摘要:融资渠道狭窄是我国中小企业成长道路上一直存在的问题。然而中小企业对银行的过分依赖和银行的风险保守制度，决定了银行贷款并不是中小企业融资的最佳选择，我国应该发展直接融资来解决中小企业融资难的困境。成长型中小企业是中小企业中最具生命力的部分，因此本文主要以浙江成长型中小企业为例，结合当前经济形势，首先分析了浙江成长型中小企业的发展状况及特征。其次辩证地分析了近几年浙江成长型中小企业直接融资的发展概况，着重阐述了其直接融资存在着非法集资泛滥、中小企业和创业板上市门槛高、债券市场发展滞后等问题。再次从政府、中介服务机构、资本市场等外部因素和企业自身内部因素两部分对造成浙江成长型中小企业直接融资难的原因深入剖析。最后结合我国现状，从成长型中小企业自身建设、政府扶持力度、中介服务体系建设、多层次直接融资体系建设、债券融资新渠道的开辟、对资产证券化的借鉴等几个方面，提出一些促进我国成长型中小企业直接融资发展的建议，试图构建一个具有我国特色的多层次直接融资体系。

关键词：成长型中小企业；直接融资；资本市场

ABSTRACT:The lack of financing channels has always been a problem in the process of the development of small and medium-sized enterprises (SMEs). However, SMEs' excessive reliance on banks, together with banks' preference on low risk, has determined that bank loan is not the best choice for SMEs to finance. Our country should develop direct financing to solve the plight of SMEs' financing difficulties. Growing SMEs are also a part of SMEs with most vitality. Thus, taking growing SMEs in Zhejiang for example and combining with the current economic situation, this paper first analyses the development status and features of SMEs in Zhejiang. Next, it dialectically analyses the general development status of direct financing of growing SMEs in Zhejiang in recent years, and focuses on the problems of widespread illegal fund raising, the high threshold of appearance on the market for SMEs and GEMs, and the development lagging of bond market existing in direct financing. Next, it intensively analyses the causes of the difficulties for the direct financing of SMEs in Zhejiang from respects of external facts, such as the degree of government support, intermediary service institutions and the capital market, and from that of internal facts within enterprises themselves. Finally, Combining with China's condition of reality, this paper puts forward a series of countermeasures to promoting the development of direct financing of China's growing SMEs from respects of SMEs' self-construction, government support, the intermediary service system construction, multi-level system of direct financing, the opening of new channels for bond financing, and the reference of asset securitization, as well as trys to build a multi-level system of direct financing with Chinese characteristics.

Keywords: Growth small and medium-sized enterprises; Direct financing; Capital markets