As an integral part of the national economy, small and medium-sized enterprises play an important role in the sustained, stable and coordinated development of a country's economy.

By the end of 2006, the total number of small and medium-sized enterprises in my country had reached 42 million, accounting for 99% of the total number of enterprises in the country. The value of final products and services created accounted for 60% of the GDP, and the taxes paid accounted for 50.2% of the total national tax revenue. Small and medium-sized enterprises It plays an important role in expanding employment, promoting technological progress, and developing international trade.

However, according to statistical results released by the Small and Medium Enterprises Department of the National Development and Reform Commission on August 3, 2008, under the influence of factors such as the slowdown in the international economic situation and the adjustment of domestic macro-control structures, a considerable number of small and medium-sized enterprises are facing difficulties such as capital chain breaks.

In the past six months, about 67,000 small and medium-sized enterprises across the country have closed down, and the industrial added value growth rate of about one-tenth of the small and medium-sized enterprises above a designated size is close to 30%, a decrease of 15% compared with the same period last year.

The financing bottleneck of small and medium-sized enterprises is particularly prominent, and financing is facing unprecedented difficulties.

Therefore, how to solve the problem of financing difficulties for small and medium-sized enterprises has once again attracted the attention of all sectors of society.

1. The theory of small and medium-sized enterprise financing supports the new pecking order financing theory proposed by Myers and Majluf. It is a theory that studies the financing structure of enterprises based on asymmetric information and emphasizes the importance of information to

The impact of corporate financing structure and financing sequence.

They believe that the phenomenon of information asymmetry is caused by the separation of ownership and management rights. Managers are the masters of internal information of the enterprise. Managers understand the operating status of the enterprise better than the market and investors.

Usually, the behavior pattern of managers is: if the company expects the net present value of the new project to be positive, that is, the project can increase shareholder wealth, then managers representing the interests of old shareholders will not issue new shares to avoid dividing investment interests.

to new shareholders.

After investors understand this behavior pattern of managers, they will naturally regard the company's issuance of new shares as bad news as a forced financing behavior when the company cannot effectively increase the interests of old shareholders, causing investors to bid for new shares.

reduce.

Therefore, when managers have inside information that is beneficial to the company, it is best to use debt financing to avoid issuing new shares and causing the company's market value to decline.

Although debt financing may put a company into financial crisis, issuing shares to raise funds will make investors think that the company's development prospects are poor, causing the stock price to fall when new shares are issued.

Therefore, the preferred financing sequence of enterprises should be: consider internal financing first, and then consider external financing; when external financing is forced, debt financing should be chosen first, and equity financing should be considered later.

The new pecking order theory encourages business operators to use less stock financing and try to use their own capital and retained earnings to expand their capital strength.

In addition, the borrowing capacity of the usual reserves is used to raise funds, and the issuance of stocks is not considered until the debt burden reaches the dangerous area of ????the company falling into financial crisis.

Since this theory is based on an asymmetric information environment, that is to say, the more serious the information asymmetry, the more such financing sequence should be considered. Therefore, it has more practical significance for small and medium-sized enterprises with poor information circulation.

2. Realistic difficulties in financing small and medium-sized enterprises (1) Weak internal financing capabilities of small and medium-sized enterprises 1. The property rights of small and medium-sized enterprises are ambiguous and the management methods are outdated.

The property rights system of most collective enterprises is a one-time game system. This closed property rights system limits the expansion of enterprise scale and the improvement of competitiveness; the private economy generally implements a family business system, and corporate behavior is mainly based on ethical and moral standards.

To replace economic behavioral norms, this development model is helpful for the development of enterprises in the early stage, but it is not suitable for the needs of operation and management after the scale of enterprises expands; township enterprises and individual private enterprises are affected by economic conditions, resource conditions, technical conditions, etc.

Factors restricting investment projects are generally small scale, low-grade products, and low economic benefits.

2. The quality of talents is low and the ability of technological innovation is lacking.

Most small and medium-sized enterprises implement family-style and extensive management models and lack modern scientific management concepts. The overall technical level of the enterprise is not high, the added value of products is low, and the market competitiveness is not strong. It lacks effective incentive and competition mechanisms, making it difficult to retain and attract.

Talent, resulting in a lack of talent, insufficient technological innovation capabilities, a disadvantage in competition, insufficient profitability, and difficulty in getting rid of its capital shortage predicament through domestic aid financing.

(2) Foreign aid financing channels for small and medium-sized enterprises are not smooth 1. Indirect financing - financial institutions provide insufficient credit support to small and medium-sized enterprises. According to the new priority financing theory, small and medium-sized enterprises should first choose debt financing when financing foreign aid, and debt financing for small and medium-sized enterprises in my country is basically basic. The above is accomplished by relying on loans from financial institutions.

At present, my country's banking system is still centered on the four major commercial banks of China Agricultural and Industrial Construction, and the RMB funds used account for 75% of the RMB funds used in the entire financial system. This overly concentrated financial structure makes the vast majority of competitive labor Because intensive small and medium-sized enterprises do not receive financial support, their development is suppressed and the efficiency of capital allocation is reduced.