研究在金融危機中的中小型企業(yè)融資模式【中文6130字】【PDF+中文WORD】

研究在金融危機中的中小型企業(yè)融資模式【中文6130字】【PDF+中文WORD】,中文6130字,PDF+中文WORD,研究,金融危機,中的,中小型企業(yè),融資,模式,中文,6130,PDF,WORD 【中文6130字】 研究在金融危機中的中小型企業(yè)融資模式 摘 要 隨著市場經濟的進一步發(fā)展，中小型企業(yè)已成為各國經濟發(fā)展的重要支撐。然而，融資難問題已經在很大程度上對比的中小型企業(yè)對國家經濟發(fā)展的重要貢獻。由于從中小企業(yè)在世界上的發(fā)展歷程來看，小型和中等企業(yè)在世界融資難一直是一個真正的事實。后金融危機的爆發(fā)，為中小企業(yè)融資難問題正越來越多地加深，各國政府采取了多種措施來處理這個問題。 1 中小企業(yè)在金融危機中美國的融資模式 1.1分析中小企業(yè)發(fā)展的融資模式 我們是代表國家主要采用直接融資方式，輔之以間接融資模式。由于經濟體制和發(fā)達的證券市場，我們提供中小企業(yè)直接融資的平臺。美國小企業(yè)管理局控制的宏觀調控政策的憲法和中小企業(yè)民間資本投資，而政府指導和監(jiān)督中小企業(yè)融資。 1.1.1直接融資的方式 a 直接融資的公司。美國的直接融資模式是指通過直接融資公司的投資，即創(chuàng)投公司，而這些公司的關注是為中小型企業(yè)提供融資服務，而這些公司能夠獲得低于90億美元的優(yōu)惠貸款從聯(lián)邦政府的中小企業(yè)的發(fā)展和技術更新。從1958年到2007年，投資金額為中小型企業(yè)已突破1300十億美元，以及中小型企業(yè)，所獲得的投資額已超過100萬人。風險投資公司的主要投資對象包括那些勇于技術創(chuàng)新，但缺乏資金支持和貸款的中小型企業(yè)。對高技術中小企業(yè)的發(fā)展，這些風險投資公司的作用是重要的。 b 證券融資。除了證券交易的主要市場，我們的資本市場多層次、全方位的證券市場、債券評級機制納斯達克市場和柜臺交易市場可以為中小企業(yè)提供眾多的機會。因為主板市場的上市標準低于股票市場和柜臺交易市場的上市條件寬松，大部分上升和不斷增長的企業(yè)選擇在納斯達克市場上市。 1.1.2間接融資方式:從商業(yè)銀行貸款 我們內部積累的中小企業(yè)長期融資金額占25% ~ 85%，和商業(yè)融資的比例不高，這是與中國中小企業(yè)的融資相同的。不同的是，美國政府將商業(yè)金融機構貸款給中小企業(yè)模式是由中小企業(yè)政策性金融機構提供的擔?；?。2010年1月美國政府直接貸款給那些購物中心和中央企業(yè)能力強的技術國際商業(yè)研究，77年創(chuàng)新和良好的發(fā)展前景，所以貸款數(shù)量是非常有限的。 1.2分析在金融危機的美國中小型企業(yè)采用的融資模式 當美國的國內銀行不愿意放貸給中小型企業(yè)，政府采取的信貸抵押擔保的融資模式，支持中小型企業(yè)，與原政策頻頻爆出。為了刺激美國的中小型企業(yè)，減少的中小貿易企業(yè)的融資困難，迫使貸款銀行為中小型企業(yè)提供更強大的支持，華盛頓進出口銀行進口信貸由政府支持的擔保機構最近整合FTP和SDAP （可持續(xù)發(fā)展行動計劃） ，使在原框架實現(xiàn)450000000美元收購的銀行貸款的擔?？傤~。這項措施美國意味著放棄更多的融資便利的中小出口企業(yè)后，新的框架不但可以幫助他們樹立合理的股票劇目的系統(tǒng)，還提供了風險控制能力。 2 日本的中小企業(yè)融資模式的金融危機 2.1分析日本中小企業(yè)發(fā)展的融資模式 日本是第一個構成了支持中小企業(yè)的政策的國家，并在長期的過程中日本中小企業(yè)可以受益于這些支持政策，完善的中小企業(yè)融資模式包括直接融資、間接融資和信用補充逐步建立。 2.1.1直接融資的方式 直接融資的大型企業(yè)所支付的資本成本遠低于中小企業(yè)， 而直接融資中的中小型企業(yè)在日本的外部融資所占比例很小。有以下種類。a 風險資本公司。他們是由政府投資，民間機構和當?shù)氐臋C構，他們的責任是為中小企業(yè)專門投資資本。風險基金公開向社會發(fā)行債券，這是擔保的風險資本公司，也和風險投資公司投資風險基金或貸款。b 民事法律風險投資公司。他們與美國的風險投資基金相似，它們是由銀行，證券公司和擔保公司組成。c 創(chuàng)業(yè)板市場(柜臺交易市場、JASDAQ證交所市場)。創(chuàng)業(yè)板市場的建立日本可以解決日本中小企業(yè)的融資困難。 2.1.2間接融資的方式 間接融資模式不僅在日本中小企業(yè)整體融資模式占據(jù)非常重要的地位，也是中小型政府金融機構和民間金融機構組成的間接融資體系在日本企業(yè)外部融資的主要形式。對日本中小企業(yè)。該機構的資金或債務擔保是由政府提供的是被稱為政府的金融機構，而這些機構不接受的節(jié)能原理，但個別金融機構也接受一些私人資本，但他們的主要資金來源是政府。支持中小企業(yè)發(fā)展，日本政府為中小企業(yè)專門成立了三家金融機構，即中小企業(yè)的金融財富，國民生活金融財富，而財富的商業(yè)和工業(yè)中心。這三個政府金融機構分、相互補充，為從不同的角度和方法對中小企業(yè)融資。該貸款交易是由中小型企業(yè)和國民生活，以及證券投資，外匯買賣等多元化服務的金融寶藏的財政寶收取的商業(yè)和工業(yè)中心寶的收費，其責任是與其他商業(yè)銀行相同的。原因是中小型企業(yè)，規(guī)模較大的選擇中小型企業(yè)的財務寶是由該機構提供的貸款強調中小型企業(yè)的需求有較大的規(guī)模，但小企業(yè)受到國民生活金融寶藏，因為這個機構可以提供小額周轉資金貸款，以維持生產。民間金融機構是由兩個部門組成。非專業(yè)的金融機構是由城市銀行，地方銀行和互助銀行組成。其中開發(fā)周邊很多大城市如東京，名古屋和大阪的商業(yè)銀行被稱為城市銀行。本地銀行的業(yè)務遍布整個日本，它是與中小型企業(yè)和地方政府在不同的地區(qū)有關。相互銀行是被變成了普通的銀行在1989年的第二個本地銀行的前身，它的操作繼承了互惠銀行的傳統(tǒng)。 2.1.3信用擔保的方式 分散風險， 在日本采用雙重保障模式，以及中小企業(yè)的信用擔保協(xié)會首先保證評估的操作。擔保協(xié)會以保證中小企業(yè)的信貸融資活動序列作為目標節(jié)省貸款3卷，1號國際商業(yè)研究78年金融機構的增加，促進中小企業(yè)的擔保貸款企業(yè)通過增加的儲蓄金融機構。同時，保證協(xié)會要求金融機構擔保貸款的利率降低他們的儲蓄。 2.2分析了金融危機對日本中小企業(yè)采用的融資模式 在金融危機中，日本使用的模式相結合的信用擔保模式的民間借貸模式，以紓緩中小型企業(yè)融資難問題。日本政策金融財富的半年度報告顯示，因為它的主要操作對象是中小型企業(yè)，業(yè)務惡化的金融危機，在今年上半年之后該金融機構建立后，6680000000美元的損失發(fā)生。