By Ba Shusong　

Date: 2003/10/10

Abstract：

At present, the establishment of a pluralistic and multi-tiered financing system for small and medium-sized enterprises should start from the multivariation of obligation financing and equity financing. We should encourage the development of various financial institutions for small and medium-sized enterprises and develop some new financing forms such as leasing, security and insurance for small and medium-sized enterprises; in the pluralistic equity financing system for small and medium-sized enterprises, over-the-counter (OTC) market should hold the dominant position and through the development of OTC market, the venture capital market and a related multi-tiered development could be materialized. The focus of the innovative financing system for small and medium-sized enterprises should rest on the loosening of financial restrictions and the development of an active multi-tiered financial market.