1. unblock the stock financing channels

there is no doubt that the changes in the stock market are related to monetary policy and the real economy. But at present, China's stock market is only a way for state-owned enterprises to spread risks and raise funds, and the vast number of small and medium-sized private enterprises are basically excluded from the stock market. In the past, under the stock issuance mechanism of "quota management", it was difficult for small and medium-sized enterprises to get a share of the rather tight issuance amount, and the high commission cost and agency cost also discouraged them. Therefore, in order to unblock the stock market channels, we should actively learn from the experience and lessons of western countries in developing the stock market while continuing to develop the main board market, and strive to create a listing environment to provide new financing places for those small and medium-sized enterprises with high growth, but small scale and weak anti-risk ability, which can not meet the requirements of the main board market.

Developing and perfecting the investment fund market

The market mechanism can ensure the efficient allocation of funds. It makes the funds flow directly to the demanders through price adjustment, and keeps the liquidity while continuously reducing the transaction cost. The savings balance of Chinese residents has now exceeded 8 trillion yuan, which indicates that the development potential of China's investment fund market is very huge. As we all know, industrial investment funds and venture capital funds can provide much-needed capital financing for small and medium-sized enterprises through effective market allocation. Among them, the investment objects of industrial investment funds are mainly industries or enterprises that have participated in market competition and have been industrialized; The venture capital fund is dedicated to projects that have not yet been industrialized, or directly invested in technicians or entrepreneurs, that is, seed investment. Investment funds can provide small and medium-sized enterprises with venture capital before listing, especially small and medium-sized enterprises with good business model, high technology content and strong growth, which are more likely to be favored by industrial investment and venture capitalists. Therefore, developing and perfecting the investment fund market is the best choice to make up for the capital gap of small and medium-sized enterprises in China.

2。 Any financing activity must be supported by organizational carriers and marketed by financing products. Organizational forms and product innovation that adapt to the characteristics of private financing of small and medium-sized enterprises are the necessary conditions for the effective docking between the capital demand of small and medium-sized enterprises and the supply channels of private funds. First, local commercial banks can be coordinated to handle small and medium-sized enterprises' private financing commission loans at the immature stage of private finance. Specifically, it is to use the bank's existing information base to investigate the financial situation, loan investment and credit status of borrowers, and to bridge the gap between the supply and demand of private funds. Banks look for matching fund demanders before lending according to the entrustment requirements, supervise the use of private funds during lending, assist in loan recovery after lending, and manage the accounts of both borrowers and borrowers, but do not bear the loan risk. Banks help small and medium-sized enterprises to get much-needed funds for development within the acceptable interest rate range, and at the same time increase the income of intermediary business. Second, accelerate the innovation of non-governmental financial organizations, set up non-governmental financing institutions within the industry or region based on the social network connected with non-governmental funds, and extend and enhance the capital supply and demand chain of both borrowers and lenders. In the case of a banking monopoly, private capital is absorbed in the form of joint-stock system and joint-stock cooperative system, so as to curb the randomness and negativity of social relations, broaden the financing channels of private small and medium-sized enterprises, provide funds in the form of stock financing guarantee institutions, pawn shops and venture loan associations, and guide private capital to enter the investment field in an orderly manner under the corresponding encouragement and regulation policies formulated by the state to create legalized private investment funds or venture companies.