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中国中小企业融资-巴黎大学留学生论文-法语论文范例、法语论文代写、法语论文范文-SME financing in Chi(2)

Key Words: SME financing, credit guarantee, informal financ

1. Introduction
The scope of private ownership has become substantial, producing well over half of GDPand an overwhelming share of exports-imports. Private companies generate most new jobs and areimproving the productivity and profitability of the whole economy. The continued re-orientationof the economy towards the private sector brings considerable gains to real incomes and macroeconomicactivity. It should be noted that all companies which are controlled neither by state norby collective shareholders are considered as private companies; 98% of enterprises in non-publicsector are SMEs (small and medium sized enterprises), and 98% of SMEs are in non-public sector.
The changes in government polices explain importantly the emergence of a powerfulprivate sector in the economy. In 2005, regulations that prevented privately-owned companiesentering a number of sectors of the economy, such as infrastructure, public utilities and financialservices were abolished. However, SMEs have always limited access to credits, which hindersheavily their businesses’ expansion and thus their healthy development. Why banks are reluctantto lend to them and how they have fallen into financing difficulties? How to resolve theirfinancing problems and who can serve as their main supporters? This paper tries to respond tothese questions and to draw the best SME financing service system.
The paper begins by evaluating the position of SMEs in the real economy as a whole andhighlighting issues facing SME financing. The following section discusses formal finance’ssupport for SMEs, emphasizing the role of credit guarantee institutions. Ultimately, the paperpresents informal finance’s development and outlines its influences on SME financing.
2. The private sector—a major driving force in economic expansion
China’s private sector has become its main driver of economic growth. In 2005, there weremore than 40 million SMEs and sole industrial & commercial proprietorships (getihu enterprises),accounting for 99.6% of the total number of enterprises. They were responsible for as much as59% of GDP. They accounted for 60% of sales value and represented 68.65% of imports &exports. They paid 48.2% of taxes, and occupied more than 75% of employment in urban areas.
The regions with which SME cooperate have extended from Hong Kong & Macao to somedeveloped countries, such as United States and Italy.
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The growth in private output has been the result of the higher productivity of mostcompanies in this sector. The sharper incentives facing the private sector companies have resultedin them using less capital and labour to produce output than state companies. Overall, theaggregate productivity of private companies in the industrial sector is estimated to be almost twicethat of enterprises controlled directly by the state. The profitability of private companies has alsorisen considerably, and the rate of return on physical assets was double that of state controlledcompanies in certain provinces in 2005. Such a high level of competitiveness has resulted in theprivate sector accounting for more than two-thirds of all exports in 2005. While the bulk of theseexports are made by foreign-controlled companies, the domestically-owned private sector isincreasing its exports, as more small and medium-sized enterprises are granted export licences.



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