Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly, playing an increasingly important role in the whole national economy and making great contributions to China's economic growth. At present, China's small and medium-sized enterprises account for 99% of the total number of enterprises, the total industrial output value and profits and taxes account for 60% and 40% respectively, and the annual export earnings account for 60%, providing 75% of urban employment opportunities. However, in recent years, due to the fierce competition among enterprises, many enterprises are facing great difficulties, and there are many factors that affect and restrict the further development of small and medium-sized enterprises, the most important of which is the financing difficulty of small and medium-sized enterprises. We must solve these problems and create more financing conditions for SMEs to play a more important role in the future.

In some developed countries and regions in the world, the proportion of small and medium-sized enterprises in their national economy is quite high. For example, SMEs in the United States, Britain and Japan account for more than 90% of the national economy. They all encountered financing difficulties in their development. However, its government has provided various support to help it remove these obstacles and solve the financing problem of small and medium-sized enterprises. We also have every reason to believe that through specific research and analysis, policy adjustment and self-improvement of small and medium-sized enterprises will also solve the financing problem of small and medium-sized enterprises well, thus promoting the rapid and stable development of the national economy.

First, SME financing status and problems

1. Direct financing for SMEs. At present, the situation of direct financing for small and medium-sized enterprises is not very ideal. There are more than 1000 listed companies in China's main board market, most of which are state-owned enterprises. Only a few small and medium-sized enterprises in high-tech industries and basic industries with mature products, good benefits and broad market prospects can win the opportunity to go public directly or buy "shells" through asset replacement. Although China's relevant departments will soon introduce new regulations on corporate bond management, the issuers of corporate bonds will be relaxed, and the original project restrictions will be loosened, but for small and medium-sized enterprises, they will not be among the candidates for securities firms for a certain period of time. Employee fund-raising is the main financing means for small and medium-sized enterprises. Because it is difficult for enterprises to get the support of financial institutions in the initial stage, most small and medium-sized enterprises raise funds by raising funds from employees. Joint-stock system is an important financing method for restructured enterprises and joint-stock enterprises, and most of it has accounted for 10% of total assets.

2. Credit discrimination. In order to invigorate enterprises, the central government put forward the principle of "giving priority to small enterprises", requiring the banking sector to focus on supporting large enterprises and ensuring the credit of large enterprises, while ignoring small and medium-sized enterprises, and only considering small and medium-sized enterprises on the basis of ensuring large enterprises, resulting in credit discrimination of small and medium-sized enterprises and unequal financing between large enterprises and small and medium-sized enterprises. Lack of attention to the credit demand of SMEs. According to statistics, during the period of 1998, the four banks of industry, agriculture, China and China Construction increased loans by 2.085 billion yuan, of which non-state-owned economic loans only increased by 1 100 million yuan, and medium and long-term loans were almost zero. With the implementation of the development strategy of business to central cities put forward by commercial banks in various countries, some institutions tend to be "big but not small", and individual banks have regulations that enterprises with a certain amount or registered capital below 1 10,000 will not lend, which just breaks the main financing channels for small and medium-sized enterprises with "urgent, frequent, few and miscellaneous" loan needs.

3. Lack of credit system to provide guarantee for SME loans. As far as small and medium-sized enterprises are concerned, on the one hand, there are few fixed assets, insufficient mortgage and limited loans; On the other hand, some small and medium-sized enterprises often evade fees and suspend bank debts in the process of restructuring, which damages their own credit. At the same time, enterprises also deeply feel that there are many links and costs in handling mortgage loans. For example, in the process of land and real estate mortgage evaluation and registration, the evaluation includes application, field investigation, price limit estimation, etc. And registration includes land ownership survey, cadastral surveying and mapping, registration of other rights of land, etc. , extremely cumbersome.

4. Financing discrimination of non-state-owned enterprises. For a long time, both the government and banks have a concept that large enterprises are state-owned, and lending them is a state-owned enterprise, which will not cause the loss of state-owned assets. Small and medium-sized enterprises are mostly non-state-owned enterprises, with unstable benefits, poor loan recovery and poor reputation, which easily leads to the loss of state-owned assets. Therefore, banks are generally cautious in lending to SMEs, and the conditions are harsh. Although it has improved now, this phenomenon still exists.

