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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(3)


(OECD, 2005).
The private sector plays a key role in a largely market-oriented economy owing to thechanges in government polices. Government authorities have recognized the importance of theprivate sector for economic growth and job creation, and have moved to reduce a number ofbarriers that limit its expansion and to promote its equal treatment with publicly-owned sectors.On February 2005, the State Council issued “Guidelines on Encouraging and Supporting the
Development of the Non Public Sector including Individual and Private Enterprises” that include36 articles for improving the operating environment for private business. The new guidelines givemuch-improved market access to private companies in many industries that were previouslyrestricted, including those that are dominated by state monopolies and heavily regulated sectorssuch as public utilities, financial services, social services and national defence. The directives alsomandate equal treatment of private and public business, calling for rescinding of rules thatdiscriminate against private companies and direct ministries and local governments to carry out
implementation of the new constitutional amendment guaranteeing private property rights. Interms of access to financing, the new guidelines direct financial regulators to expand access tobank, equity and bond financing, through pro-active treatment of private companies under theinterest rate liberalisation, and through impartial treatment of private companies in capital marketaccess. A subsequent survey by the All-China Federation of Industry and Commerce showed thatentrepreneurs cited the new market entry and financing access articles to be the most important.
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3. The difficulty of SMEs to access to credit
3.1 Structure of SME financing and their financing difficulties
According to the survey conducted by State Administration for Industry and Commerce
(SAIC) in 2002, the domestic private companies, including the very small companies, have lowratios of liabilities to equity, supporting the view that they had limited access to credit. Indeedover 40% of such companies in the sample had no debt, and financed their activities from internalfunds, while the remaining nearly 60% borrowed from banks or informal market (Table 1). Thevery smallest private industrial companies and private service sector companies rely extensivelyon informal credit. Bank credit, on the other hand, seems to be more accessible for largercompanies. The survey also indicates that over 90% of the private companies had difficulty inobtaining bank credit. Over half of the respondents named their lack of collateral as a majorbarrier to bank borrowing. Ownership discrimination was cited by one-fifth of respondents


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