First, China's small and medium-sized enterprises have limited sources of funds and limited single financing. More than 90% of SMEs in China have narrow sources of funds, most of which come from acquaintances around them. The profit rate is low, and there are fewer assets that can be used to repay debts, which leads to the phenomenon that the amount of funds in SME financing is generally less and less, and the number of times is increasing.

Second, the external financing of small and medium-sized enterprises in China is difficult and the form is single. There are many forms of external financing, such as loans, issuing bonds and stocks. The threshold for issuing securities and trusts is relatively high, and it is difficult for SMEs to bear the related expenses. According to the survey, because it is difficult for small and medium-sized enterprises in China to meet the loan conditions and securities issuance conditions of large commercial banks, most of them choose relatively easy financing methods, such as lending to intermediaries or financial leasing.

Third, information asymmetry leads to financing difficulties and high costs. Due to the low policy entry threshold and management requirements for SMEs in China, it is difficult for many small and medium-sized enterprises with family entrepreneurship or low management level to provide true and fair financial data, credit access conditions for bank loans, and even basic conditions for issuing securities. At the same time, many investors give up investment because they can't get first-hand information, which gradually forms the problem of financing difficulties for small and medium-sized enterprises. Investors who are willing to provide funds will also think that they are making venture capital, so they will also demand higher profit returns. Relevant data show that the loan expense ratio is 5% ~ 6% for half-year loans from 6,543,800 yuan to 6,543,800 yuan. According to this estimate, the return on net assets of enterprises needs to reach more than 9% to avoid losses. Through the analysis of these data, it is obvious that most small and medium-sized enterprises are difficult to reach these levels. For small and medium-sized enterprises, financing is not only difficult, but also costly.

Fourth, the financing system of small and medium-sized enterprises in China is not perfect. At present, China has issued some legal provisions such as "Several Opinions of the State Council on Further Promoting the Development of Small and Medium-sized Enterprises" and "Law on Promoting Small and Medium-sized Enterprises", but the promulgation of these laws can not meet the demand and can not fully regulate and protect the financing of small and medium-sized enterprises.

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