摘要：中小企业在促进就业、技术进步、经济增长和扩大国际贸易等方面发挥着不可替代的作用。但中小企业普遍寿命较短，中小企业缘何不能持续成长，究其原因，是处于不同发展阶段的中小企业并没有按照其自身的特点选择与该阶段相匹配的融资方式。本文以企业生命周期理论为依据，分别分析了中小企业不同阶段的特征。着重研究了中小企业现行的几种主要的融资方式的要求和特点，并将他们与中小企业各个阶段进行了配比。最后，针对中小企业不同成长阶段介绍了几个切实可行的融资方式。针对中小企业初创阶段，优选了民间借贷融资和融资物流。而对中小企业的成长阶段，提出了建立区域性企业债券市场、引入风险投资融资、商业银行贷款融资等融资方式。对于发展到相当规模的成熟阶段，主要应研究如何在证券市场上市融资。企业衰退阶段主要通过并购获得企业的持续经营。希望通过对中小企业不同阶段的分析选取合适的融资方式，更好的促进中小企业的成长。

关键词：中小企业；不同成长阶段；融资模式；商业银行贷款融资；证券市场融资

Abstract：However,SME generally have shorter lifespans,why can not we continue to grow the SME,the reason is the small and medium enterprises in different stages of development and there is no match in accordance with its own characteristics to select the stage of financing.This paper is based on the corporate life cycle theory ,analysis of the characteristics of SME at different stages.Then focuses on the requirements and characteristics of SME existing main types of financing methods, match with all stages of the SME. Finally, several practical means of financing for small and medium enterprises of different stages of growth have been proposed.For the SME start-up phase,optimized the private lending financing and financing logistics. For the stage of the growth of SME,proposed the establishment of regional corporate bond market , the introduction of venture capital financing , commercial bank loans and other means of financing .Developed to a mature stage of considerable size , should examine how public financing in the securities market .The recession phase of the enterprises through mergers and acquisitions continuing operations of the enterprise .I hope that by analyzing the SME at different stages , select the appropriate mode of financing , the better to promote the growth of SME.

Key Words: SME ;Different stages of growth;Financing model;Commercial bank loans;Securities market financing