中文摘要：

笔者研究小微企业融资与其资产属性之间的内在关系，发现小微企业融资能力主要取决于其拥有的具有竞争优势的资产，资产专用性是优势资产的重要特征之一，因此专用性资产决定小微企业的市场融资行为，即小微企业的融资能力取决于其拥有的专用性资产的市场价值。笔者构建专用性资产拍卖交易模型论证，明晰小微企业专用性资产的产权属性及预期收益的市场信息，健全和完善多元资本市场运行制度，实行金融市场多元化，提高资本市场参与的广度、深度和产权交易的多元化，是解决小微企业市场融资的规模性和流动性的前提条件，也是解决小微企业融资难问题的必要条件。

英文摘要：

In this paper, we study the intrinsic relationship between asset attributes and small and mediumsized enterprises financing, found that small and medium-sized enterprise financing ability mainly depends on the competitive advantage of assets of its own, asset specificity is one of the most important character of the advantage assets. Therefore, specific assets decided the behavior of small and medium-sized enterprise financing, the small and medium-sized enterprise financing ability depends on the market value of the specificity of assets. By building the proprietary assets auction model, demonstrates the clear small and medium-sized enterprise assets specificity of property right attribute and expected return of market information, improve and perfect the diversified capital market operation system, diversification of the financial market, improve participation in the breadth, depth and the diversification of property rights transaction, is the premise of the scale and liquidity of the financial market of the small and medium-sized enterprise, meanwhile, is the necessary condition to solve the problem of small and mediumsized enterprise financing difficulties.