這種金融財富是由日本政府投資的金融機構。本財務寶是由日本政府出資的金融機構。在過去的任期，以提高中小型企業(yè)的融資狀況，政府擴大了信用擔保體系，并讓政策性金融的財富提供擔保的中小型企業(yè)的貸款。與此同時，以減輕擔保壓力，日本政府試圖推動民間金融機構的貸款。 3 中小企業(yè)在金融危機下的歐洲的融資模式 3.1分析有代表性的歐洲中小企業(yè)融資模式的發(fā)展 德國的中小企業(yè)融資模式為主的間接融資模式，這是與日本融資模式類似，但在德國中小企業(yè)內部融資比例比日本內部融資。由于德國在第二次世界大戰(zhàn)后金融危機的發(fā)生，股票的企業(yè)大多是被迫通過商業(yè)銀行購買往返銀行的貸款，這進一步加強了銀行和企業(yè)之間的關聯(lián)。以”專業(yè)銀行系統(tǒng)”在其他國家不同，”全能銀行制”德國又稱為綜合銀行系統(tǒng)。德國法律允許商業(yè)銀行應對證券市場中的所有金融活動，如提供短期商業(yè)周轉貸款，固定資產的中長期貸款和證券投資，并委托。由于商業(yè)銀行的經營范圍是廣泛的，即他們可以利用信用創(chuàng)造的股票期權和證券發(fā)行和承銷的證券交易，所以空間小是離開德國證券市場的發(fā)展，和占主導地位的企業(yè)銀行存在的”通用”的形式。對比，弱公平制度德國資本市場不發(fā)達，因為銀行的”普遍性”因素，使企業(yè)更容易從銀行獲得資金，另一方面，例如成本較高的問題很多，稅收和企業(yè)金融開放使企業(yè)不會在證券市場融資。通過英國的融資模式是相似的，和中小企業(yè)都是依靠發(fā)達的資本市場和金融市場的資金。因為英國政府規(guī)定，企業(yè)發(fā)行的證券的最低資本金的數(shù)額有限，所以發(fā)行資本融資的比例低于我們。英國小企業(yè)的資金來源主要來自兩個方面，即自有資金和投資組合。因為英國政府引導商業(yè)銀行和國內銀行投資的公共性的工業(yè)投資的中小企業(yè)，因此，政策性貸款的比例是非常小的。 3.2分析金融危機中的歐洲中小企業(yè)采用的融資模式 自2009年初以來，許多歐洲大型股票上市公司通過增加資本和股票或發(fā)行中小企業(yè)應對金融危機和解決自己的資金嚴重不足的燃眉之急的債券融資。這些跡象表明經濟穩(wěn)定剛發(fā)生后，歐洲股市普遍反彈，顯示出很強的欲望和企業(yè)融資的金融市場，所以中小企業(yè)選擇在市場融資之后的另一個。例如，在2009三月的最后十天，英國匯豐銀行出資14500000000歐元在市場上的股票增發(fā)，這是歐洲公司今年以來最大的單一融資。和英國斯特拉塔集團出資4400000000歐元從資本市場在今年。有歐洲國家如英國和德國采取債務融資和股權融資的三個重要原因。a 從四月的2009，歐洲股市回暖，約有60大上市公司融資資本市場，據(jù)統(tǒng)計，與股票上市公司融資速度加快。b 投資者的態(tài)度發(fā)生了明顯改變，而在今年初，歐洲股市和美國繼續(xù)下降，繼去年貶值的趨勢，但當股市升溫，市場的過度悲觀的情緒已經發(fā)生了很大的變化，投資者雖然最糟糕的階段已經過去，他們投入的資金再次向市場。不僅股票市場，也是其他金融渠道正在發(fā)生變化，例如，企業(yè)債券市場也發(fā)生了改變，這是中小型企業(yè)從市場融資的好機會。c 因為銀行普遍收緊貸款條件，所以企業(yè)是金融市場更加困難。在過去的兩年中，歐洲和美國的貸款條件相對寬松，而歐洲企業(yè)累計薄荷的債務，并降低貸款負擔和救濟缺乏資金，歐洲企業(yè)缺乏流動資金，所以在股票和證券市場融資是可能的和國際商務研究一月201079，方便，可以滿足企業(yè)的大量資金需求。通過以上分析，由于不同的國家情況不同，不同國家對中小企業(yè)的發(fā)展，各國將采取不同的融資模式。然而，由于不確定性和民間融資利率高的投融資模式的非規(guī)范性的特點，在目前的經濟形勢，中小企業(yè)融資難度會更大。因此，民間金融的模式不適用于在目前的經濟環(huán)境下中小企業(yè)。但隨著公眾對金融市場信息的增強、金融機構和中小企業(yè)貸款銀行風險控制能力的提高，股權和債券融資模式和抵押擔保融資模式能更有效地解決現(xiàn)階段中小企業(yè)融資困難。 中小企業(yè)融資難的原因可以從以下兩方面分析： a 中小企業(yè)自身原因中小企業(yè)的內部治理結構上相對落后，大部分是 “家族式管理”。一些企業(yè)雖然建立了現(xiàn)代企業(yè)制度，但由于無法吸引和留住優(yōu)秀的管理人才，導致企業(yè)發(fā)展后勁不足，融資難度加大。企業(yè)規(guī)模小，經營品種單一，企業(yè)多為市場的追隨者和補缺者，難以有大量資金投入產品開發(fā)來適應消費者的變化，抵御市場風險的能力較差。企業(yè)財務管理水平低下，報表賬簿不完善，經營狀況的透明度不夠，與投資方存在”信息不對稱”問題，投資方很難獲得投資必須的信息，或者即使可以得到必需的信息，由于付出的成本 的情況很復雜，不是一刀切就能解決的，得需要相當多的手段。因此，一些新的金融工具是急需的。 b 解決中小企業(yè)融資難的對策!”充分發(fā)揮銀行的主渠道作用，進行面向中小企業(yè)的金融業(yè)務創(chuàng)新！銀行要轉變思想觀念，開展服務營銷，為中小企業(yè)量身定做金融產品。年美國花旗銀行副總裁列尼?休斯旦克寫了一篇文章 《從產品營銷中解脫出來》，由此拉開了服務營銷的序幕，以花旗銀行為代表的不少金融業(yè)公司早在營銷創(chuàng)新中屢創(chuàng)佳績?；ㄆ鞝I銷的特點是：花旗永遠不睡覺，她開展客戶服務理論研究，根據(jù)客戶不同的特點進行市場細分，為客戶提供全面、個性化的服務，針對不同的客戶提供適合其需要的金融產品?；ㄆ煦y行開辟了一個全新的時代，這對于今天正在轉制中的中國銀行業(yè)具有重要的意義。目前，中國金融業(yè)領域的服務相對落后，將營銷思想和工具引入銀行也將是日后銀行業(yè)競爭的主要法寶和支撐點。在中國，加速發(fā)展的中小企業(yè)會得到越來越多的政策支持，在經濟發(fā)展中的作用會越來越大，這個市場的潛力巨大。所以銀行業(yè)應轉變傳統(tǒng)觀念，抓住機遇，建立全方位的創(chuàng)新制度，在金融工具、金融產品、金融服務、金融運作及金融管理方面進行創(chuàng)新，為中小企業(yè)設計合適的融資工具?！蓖晟浦行∑髽I(yè)信用評級體系。針對中小企業(yè)的生產規(guī)模、運作資本、財務管理等方面的特點，建立中小企業(yè)的信用評級體系，使評級結果科學合理，真實反映中小企業(yè)的自信狀況，給其客觀的評價，最終使得具備融資資格的企業(yè)獲得其所需要的資金。積極為中小企業(yè)提供快捷、方便、小額的結算服務工具。為了減少銀行從”經濟型”出發(fā)而出現(xiàn)的”惜貸”局面，銀行在選擇合適企業(yè)的基礎上，發(fā)揮整體服務的優(yōu)勢，提供票據(jù)承兌、貼現(xiàn)等業(yè)務，在降低銀行單位經營成本和監(jiān)督成本的基礎上，為中小企業(yè)提供融資服務。政府的大力支持!