ADB Working Paper Series on
               Regional Economic Integration
      Capital Market Financing for SMEs: 
      A Growing Need in Emerging Asia
      Shigehiro Shinozaki
      No. 121  |  January 2014
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
                  ADB Working Paper Series on Regional Economic Integration
                  Capital Market Financing for SMEs: 
                  A Growing Need in Emerging Asia
                                     *                      Author thanks Stephen Lumpkin, Principal 
                  Shigehiro Shinozaki                       Administrator of the Financial Affairs Division, 
                  No.  121     January 2014                 Organisation for Economic Co-operation and 
                                                            Development (OECD), for his valuable comments to 
                                                            this paper.
                                                            Author also thanks all survey respondents and 
                                                            partners that this paper referred to in the People’s 
                                                            Republic of China, India, the Republic of Korea, and 
                                                            Malaysia, for their contribution to this study.
                                                            *Financial Sector Specialist (SME Finance), Office of 
                                                            Regional Economic Integration, Asian Development 
                                                            Bank. sshinozaki@adb.org
          The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional 
          cooperation and integration in the areas of infrastructure and software, trade and investment, money and 
          finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to 
          provide information, generate discussion, and elicit comments. Working papers published under this Series 
          may subsequently be published elsewhere. 
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
          Disclaimer: 
           
          The views expressed in this paper are those of the author and do not necessarily reflect the views and 
          policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. 
           
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          © 2014 by Asian Development Bank 
          January 2014 
          Publication Stock No. WPS136176