The insufficient scale and proportion of financial resources allocation to the real economy is a false problem, while the misallocation of financial resources to the real economy is a real problem. From the perspective of the current financial system, the two paths of direct financing and indirect financing are difficult to serve small and medium-sized enterprises in terms of institutional design. The former is due to the high barriers to stock financing and the rigid payment of bond type, and the latter is due to the neglect of small and medium-sized enterprises by banks as well as the mismatch between their mode and service for small and medium-sized enterprises.The current ways for financial institutions to serve small and medium-sized enterprises are as follows: commercial banks use traditional mortgage guarantee modes to make loans, micro-credit companies and p2p and other Internet finance rely on market-based pricing to achieve risk compensation, and the financing function of the New Third Board is not yet prominent, which is related to its low activity. Therefore, we need to resolutely oppose the credit abuse of state-owned enterprises in the financing field. Formal and informal financial institutions should form an ecosystem serving small and medium-sized enterprise. Meanwhile, it is necessary to accelerate the construction of credit infrastructure for individuals and enterprises, as well as activate the New Third Board market to drive the equity financing of small and medium-sized enterprises.