加強有關法規(guī)建設和執(zhí)行，完善對中小企業(yè)金融服務的有關政策，為中小企業(yè)的融資創(chuàng)造一個寬松的政策環(huán)境。政府在認真貫徹 《中小企業(yè)促進法》具體原則的同時，還應該制定相關立法、政策等，促進企業(yè)的信用建設，推動金融機構積極向守信企業(yè)放貸，充分發(fā)揮國家在中小企業(yè)融資過程中的調控作用?！苯⒁哉馂楹诵牡闹行∑髽I(yè)金融扶持體系。目前政府為了支持中小企業(yè)的發(fā)展建立了許多基金，比如中小企業(yè)發(fā)展基金、創(chuàng)業(yè)基金等。這些基金在促進中小企業(yè)發(fā)展的同時，也暴露出了一些不足。所以，建立中小企業(yè)扶持體系，首先，要完善已經建立的基金。其次，建立以政府為牽頭的中小企業(yè)信用擔保體系，提高其信用級別，促進有經營能力的中小企業(yè)順利獲取金融機構的資金支持。最后，政府要對中小企業(yè)提供各項輔導，包括技術培訓，管理培訓等多種輔導體系，促進中小企業(yè)健康發(fā)展。進一步完善資本市場，發(fā)揮資本市場融資優(yōu)勢，為中小企 業(yè)開拓直接融資的渠道。完善的資本市場是企業(yè)獲取資金的一個重要外部條件。較之于主板市場，二板市場主要服務于中小企業(yè)。我國在借鑒海外二板市場成功運作經驗的基礎上，推出了中小企業(yè)板塊。雖然中小企業(yè)板塊存在諸多問題，但是它帶給我們重要啟示：只有在宏觀調控的指導下，市場化的力量才會推動整個中小企業(yè)融資難問題的緩解?！敝行∑髽I(yè)自身不懈的努力!中小企業(yè)積極建設現(xiàn)代企業(yè)制度，明確企業(yè)的共同愿景，制定內部合理的組織制度。堅持科學、民主的管理制度，并根據(jù)員工的不同需要，實施不同的激勵方式，充分調動員工的積極性，與員工進行有效的溝通，創(chuàng)建良好的工作環(huán)境。在企業(yè)發(fā)展到一定的程度，引入職業(yè)經理人，促進企業(yè)的發(fā)展?！碧岣咦陨淼男庞玫燃壦健Ｖ行∑髽I(yè)應該建立完善的財務制度，在降低資金成本的同時，積極償還企業(yè)的債務和自發(fā)的債務，使自己成為一個誠實、守信的客戶，贏得投資方的信任，從而取得對外融資中的有利地位。同時進行全員公關，努力提高自身在社區(qū)及同行中的聲譽，提高信用水平。提高自身的財務管理水平和融資能力。中小企業(yè)除了要充分利用傳統(tǒng)的融資方式外，還應該提高融資能力，充分利用一些適合自身的新的籌資方式：吸收另類貸款。處于快速發(fā)展階段而且擁有優(yōu)質項目與良好盈利模式的中小企業(yè)，如果在缺乏能為銀行所接受的固定資產或者具有實力的第三人保證等擔保資源，難以以傳統(tǒng)方式向銀行申請融資時，可以利用買方信貸、保理融資、票據(jù)融資、流動資金循環(huán)貸款和應收賬款貸款等方式取得銀行的投資，滿足自身發(fā)展的資金需求。利用融資租賃。融資租賃具有引進設備、擴大生產成本低廉、快速投產、方式靈活的特點，企業(yè)用少量的保證金就能使用設備，出租人可以采取收回設備的方式來收回投資，風險相對較小，使得融資租賃有很大的發(fā)展空間，也為中小企業(yè)提供一種融資渠道成為可能。典當融資。典當是以實物為抵押，以實物所有權轉移的形式取得臨時性貸款的一種融資方式。其優(yōu)勢在于：它對中小企業(yè)的信用要求幾乎為零，只注重典當物品是否貨真價實，而且可以動產與不動產典當相結合；典當物品起點低，千元、百元的物品都可以拿來典當；手續(xù)比較簡單，幾乎可以立等可??；資金使用自由性大，不問貸款用途。這種方式比較適合資金需求量不太大，需求很急迫的企業(yè)融資。 Vol.3,No.1 International Business Research 76 Study on the Small and Middle Enterprises Financing Mode in Financial Crisis Jingting Ma School of Business Administration,Shenyang University,Shenyang 110044,China E-mail: Jian Gui School of Economics,Shenyang University,Shenyang 110044,China Abstract With the further development of market economy,small and middle enterprises have been the important support for the economic developments of various countries.However,the financing difficulty has largely contrasted with the important contribution of small and middle enterprises for the national economic development.As viewed from the course of the development of small and middle enterprises in the world,the financing difficulty of small and middle enterprises in the world has been a true fact.After the financial crisis broke out,the financing difficulty of small and middle enterprises is increasingly being deepened,and the governments of various countries have adopted multiple measures to deal with this problem.In this article,by analyzing the different financing modes adopted by US,Japan and Euro countries under the economic situation of financial crisis,the proper financing mode in the present economic environment is expected to be found for effectively solving the problem of financing difficulty for small and middle enterprises.Keywords:Small and middle enterprise,Market economy,Financial crisis 1.Small and middle enterprises financing modes of US in the financial crisis 1.1 