5. The development of some regional small and medium-sized financial institutions is not standardized, and there is not enough support for small and medium-sized enterprises. A number of regional small and medium-sized financial institutions have emerged in China's economy, which should have supported the development of small and medium-sized enterprises as their own responsibility. However, in practice, these financial institutions tend to converge with state-owned financial institutions in their business development and cannot really face small and medium-sized enterprises, so there is a certain phenomenon of credit discrimination. Many small and medium-sized financial institutions deposit a lot of money or buy government bonds, but they do not support small and medium-sized enterprises that are in urgent need of loans.

6. Lack of financial institutions to serve the development of small and medium-sized enterprises. At present, China is extremely short of financial institutions that really serve small and medium-sized enterprises. The original intention of Minsheng Bank is to serve private enterprises and small and medium-sized enterprises, and now it is no different from other joint-stock commercial banks. Other newly established city commercial banks, which were originally oriented to SMEs, gradually became stricter due to the restrictions of funds, service levels and projects, which restricted the financing of SMEs.

7. It is difficult for SMEs to get loans, and it is also difficult for banks to get loans. It is difficult for SMEs to obtain bank loans. The main manifestations are as follows: First, it is difficult to mortgage. Small and medium-sized enterprises can provide less collateral, high discount rate of collateral, complicated procedures and high expenses, which are unbearable for ordinary small and medium-sized enterprises; Second, it is difficult for SMEs to find suitable guarantors. Some enterprises with good benefits are unwilling to guarantee other enterprises, and banks do not allow them to be guarantors for enterprises with average benefits. Mutual insurance between small and medium-sized enterprises is often a mere formality; Third, some grassroots banks have limited authorization and complicated procedures. Even if you get the money, you may miss the business opportunity. Once a loan is granted, some enterprises would rather accept the penalty interest than go through the formalities of renewing the loan, avoiding the full set of loan procedures such as evaluation, registration and notarization. This makes many small and medium-sized enterprises regard bank loans as a daunting road and have to take the road of private lending.

8. In terms of intermediary business, there are few settlement tools to meet the transaction needs of SMEs. State-owned commercial banks rarely handle small and medium-sized enterprises' collection and acceptance, bill acceptance business and bill cashing. Due to the poor settlement channels of funds, too long time for funds to enter the account, and even obstruction, some small and medium-sized enterprises turn to cash settlement, which increases transaction costs and weakens the competitive strength of small and medium-sized enterprises.

9. There is a lack of corresponding laws and regulations in China. At present, China lacks a unified SME service management organization, such as SME guarantee institutions, SME credit rating agencies and other social intermediary institutions. Lack of perfect laws and regulations to support the development of small and medium-sized enterprises. At present, policies and regulations are only formulated according to the nature of industry and ownership, and there is no unified and standardized legislation for small and medium-sized enterprises, resulting in unequal legal status and rights of small and medium-sized enterprises of various ownership. In addition, the law enforcement environment is also very poor. Some local governments acquiesce or even condone enterprises to evade bank debts for their own local interests, and their ability to protect bank claims by law is low, which intensifies the "fear of loans" psychology of financial institutions.

10. SMEs in China lack direct financing channels in the capital market. The China stock market implements strict planned management and total amount control for the issuance of new shares. After 1997, the securities authorities no longer distributed the number of shares issued to all localities and parts, but distributed the number of newly listed companies. In order to raise more funds, all localities and ministries are competing to recommend large companies to go public, so it is very difficult for small and medium-sized enterprises to enter the securities market for financing. Judging from the corporate bond market, the issuance of corporate bonds in China is strictly controlled by the government. According to the macro-economic operation, the state determines the issuance scale of corporate bonds in that year and distributes them to all regions and departments. The People's Bank of China is responsible for approving the term, variety and interest rate of bond issuance; China Securities Regulatory Commission examines whether the bonds meet the conditions for listing and trading, and makes an examination and approval decision on whether to allow them to be listed and traded on the exchange. It is difficult for small and medium-sized enterprises to obtain the qualification of issuing bonds for financing.

