As to the transformation of financing institution , the financing structure of firms , especially state - owned enterprises , develops disproportionally : external financing proportions relatively higher than internal financing ; indirect financing higher than direct financing ; stock financing . higher than bond fmacing ; and total debt financing higher than equity financing 在融资机制的变革中，企业，特别是国有企业的融资结构呈非均衡发展：相对来说，外部融资比重高于内部融资比重；间接融资比重高于直接融资比重；股票融资比重高于债券融资比重；全部负债融资比重高于股权融资比重。
To solving the problem baffling non - state hi - tech enterprises " financing , the government should pass a law clearly stipulating that the state would protect their legal rights and interest , that governments at different levels should give their fiscal support to such enterprises and that the state should set up a development foundation for such enterprises . in addition , the government should improve the financing environment for non - state hi - tech enterprises and encourage risk investment institutions to increase input in these enterprises 具体操作上，应建立并完善适合民营高新技术企业特征的直接融资市场体系，积极推动创业板市场的设立，建立以产权交易为主的柜台交易市场，为民营高新技术企业产权流动、购并活动提供条件，并积极发展培育风险投资机构；建立适合民营高新技术企业特征的间接融资市场体系，加快中小企业银行和民营银行的设立进程，加快银行业务改革，完善担保体系；加快企业信用体系建设；完善相关财政税收政策。
Part one expatiate the concept of sme , analyze enterprise financing from the angels of direct financing and indirect financing , and put forward the basic principle of sme financing . introduce the current financing of sme and several primary financing approaches , and expatiate the inside and outside restricting factors for sme financing 第一部分阐述了中小企业概念，并从直接融资和间接融资两个角度分析了企业融资问题，同时提出了中小企业融资应遵循的基本原则，介绍了我国中小企业融资的基本情况，同时也介绍了中小企业目前主要的几种融资途径，着重从中小企业内部和外部两个方面阐述了制约其融资的多种因素。
At the same time , together with increasing bank crediting and indirect financing , capital markets should be further developed to change the unused social funds into capital funds . in terms of direct financing , corporate bond financing markets is important and needs consideration . and hi stock financingjspecial attention should be paid to adjust the relationship of financing scale and stock ownership structure 同时，应在继续扩大银行信贷、发展间接融资的同时，大力发展资本市场，在直接融资中应注意发展企业债券融资市场，在股票融资中应注意调整融资规模与股权结构之间的关系。
Before china ' s entry into the wto , the difficulty of financing is the main factor that restricts the development of medium and small businesses . this is mainly because that they depend on indirect financing without measure , and the bank ca n ' t meet their capital needs due to the problems such as asymmetry of information , great risks , profitability and imperfection of the reform 中国加入wto前制约中小企业发展的重要因素是融资难，这主要是因为我国中小企业过分依赖间接融资，而银行因为信息不对称和风险性、收益性的因素以及体制改革不到位等问题而不能满足中小企业的资金需要。
In the process of discussing efficiency of each channel , it finds that because high - tech smes has the character of high - invest , long term to withdraw the invest and high - risk , traditional direct and indirect channels have difficulty in meeting their financing need , only venture capital and second board are best channel for them 在对各融资渠道展开探讨的过程中，认识到高科技中小企业由于自身规模小而投资高、投资回收期长、风险高的特点，传统的直接与间接融资渠道很难满足其需要，风险投资与二板市场才是高科技中小企业的天生伙伴。
Finally , the dissertation points out the concepts for consummation of high & new technology enterprises " financing system in our country . the consummation mainly includes the following two parts : the direct financing system characteristically by the second board market and the indirect financing system principally by credit warranty system 最后针对我国高新技术企业目前的融资环境，认为我国高新技术企业融资体系的完善应以创业板为特征的直接融资体系的完善与以信用担保体系为主的间接融资体系的完善相结合。
Finally it puts forward some drawbacks of the finance in mses in our country , such as : the participate of the government appears the phenomena of " confusion " ; the legal system is not perfect ; both direct finance and indirect finance are double defective ; the management level is low ; and the technical staff are lack ; the industrial organization is not reasonable 概括了我国中小企业在融资方面存在的一些弊端，如政府的参与系统性地出现“错位”现象；法制不健全；间接融资与直接融资的双重缺损；担保体系不健全；管理水平低下，设备落后，技术创新能力低；缺乏技术人才；产业组织不合理，社会分工和专业化程度地等等。