Analysis of the development of small and middle enterprises financing modes of US US is the representative country which mainly adopts the direct financing mode,assisting with indirect financing mode.Because of the economic system and the developed securities market,US offers the platform of direct financing for small and middle enterprises.The US Small Business Administration controls the constitutions of macro control policies and the investments of civil capitals for small and middle enterprises,and the government only leads and supervises the financing of small and middle enterprises.1.1.1 Mode of direct financing(1)Direct financing companies.The direct financing mode of US means the investments by the direct financing companies,i.e.the venture capital companies,and the attention of these companies is to offer financing service for small and middle enterprise,and these companies can acquire the preferential loans below 90 million dollars from the federal government for the development and technical updating of small and middle enterprises.From 1958 to 2007,the investment amount to small and middle enterprises has exceeded 13 billion dollars,and the amount of small and middle enterprises which have obtained the investments has exceeded 100 thousands.The main investment target of the venture capital companies includes those small and middle enterprises which have the courage to technical innovation but lack in capital supports and loans.For the development of high-technical small and middle enterprises,the function of these venture capital companies is crucial.(2)Securities financing.Except for the main market of securities trading,the capital market of US with the multi-layer and all-round securities market and the bonds rating mechanism has the NASDAQ market and the counter trading market which can offer large numerous of opportunities for small and middle enterprise.Because the listing standards are lower than the main board of the stock market and the listing conditions of the counter trading market are looser,most rising and growing companies choose to list in the NASDAQ market.1.1.2 Mode of indirect financing:loans from commercial banks The interior accumulation of small and middle enterprises of US occupies 25%85%in the long-term financing amount,and the proportion of commercial financing is not high,which is same with the financing of Chinese small and middle enterprises.The difference is that the mode that the US government leads the commercial financing institutions to loan to small and middle enterprise is to offer the guarantee funds by the policy financing institutions of small and middle enterprises.The US government only directly loan to those mall and middle enterprises with strong ability of technical International Business Research January,2010 77innovation and good development foreground,so the loan volume is very limited.1.2 Analysis of the financing modes adopted by small and middle enterprises of US in financial crisis When the domestic banks of US are reluctant of lend for small and middle enterprises,the government adopts