Second, the countermeasures to solve the problem

According to the above analysis of the financing difficulties of small and medium-sized enterprises, the financing difficulties of small and medium-sized enterprises include small scale, small assets, high debt ratio and weak guarantee ability; The quality of managers is low, the financial system is not perfect and the credit rating is low; There are also problems of high risk and high cost of bank loans; There is also the problem of insufficient government support. Therefore, the guiding ideology to solve these problems is to invigorate the local financial market and raise funds for the development of small and medium-sized enterprises through multiple channels. Implement policy support, government-led, local-oriented, market operation, and resolve risks. To strengthen the financing of small and medium-sized enterprises and support their development, it is necessary to establish a financing system for small and medium-sized enterprises. In this regard, we can learn from the experience of other countries and regions in solving the financing difficulties of SMEs and take corresponding measures, especially in terms of policies. Specific measures are:

1. Build a perfect legal guarantee system. The existing legal provisions for small and medium-sized enterprises are mainly "Regulations on collectively-owned enterprises in cities and towns" and "Law on Township Enterprises". These two laws and regulations are classified according to the nature of ownership and different organizational forms, lacking unified legislative standards and behavioral norms. In terms of financial credit, there is a lack of supporting protection laws and regulations for small and medium-sized enterprises. Drawing lessons from the experience of developed countries and regions, it is inseparable from legislative support to provide all aspects of policy and financial support for the development of small and medium-sized enterprises. Legal protection can be considered from the following levels:

Laws to protect small and medium-sized enterprises, such as the Small Enterprise Law of the United States and the Small and Medium-sized Enterprise Law of Japan; Professional, regional or industrial laws, such as the Small Enterprise Technology Innovation and Development Law of the United States and the Small and Medium Enterprise Financial Fund Pool Law of Japan. Anti-monopoly laws, such as Sherman's anti-trust law in the United States and Germany's anti-unfair competition law. Accelerate the legislation of credit system for small and medium-sized enterprises. Relevant departments should be designated as soon as possible to organize the formulation of laws or regulations on SME loans. First of all, it is necessary to divide the classification standards of small and medium-sized enterprises and clarify the definition methods of small and medium-sized enterprises. Secondly, it is necessary to clarify the roles and functions of various financial institutions in the credit system of SMEs, and formulate specific loan management measures and incentive measures for SMEs. Thirdly, it is necessary to implement the financial channels, implementing agencies and management measures for the government to support loans to SMEs.

2. Vigorously develop local financial institutions. Local financial institutions can be established as long as they meet the standards stipulated in the Commercial Bank Law, regardless of the nature of their ownership, as long as they are approved by the central bank and registered by the industrial and commercial departments. And strengthen supervision, encourage competition, and form a standardized entry and exit mechanism for local financial institutions to survive the fittest. Gather more idle funds to support the development of local SMEs.

3. Gradually liberalize the private lending market and broaden the direct financing channels for SMEs. The financing activities of non-governmental entities cannot be simply prohibited, but should be regulated by local laws and regulations, and the rights and responsibilities of both financing parties should be clarified and brought into the formal financial system.

4. Establish and improve the SME financing credit guarantee system. The government should guide intermediaries to establish enterprise economic files and legal representative credit files through scientific evaluation and demonstration, and establish and improve the enterprise credit system that meets the requirements of market economy.

Revise the credit rating evaluation standard of state-owned commercial banks. At present, the credit rating of state-owned commercial banks in China is not conducive to small and medium-sized enterprises, which contains psychological discrimination against small and medium-sized enterprises. Practice has proved that comprehensive enterprise groups that blindly expand their business scale cannot adapt to market changes and produce more stable benefits and stronger credit than specialized small and medium-sized enterprises. Therefore, state-owned commercial banks should adjust their strategies in the evaluation of enterprise credit rating in time, change their emphasis on the scale of enterprise operation to the efficiency of enterprise operation, and cancel some discriminatory evaluation items.

At present, there are few guarantee institutions for financing small and medium-sized enterprises and lack of funds. Small and medium-sized enterprises, especially small and medium-sized enterprises in the growth period, are very broad credit markets for banks; At the same time, the shortage of funds restricts the development of small and medium-sized enterprises, but not many small and medium-sized enterprises can provide effective guarantees and mortgages; In addition, the accounting system of small and medium-sized enterprises, especially non-public enterprises, is still not perfect, and there are still irregularities in the management system, which makes the loan risk greater. According to China's actual situation and the experience of other countries, China's SME loan guarantee system should be a SME credit guarantee system with government guarantee as the main factor and other forms of guarantee coexisting. Various forms of credit guarantee institutions can be established, and various channels can be opened to raise guarantee funds: the government, social intermediary organizations, enterprises and banks jointly establish a loan guarantee fund for small and medium-sized enterprises; Effectively improve intermediary services, simplify procedures and lower standards; Financial institutions may appropriately expand the mortgage scope of effective property. In addition, in the process of establishing the credit guarantee system for small and medium-sized enterprises, seven core principles should be adhered to: predictability, initiative, creativity, synergy, permeability, humanity and gradualism.

