C. Referencing Foreign Financing Experience to Establish Logical Financing Order
Theory of modern capital structure is \financing law\in the western developed countries to be universal test and verify. According to \the reasonable financing order is: Retained earnings, debt financing, stock financing. SMEs can draw lessons from the experience and combine the actual conditions and determine the reasonable financing order in the financing decision. In various financing channels, enterprises should be preferred tendency of internal financing. The biggest advantage of internal financing is free. It includes no financing cost and no external trade, thereby avoids transactional tax cost. Also, internal financing risk is less for the enterprises. It still can increase the strength of corporate and corresponding increase enterprise's reputation, thus enhance enterprise's financing capability. Financial personnel should consider the outside financing after enterprise in excavation internal resources.
D. Financing Mode Innovation
The financing mode refers to small and medium-sized enterprises realize the financing specific methods and form in the financial markets. Generally speaking, small and medium-sized enterprises will be more and more multilayered situation the financing way along with our country market economy unceasing development, financial market increasingly activity and financing channel increasing gradually. Say from big field, enterprises financing solve the question of funds from two ways of internal financing and external financing. When the internal financing cannot satisfy the requirement, external financing channels can solve. From the actual situation, the external financing is the mainly the financing channels and sources of medium and small enterprises, which includes bank loans, bonds, financing lease and commercial credit such debts and absorption direct investment, financing, such as issuing stocks and interests form.
IV. Optimization Goal of SMEs Financing Structure
\structure mode internationally at present. \mode\is a main bank
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mode and \model\reflects a kind of worldwide diversified market mode.
\enterprises in China want to develop from the medium term. \provides enterprises most external funding by bank comparing with \model \This largely replaces \model\a series of function in securities and bond market and forms a set of special argues relationship financing system. Japanese firms can rapidly expand in this mode, which is fit for the rapid expansion of small and medium sized enterprises at present. \can be adopted at present for China's SMEs’ development.
However, \model\should be more beneficial to small and medium-sized enterprises’ long-term development with external financing ways innovation and development in the long run along, especially develop more perfect capital market.
According to above analysis for SMEs financing ways, we should promote non-bank financial institutions development after SMEs achieved state-owned specialized bank commercialization share and state-owned enterprises in Japan and Germany in accordance with the \The target mode will be gradually transited into the future of target mode, namely the diversity \model\with the perfection of the market economic system and mature financing mode of our country.
V. References
[1] Townsend, R. M. Optimal Contracts and Competitive Markets with Costly State
Verification [J].Journal of Economic Theory, 1979, (21).
[2] Myers, S.C.，Majluf,N. Corporate Financing and Investment Decisions when
Firms Have Information that Investors Do Not Have [J].Journal of Financial Economics, 1984, (13).
[3] Ross, S. The Determination of Financial Structure: The Incentive Signaling
Approach [J].Bell Journal of Economics, 1977, (8).
[4] Leland, H.，D. Pyle. Information Asymmetries, Financial Structure and
Financial Intermediation[J].Journal of Finance, 1977, (32).
[5] Jensen, M. C.，W. H. Meckling. Theory of The Firm: Managerial Behavior,
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Agency Cost and Ownership Structure [J].Journal of Financial Economics, 1976, (3).
[6] Grant，R M. On Dominant Logic and the Link between Diversity and
Performance. California Management Review[J].1991，33（3）.
[7] R. A. Spreng,. S. B Mackenzine., R .W. Olshavsky. An reaxaincation of the
determinants of consumer satisfaction[J].Journal of Marketing, Jul 1996.\\ [8] Harris, M., A. Raviv. Corporate Control Contest and Capital Structure [J].
Journal of Financial Economies, 1988, (20).
[9] Stulz, R. M. Managerial Control of Voting Rights: Financing Policies and The
Market for Corporate Control [J].Journal of Financial Economics, 1988, (20). [10]Israel, R. Capital Structure and the Market for Corporate Control: The
Defensive Role of Debt Financing [J].Journal of Finance, 1991, (46)
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二、 英文翻译：
关于中小企业融资结构优化的分析
杜海鸥
摘 要
虽然中小型企业对中国经济发展的贡献是越来越重要，但是融资难的问题却成使其的发展遇到了“瓶颈”。因此，优化中小企业融资结构是相当重要的。因为中小企业的融资结构优化可以帮助企业建立科学的融资结构，提高自身的融资效率，增强企业竞争力，以满足市场的需求。本文首先简要介绍了中小企业的重要地位以及在经济发展和面临的问题。然后分析中小企业融资结构存在的四个主要问题：股权资本和债务资本的比例不合理，债务资本与权益资本结构的不合理，内部股本融资的比例较低，融资方式是单一。本文还提出了一些有效的措施，以优化融资结构，包括：优化负债及股东权益的比率，保持资本结构的灵活性，形成一个良性循环，建立一个合理的融资顺序，开拓新的融资方式。最后，本文介绍了我国中小企业的优化融资结构的目标。
关键词：中小企业 融资结构 融资方式 内源融资
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一、 引 言
1、中小企业面临的现状及问题
中小企业是现代经济社会发展中最活跃的力量。在任何国家和地区，中小企业的作用和地位都是不容小视的。中小企业的发展一直是一个共同的热点问题，得到了各国政府和许多经济学家的长期关注。中小型企业在我国经济发展中已成为建立社会主义市场经济体制的一支重要力量，在促进经济快速增长，保持市场繁荣，扩大就业和增加税务等方面，发挥着越来越重要的作用。截止2008年底中国中小企业总数超过4,200万，占总企业数的99.8％以上。中小型企业的工业总产值比去年同期增长29.79％，销售收入比去年同期增长30.46％，实现利润8255.39亿元人民币，同比增长43.22％，纳税增长27.43％ ，增长率高于全国平均水平。此外，中小企业为社会提供75％的城镇就业机会。
近年来，中小型企业对中国的经济发展做出了巨大的贡献。但是由于原材料，劳动力成本上升，银行信贷紧缩因素，如竞争加剧，价格的上涨，中小型企业外部融资面临着严重的问题。大多数的中小型企业，特别是中小型民营企业是通过民间资本投资来完成资本的筹集。当企业发展到一定规模，尤其是从劳动密集型向技术密集型转变，内部融资难以满足企业的投资需求，使得外部融资需求将越来越迫切。由于国家金融政策的限制和人民的传统观念的束缚，以及中小型企业自身的问题，导致中小企业融资渠道狭窄，资金短缺已成为中小企业发展的主要障碍。
2、我国中小企业融资结构现状
一般而言，企业的融资结构是指企业各种融资来源之间的比例关系，即自资本（股本）及借入的资金（债务）组成情况。它是用来衡量一国资本的资源配置和经济发展水平重要标志。
由于中小型企业资产规模小，经营不确定性大，财务信息不透明，容忍的外部经济冲击的能力，如低制约因素，再加上其操作灵活性的要求，中小型企业的融资方式是不同于大企业。总的来说，我国中小企业融资结构中目前具有以下特点：首先，与大型企业相比，中小型企业，尤其是小企业更多地依靠内部融资渠道。与发达国家比较，在我国中小企业由于自我积累和利润较少，导致内部融资来源不畅，在融资结构中，内部融资的比例不到20％。探究其原因是，企业管理水平低，自我积累意识，内部利润分配的倾向，缺乏长期经营的
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