the financing mode of credit mortgage guarantee to support small and middle enterprise,and the original policies are frequently broke.To stimulate the small and middle enterprises of US and reduce the financing difficulty of trading of small and middle enterprises,and force the loan banks to provide more powerful supports for small and middle enterprises,the Export-Import Bank of Washington which is the import credit guarantee institution supported by the government recently integrated FTP and SDAP(Sustainable Development Action Plan)to make the total guarantee amount acquired by the loan banks in the original frame to achieve 0.45 billion dollars.This measure of US means that after giving more financing conveniences for small and middle export enterprises,the new frame can not only help them to establish reasonable stock repertory system,but offer the risk control ability.2.Small and middle enterprises financing modes of Japan in the financial crisis 2.1 Analysis of the development of small and middle enterprises financing modes of Japan Japan is the first country which constituted the support policies for small and middle enterprises,and in the long-term process when small and middle enterprises of Japan could benefit from these support policies,the perfect small and middle enterprises financing mode including direct financing,indirect financing,and credit supplement has been gradually established.2.1.1 Mode of direct financing The capital cost paid by large enterprises for direct financing is far less than small and middle enterprises,and the proportion of direct financing in the exterior financing of small and middle enterprises in Japan is small.There are following sorts.(1)Venture capital companies.They are invested by the government,civil institutions and local institutions,and their responsibility is to invest capitals for small and middle enterprises specially.The venture funds publicly issues bonds to the society,which is guaranteed by the venture capital companies,and the venture capital companies also invest or loan to venture funds.(2)Civil risk investment companies.They are similar with the venture investment funds of US,and they are composed by banks,securities companies and guarantee companies.(3)The second board markets(counter trading market,JASDAQ market).The establishment of the second board markets of Japan could solve the financing difficulty for Japan small and middle enterprises.2.1.2 Mode of indirect financing The indirect financing mode not only occupies very important status in the whole financing mode of small and middle enterprises in Japan,but also is the main form of exterior financing for small and middle enterprises in Japan.The governmental financial institutions and the civil financial institutions compose the indirect financing system for small and middle enterprises in Japan.The institutions which capitals or debt guarantee are offered by the government is called as the governmental financial institutions,and these institutions dont accept saving in principle,but individual financial institutions also accept a