Through Ou Jiangbo, Europe: America's financial support for small enterprises and its enlightenment, and the paper published in issue 1 in 2003, we know that small and medium-sized enterprises in the United States mainly use direct financing, supplemented by indirect financing. The economic system and developed securities market make the United States provide a platform for direct financing for small and medium-sized enterprises. The Small and Medium Enterprises Administration is responsible for formulating macro-control policies and guiding private funds to invest in small and medium-sized enterprises in the financing market, while the government only plays a guiding and regulatory role. Ou Jiangbo and others believe that financing models can be divided into the following categories:
(1) Direct financing mode: direct financing company, securities financing.
(2) indirect financing-commercial bank loans
2. Japanese SME financing model
Through Wang Ting's papers published in "Discussion on Financing Problems of Small and Medium-sized Enterprises" and "Enterprise Economy" No.2 in 2003, we know that Japan is the first country to formulate support policies for small and medium-sized enterprises. In the process of long-term implementation of support policies, small and medium-sized enterprises have gradually established a relatively perfect financing model including direct financing, indirect financing and credit replenishment.
3. European SME financing model
Through Xiao Xia's paper "Financing Analysis, Market and Development in the Development of Private Sci-tech Enterprises" No.2 in 2003, we know that the financing mode of German SMEs is mainly indirect financing, which is similar to that of Japan, while the proportion of internal financing of German SMEs is more important than that of Japan. Due to the financial crisis in Germany after World War II, commercial banks bought a large number of shares of enterprises to offset bank loans, which further strengthened the relationship between banks and enterprises. In addition, German law allows commercial banks to engage in all financing activities such as securities market, such as providing short-term commercial revolving loans, medium-and long-term fixed assets loans, securities investment and trust. Due to the wide business scope of commercial banks, they can use credit to create underwriting stocks and handle securities issuance and underwriting business for enterprises, which leads to the small development space of German securities market and the existence of banks leading enterprises in the form of "all-round".
The financing mode adopted by Britain is similar to that of the United States. Small and medium-sized enterprises rely on developed capital markets and financial markets for financing. Xiao Xia believes that due to the minimum capital limit of issuing securities in Britain, the proportion of financing through issuing securities is lower than that of American enterprises. The funds of British small businesses mainly come from existing funds and securities. Because the British government guides commercial banks and private capital to invest in SMEs through public industry investment, the proportion of policy loans is very small.