李林老師的悉心指導(dǎo)讓我順利完成畢業(yè)論文。最后，得出了解決中小企業(yè)融資困難問題的對策，不但要改善我國的金融體系等外部環(huán)境，完善資本市場，建立多層次的資本市場；企業(yè)自身還應(yīng)提高其綜合素質(zhì)，包括企業(yè)經(jīng)營管理者的專業(yè)素質(zhì)，建立并健全完善企業(yè)財務(wù)制度以及組織制度等，從而解決我國中小企業(yè)的融資困難問題。結(jié) 論本文通過了解及調(diào)查，發(fā)現(xiàn)了我國中小企業(yè)幾個重要的融資困難問題，缺乏科學(xué)有效的融資預(yù)測及計劃，狹窄的融資渠道和單一的融資方式，以及融資成本高和融資結(jié)構(gòu)不夠合理。同樣有內(nèi)外之分，首先是提高中小企業(yè)自身綜合素質(zhì)，必須提高企業(yè)經(jīng)營管理者的專業(yè)經(jīng)營管理素質(zhì)，完善企業(yè)的財務(wù)管理制度，健全企業(yè)組織制度，然后對企業(yè)的融資進行科學(xué)合理的預(yù)測并做出實際可行的計劃，與此同時，還要增強企業(yè)經(jīng)營管理者的信用意識，大力發(fā)展創(chuàng)新，吸收政府創(chuàng)新基金，更要提升企業(yè)的盈利能力、償債能力等。與此同時，創(chuàng)新型的科技型中小企業(yè)還可以參加科技部每年的創(chuàng)新基金的投標，可以獲得撥款資助、貸款貼息以及資本金投入等不同方式的政府扶持。但如果該企業(yè)是創(chuàng)新型的高科技企業(yè)，那么它的潛力就會被很多風險投資者看準。利用創(chuàng)新吸收風險投資和創(chuàng)新基金我國現(xiàn)在非常重視企業(yè)的創(chuàng)新，很多的政策都對創(chuàng)新型的企業(yè)有特殊的優(yōu)待，這些政策不但有利于企業(yè)的發(fā)展，該政策對風險投資者在投資時的選擇也是有很大的影響作用。改革后還有很多其他優(yōu)勢，例如籌集資金的效率比改革前要高，不但提升了融資的速度，還提升了中小企業(yè)的融資能力。進行股份制改革效仿沿海較發(fā)達的地區(qū)的中小企業(yè)，進行股份制改革。我國的企業(yè)都有特大型，大型，中型，微型之分，為了適應(yīng)各個類型企業(yè)的發(fā)展，那么我國的資本市場也應(yīng)該呈現(xiàn)與之相對應(yīng)的多層次