few private capitals,but their main capital sources are from the government.To support the development of small and middle enterprises,Japanese government specially established three financial institutions serving for small and middle enterprises,i.e.the financial treasure of small and middle enterprises,the financial treasure of national life,and the central treasure of commerce and industry.These three governmental financial institutions are divided and complemented each other,and serve for small and middle enterprise from different angles and approaches of financing.The loan transaction is charged by the financial treasure of small and middle enterprises and the financial treasure of national life,and the securities investment,exchange trading and other diversified services are charged by the central treasure of commerce and industry,and its responsibility is same with other commercial banks.The cause that small and middle enterprises with bigger scale choose the financial treasure of small and middle enterprises is that the loans offered by this institution emphasize the demands of small and middle enterprises with bigger scale,but small enterprises lean to the financial treasure of national life,because this institution can provide small turnover capital loans to maintain the production.The civil financial institution is composed by two departments.The non-professional financial institutions are composed by the city bank,the local bank and the mutual bank.The bank which develops their businesses surrounding many big cities such as Tokyo,Nagoya and Osaka is called as city banks.The business of local bank spreads all over whole Japan,and it is closely related with small and middle enterprises and local governments in different regions.The mutual bank is the predecessor of the second local bank which was turned into the common bank in 1989,and its operation inherits the tradition of the mutual bank.2.1.3 Mode of credit guarantee To disperse the risk,the double-guarantee mode is adopted in Japan,and the credit guarantee of small and middle enterprises is first evaluated by the guarantee operation association.The guarantee association which takes the guarantee of credit financing activity sequence of small and middle enterprises as the aim saves the loans in the Vol.3,No.1 International Business Research 78 financial institutions,and promotes the increase of the guarantee loan businesses of small and middle enterprise by increasing the savings of financial institution.At the same time,the guarantee association requires the financial institutions to reduce the interest rate of guarantee loans by their savings in it.2.2 Analysis of the financing modes adopted by small and middle enterprises of Japan in financial crisis In the financial crisis,Japan used the mode combining the credit guarantee mode with the civil loan mode to relieve the financing difficulty of small and middle enterprises.The half-year report of Japanese policy financial treasure showed that because the business of its main operation object,small and middle enterprises,is deteriorated