At present, many provinces and cities have introduced measures to establish a security system. In order to support the growth of small and medium-sized enterprises and open up the credit market, banks should actively assist and promote relevant government departments to establish a guarantee system for small and medium-sized enterprises. It is necessary to simplify the procedures and conditions for SME loan mortgage and allow fixed assets and intangible assets as collateral; Establish government loan guarantees Fund to provide government guarantee for small and medium-sized enterprises that have developed well through evaluation; The establishment of small and medium-sized enterprise guarantee funds is guided by the government, so as to adjust the guarantee resources among enterprises. It is suggested to set up a local SME financing guarantee institution. In addition to the prefecture (city) level guarantee institutions, all districts (cities) and counties should also set up guarantee institutions specifically for SME financing, encourage enterprises to implement membership-based joint guarantee, and form a crisscross SME guarantee system. The guarantee fund is started by the government finance, and all parties contribute money to share risks and benefits.

5. Encourage small and medium-sized enterprises to rely on advantageous enterprises. The government takes measures to encourage large enterprises with high market share to attract small and medium-sized enterprises to become their parts production units, and process and produce parts and accessories according to the drawings. This not only guides SMEs to develop in the direction of specialization, precision, cutting-edge and specialization, but also solves the sales of products and finds financing guarantee units for SMEs. More importantly, it promotes the specialization and socialization of production in the whole society.

6. Vigorously promote the system reform of existing city commercial banks and urban and rural credit cooperatives, implement the reform of joint-stock system and joint-stock cooperative system, establish corporate governance institutions, improve the overall quality of bank employees, and make them legal entities and competitors in the market currency. At present, it is necessary to take the opportunity of clearing township debts to recover old debts or divest non-performing assets in the form of state-owned commercial banks. Make it go into battle lightly and better serve the financing of small and medium-sized enterprises. Gradually promote the marketization of interest rates of local financial institutions. Interest rate is the price of money, and price competition is an important means of market competition. As long as the interest rate is marketized and the government properly intervenes, local financial institutions can be active and their competitiveness can be improved.

Expand the types and scope of financial services for small and medium-sized enterprises. According to the characteristics of small and medium-sized enterprises' production and operation and capital flow, flexible and diverse settlement tools should be introduced to smooth the way of collecting money and provide convenient and fast settlement tools for small and medium-sized enterprises. Increase collection and acceptance, bill acceptance and discount business for small and medium-sized enterprises as soon as possible. In addition, we should also take advantage of the numerous outlets and large amount of information of financial institutions to provide information services such as market opportunities, economic policies, management and investment decision consultation for small and medium-sized enterprises. In addition, we can also expand the financing channels of small and medium-sized enterprises in other aspects, expand their sources of funds, give active and lasting support and inclination in policies, and gradually realize their real "national treatment" with large and medium-sized enterprises in financing.

7. The government implements preferential policies such as tax reduction, interest discount and subsidy for the financing of technology-based and growth-oriented small and medium-sized enterprises supported by financial institutions. In order to mobilize the enthusiasm of financial institutions for financing SMEs. In view of the large number and scattered distribution of small and medium-sized enterprises, the government implements classified guidance, encourages the survival of the fittest and adopts competitive measures for survival of the fittest. Priority is given to small and medium-sized enterprises with marketable products, broad market prospects, strong technological innovation ability and good benefits. Implement supporting the excellent and the strong.

8. All localities should speed up the process of building a socialized service system for small and medium-sized enterprises, comprehensively solve a series of major problems in the development of small and medium-sized enterprises, and make them a new bright spot in economic development. Small and medium-sized enterprises are an important force in the development of local economy and an important support point of local economy, especially in solving the employment problem facing our country at present. At present, in view of the problems existing in the development of small and medium-sized enterprises, efforts should be made to invigorate local financial institutions, solve the financing difficulties of small and medium-sized enterprises through multiple channels, promote the development of small and medium-sized enterprises, and make them a new growth point of our economy.

