Legal analysis: 1. Small and medium-sized enterprises, especially small enterprises, rely more on internal financing than large enterprises in the choice of financing channels. 2. In the choice of financing methods, SMEs rely more on debt financing, and in debt financing, they mainly rely on loans from financial intermediaries such as banks. 3. The debt financing of small and medium-sized enterprises is characterized by small scale, high frequency and more dependence on short-term loans with strong liquidity. 4. Compared with large enterprises, small and medium-sized enterprises rely more on financing channels from non-financial institutions, such as business credit between enterprises and equipment leasing, as well as various informal financing channels of the people.

Legal basis: Securities Law of the People's Republic of China

Article 12 An initial public offering of new shares by a company shall meet the following conditions:

(1) It has a sound and well-functioning organization;

(2) It has the ability of going concern;

(3) The financial and accounting reports in the last three years have been issued with unqualified audit reports;

(4) The issuer and its controlling shareholder or actual controller have not committed any criminal offence of corruption, bribery, embezzlement of property, misappropriation of property or disruption of the order of the socialist market economy in the last three years;

(5) other conditions as stipulated by the the State Council securities regulatory agency approved by the State Council.

when issuing new shares, a listed company shall meet the requirements stipulated by the the State Council securities regulatory agency approved by the State Council, and the specific management measures shall be stipulated by the the State Council securities regulatory agency.

a public offering of depositary receipts shall meet the conditions for initial public offering of new shares and other conditions stipulated by the State Council securities regulatory authority.

Article 96 Stock exchanges and other national securities exchange sites approved by the State Council provide places and facilities for centralized securities trading, organize and supervise securities trading, implement self-discipline management, register according to law, and obtain legal person status.

The establishment, alteration and dissolution of the stock exchange and other national securities trading places approved by the State Council shall be decided by the State Council.

The organizational structure and management measures of other national securities trading places approved by the State Council shall be formulated by the State Council.

article 168 the State Council securities regulatory authority shall supervise and manage the securities market according to law, maintain its openness, fairness and impartiality, guard against systemic risks, safeguard the legitimate rights and interests of investors and promote the healthy development of the securities market.