in the financial crisis,in the first half year after this financial institution is established,the loss of 6.68 billion dollars occurred.This financial treasure is the financial institution invested by the Japanese government.In the past term,to improve the financing status of small and middle enterprises,the government extended the credit guarantee system,and let the policy financial treasure to offer guarantees for the loans of small and middle enterprises.At the same time,to relieve the pressure of guarantee,Japanese government tried to promote the loans of civil financial institutions.3.Small and middle enterprises financing modes of Europe in the financial crisis 3.1 Analysis of the development of representative small and middle enterprises financing modes of Europe The financing mode of small and middle enterprises in Germany gives priority to the indirect financing mode,which is similar with the Japanese financing mode,but the proportion of interior financing of small and middle enterprises in Germany is bigger than the interior financing of Japan.Because of the occurrence of financial crisis after the World War II in Germany,large numerous of stocks of enterprises were forced to be purchased by commercial banks to commute bank loans,which further strengthened the association between banks and enterprises.Different with the“professional bank system”in other countries,the“universal bank system”of Germany is also called as the comprehensive bank system.German laws allowed commercial banks to deal with all financial activities in the securities market,such as offering the short-term commercial turnover loans,the middle and long-term loans of fixed assets,and the securities investments and entrusts.Because the operation range of commercial banks is wider,i.e.they can utilize the credit to create the stock options and the transaction of securities issue and securities underwriting,so only small space is leaved for the development of German securities market,and the banks which dominate the enterprises exist by the“universal”form.Contrastively,the German capital market with weak equity system is not developed,because the“universal”factor of banks makes enterprises more easily to obtain capitals from banks,and on the other hand,many problems such as higher cost,taxation and the opening of enterprise finance make enterprises would not to finance in the securities market.The financing mode adopted by British is similar with US,and small and middle enterprises all depend on the developed capital market and financial market to finance.Because British government regulated that the securities issued by enterprises were limited by the lowest capital amount,so the proportion to issue capitals for financing is lower than US.The capital source of British small enterprises is mainly from two aspects,i.e.the own funds and the portfolios.Because the British government leads commercial banks and civil banks to invest for small and middle enterprises by the industrial investments with the public character,so the proportion of policy loan is very small.3.2 Analysis