9. Establish a loan system for non-state-owned small and medium-sized enterprises. The 15th National Congress of the Communist Party of China has clearly pointed out that the non-public economy is an important part of China's socialist market economy, and it is necessary to continue to encourage and guide the healthy development of the individual, private and other non-public economies. Therefore, state-owned commercial banks should treat non-public enterprises equally, and increase investment in non-state-owned economy in accordance with the operating principles of commercial banks without increasing any political factors and concerns. Moreover, with the completion of the restructuring of small state-owned enterprises, the credit market of small and medium-sized enterprises, especially small enterprises, is basically the market of non-state-owned enterprises. For example, Zhejiang, Fujian and other regions are mainly credit markets for non-public enterprises, that is, private individuals and foreign-invested enterprises. If banks ignore the investment in non-public enterprises, they will lose a big market and the most dynamic growth point with relatively small loan risk.

10. Actively seek venture capital. About 95% of SMEs in China have assets below100000 yuan. The small scale of the enterprise leads to insufficient investment in R&D expenses, and some achievements have been shelved because the enterprise does not have enough financial resources to enter the pilot project. Therefore, for those high-tech small and medium-sized enterprises with good development stage and good prospects, they should actively establish contact with domestic and foreign venture capital institutions to find venture capital funds. At the same time, small and medium-sized enterprises should improve their internal management system, standardize their production and operation, create a good image, strengthen information exchange and business communication, obtain information from various channels, including government departments, consulting companies, banks, etc., and actively communicate with domestic and foreign venture capital institutions to seek their support and help.

1 1. Strengthen internal financing and establish joint-stock cooperative enterprises. Joint-stock cooperative enterprise is a form of enterprise organization that combines capital with people. On the one hand, it can mobilize the enthusiasm of all employees for production and operation, on the other hand, it can expand the source of funds for enterprises, accumulate idle funds for all employees, and give play to the scale effect. For well-developed joint-stock cooperative enterprises, they can be transformed into joint-stock companies, and finally strive for listing and break through the obstacles and bottlenecks of financing. The establishment of joint-stock cooperative enterprises can also overcome the disadvantages of traditional family management of small and medium-sized enterprises, make small and medium-sized enterprises embark on open management, and finally move towards establishing a standardized modern enterprise system. At present, many small and medium-sized enterprises continue to grow through restructuring, and some have been listed on the Shenzhen-Shanghai Stock Exchange. According to statistics, by the end of 1999, there were 14 private enterprises listed on the Shenzhen-Shanghai Stock Exchange. These enterprises are all developed by small and medium-sized enterprises through restructuring. This can be said to be one of the development directions of small and medium-sized enterprises in China.

12. Establish SME trade associations or alliances. This kind of association or alliance should be mutually supportive, which can not only provide information for small and medium-sized enterprises in the association or alliance, but also provide places and conditions for small and medium-sized enterprises to exchange talents, technology, management and funds. Small and medium-sized enterprises in associations or alliances should strengthen mutual assistance and cooperation. Enterprises with abundant funds can provide financial support for other enterprises, and technologically advanced enterprises can provide technical guidance for other enterprises and provide loan guarantees to each other. This can solve the financing difficulties of some small and medium-sized enterprises within the association or alliance. Moreover, this kind of union or alliance laid the foundation for its future development as a group company or affiliated company.

13. step up mergers, joint ventures and joint ventures. In today's increasingly fierce market competition, the strength of a single enterprise has gradually weakened, so a wave of restructuring and mergers and acquisitions swept the world. Small and medium-sized enterprises should take advantage of this trend and actively carry out mergers or joint ventures. By merging some well-funded enterprises, we can solve our own financial difficulties, and we can also achieve this goal through joint ventures with other powerful enterprises. Small and medium-sized enterprises can also actively introduce foreign capital and become Sino-foreign joint ventures through restructuring, so that on the one hand, they can increase their own financial strength, on the other hand, they can learn from foreign advanced management experience and technology.

14. Create new business forms. By introducing new forms such as franchising and agency system, we can overcome the shortage of our own funds. Moreover, the introduction of these advanced business forms can even lead to the change of business philosophy of small and medium-sized enterprises, cause the change of their management, and realize the leap of their development while enhancing their financial strength.

