中国中小企业的融资困难及其结构特征_英文_.pdfVIP

34 Ch ina World Economy / 34-49, Vol. 12, N o. 2, 2004 Financing Difficulties and Structural Characteristics of SMEs in China Yanzhong Wang * Abstract China ’s ref orm and op ening-up p olicy has created a good environmentf or the develop ment of small- and medium-sized enterp rises (SMEs), esp ecially the burgeoning SMEs in the p rivate sector. In the meantime, SMEs have been p lay ing an imp ortant role in China ’s economic ref orm and develop ment and, to some extent, have become a growth eng ine in the Chinese economy. However, SMEs are stillf acing many f inancial diff iculties due to various reasons, such as lagg ing in the banking system, an inadequatef inancial structure, lack of a guarantee system, etc. This p ap er will analyze th e structural roots of SMEs f inan cing diff iculties and p utf orward p ossible measures to mitigate suchf inancing obstacles. Since China ’s reform an d op ening up, th e market-oriented reform of th e country ’s economic system h as gradually engen dered labor an d cap ital mark ets, wh ich h av e promoted an organic combination of rich labor resources and in creasingly exp anded capital resources. The development of SME s, especially the sharp rise in n on -state- owned an d non-public-own ed enterprises, hav e prov ided a vast space and p ermanent v eh icle for th is type of combination . Alth ou gh th e ov erall size of th e state-owned econ omy is still increasing in terms of numb er of enterprises an d dev elopmental potential, n on -state-owned SMEs have become a main part of the Ch in ese economy an d p layed an in creasin gly imp ortant role in th e n ation al econ omy an d social development.