In order to remove these financing restraints,the endogenious financing mechanism should be built,which may supply the non-governmental enterprises with endogenious fund.

The intellectual features of new enterprises in the new economical era determine that the intellec- tual capital is their inner-born resources.

Because of the own condition, external environment and other reasons of private economy, the funds needed of most private enterprises, during the course of their development, are seriously depended on the internal financing channel, while the external financing channel is not smooth and it becomes the bottleneck restricting the development of the private economy.

This paper analyzes the present situation of internal financing and external financing of small and medium-sized enterprises,and probes into the problems existing in the financing of small and medium-sized enterprises from three aspects of the enterprise itself,the current financial system and the government.

About the capital structure, family firms capital much more depended on internal financing.

The existence necessity of endogenous financing is described by discussing the formation and transformation of endogenous financing and exogenous financing.

When the professional sports club has the ability of Endogenous financing,it d better apply Endogenous financing firstly.

According to enterprise s financing theory and the financing practices of developed country enterprises, the mode of enterprise s excellent preface financing is the endogenous financing first , the debt financing again, the end is the stock financing, but the financing modes of enterprises of our country are completely opposite.