of the financing modes adopted by small and middle enterprises of Europe in financial crisis Since the beginning of 2009,many Europe large listed companies financed by increasing capital and stock or issuing bonds of small and middle enterprise to reply the financial crisis and solve the extremely urgency of seriously deficient own capitals.After the sign that the economy was stabilized just occurred,Europe stock markets rebounded universally,and enterprises showed strong financing desires to the financial market,so small and middle enterprises chose to finance in the market one after another.For example,in the last ten-day of March of 2009,British HSBC financed 14.5 billion Euros in the market by increasing issues in stocks,which is the largest single financing in Europe companies since this year.And the British Xstrata Group financed 4.4 billion Euros from the capital market in this year.There are three important causes that Europe countries such as British and Germany adopted the debt financing and the equity financing.(1)Since the April of 2009,the stock market of Europe warms up,and there were about 60 large listed companied financed from the capital market according to relative statistics,and the financing speed of listed companies is quickening.(2)Investors attitude has changed obviously,and in the initial of this year,the stock markets of Europe and US continued to descend following the depreciation tendency of last year,but when the stock markets warm up,the excessive pessimism emotion of the market has been changed largely,and investors though that the worst stage had already past,and they devoted capitals to the market again.Not only the stock market,but also other financial channels are changing,for example,the enterprise bond market is changed also,which is the good opportunity for small and middle enterprises to finance from the market.(3)Because banks universally frap loan conditions,so enterprises are more difficult to finance form the market.In the past two years,the loan conditions of Europe and US were relatively loose,and Europe enterprises accumulated mint debts,and to reduce the burden of loans and remedy the deficient capitals,Europe enterprises starved for flow capitals,so the financing in the stock and securities markets is possible and International Business Research January,2010 79convenient,which can fulfill enterprises demands for a great lot capitals.In above analysis,because of the differences various national situations and the developments of small and middle enterprises in different countries,various countries certainly would adopt different financing modes.However,because of the uncertainty and high interest rate of civil financing and the non-normative character of financing mode,in the present economic situation,the financing of small and middle enterprises would get in larger difficulty.Therefore,the mode of civil financing is not applicable for small and middle enterprise in present economic environment.But with the information enhancement of the public to 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