创造适合中国中小企业发展的政府融资项目(英文)

The growth of small -and medium -sized enterprises (SMEs) is a key ingredient for thesustainable economic development of China. The question that this paper investigates is:What types of financing programs are the most appropriate for the government of China, ifit wants to make more capital available to SMEs? This paper seeks to be informative inthree respects. First, we introduce and utilize a theoretical framework for determining theeffectiveness of government programs that provide financing to SMEs. The key variable indetermining the effectiveness of a program is how similar SMEs loans are to other investmentsthat the lenders can make. Second, this paper describes two types of U.S. governmentprograms that have operated to assist financing of small businesses, and the experience ofthese programs. Third, this paper relates the outcomes of the U.S. programs to the theorypresented, and discusses the implications for the government and SMEs of China. Loancharacteristic programs that change risk of SME loans, such as loan guarantee programs,are concluded to be more appropriate than loan subsidies or portfolio restrictions, giventhat Chinese banks are relatively experienced at successfully lending to SMEs.