To sum up, the financing difficulty of SMEs in China is an important problem to be solved urgently. To deal with the traditional problem of financing difficulties of small and medium-sized enterprises, we should not stick to the shackles of traditional concepts, but analyze it from a modern point of view, not only from the perspective of national policies, but also from the perspective of enterprises themselves. Draw lessons from the good experience at home and abroad, according to the specific actual situation, come up with operable concrete measures and implement them. In this way, this traditional problem will be well solved, and small and medium-sized enterprises will reach a new development realm and play an increasingly important role in socialist modernization.

The reason for this is the following：

1, lacking the guarantee recognized by the bank;

At present, the collateral recognized by banks is mainly tangible assets such as real estate and land, and small enterprises are in enterprises.

At the beginning of the development of the industry, this part of assets was just in short supply; This is the most important reason for the financing difficulties of small enterprises.

2. Some enterprises have weak credit awareness;

Due to historical reasons, the credit awareness of some enterprises is still weak; Some enterprises feel that it is normal to pay back a few days later. What's more, even if they have money, they don't want to repay the bank loan. The repayment consciousness of enterprises lags behind the needs of bank credit system and risk management. This is also the reason why it is difficult for small enterprises to rely on credit guarantee financing.

3. Enterprise management construction lags behind, and banks lack sufficient information to judge the profitability of enterprises;

Incomplete and unaudited accounting statements are common in small enterprises. On the other hand, small businesses publish relatively little information. Even if banks rely on all the information provided by enterprises, sometimes it is impossible to evaluate the profitability of enterprises. For risk reasons, banks prefer to repay loans. This is also the reason why small business loan banks pay more attention to the guarantee situation.

Reasons for the shortage of funds in small and medium-sized enterprises

Many small and medium-sized enterprises in China are in trouble because of the shortage of funds, and enterprises stop production or even go bankrupt. The lack of liquidity has become a problem that restricts the development of small and medium-sized enterprises. There are many reasons for the shortage of funds in small and medium-sized enterprises, including macroeconomic factors and enterprise management system factors.

First, the financial situation is poor. Enterprise financing is difficult. Small and medium-sized enterprises have high asset-liability ratio and poor financial situation, so it is difficult to apply for loans from financial institutions or commercial banks. Even if they borrow money from the bank with assets as collateral, the amount is very limited.

Second, there is insufficient liquidity. When small and medium-sized enterprises are built, due to less investment, after meeting the basic investment of equipment and factory buildings, the liquidity required for production is insufficient, and enterprises are unable to expand the liquidity necessary for production, resulting in insufficient liquidity for enterprises.

Third, the product sales price is low, and the salary increase of employees deviates from the price. In the fierce market competition, we must rely on both technical strength and sales price competition. As a result, the sales price of products is getting lower and lower. However, with the improvement of people's living standards, employees' wages need to be raised relatively, which leads to the deviation between the growth rate of employees' wages and the growth rate of sales revenue and increases the burden on enterprises.

Four, poor management of enterprises caused losses, decision-making mistakes, resulting in financial losses. The business model of small and medium-sized enterprises can not meet the market requirements, and the management means and methods are backward, resulting in business losses; Lack of research on investment decision-making, arbitrary investment decision-making, quick success and instant benefit, high-risk management, resulting in economic losses and crowding out production funds.

Five, the backlog of inventory, taking up a lot of liquidity. Some small and medium-sized enterprises can't adapt to market changes, adjust products and blindly produce, resulting in a large inventory backlog and occupying a large amount of working capital. Enterprises are in arrears with each other, forming a "triangular debt" situation.

Six, improve the social security system, the implementation of credit sales, increasing the burden on enterprises. With the gradual establishment and improvement of the social security system, enterprises handle social insurance for employees, which solves the worries of employees and increases the burden on enterprises. At the same time, the sales money can't be returned in time. As long as sales are realized, enterprises must pay taxes and fees in advance. The greater the credit sale of an enterprise, the more tax and fee expenditures on behalf of the enterprise, and the more serious the shortage of funds.

Measures to solve the shortage of funds in small and medium-sized enterprises

First, establish the capital consciousness of modern enterprises, optimize the asset structure and increase financing channels. It is necessary to strengthen the concept of time value and cost of funds, optimize the asset structure of small and medium-sized enterprises, improve the financial integrity of enterprises, do a good job in cooperation between banks and enterprises, obtain the right to use funds from various channels, concentrate scattered funds for use, strengthen the unified management of funds and reduce the cost of funds.

Two, strengthen the management of accounts receivable, accelerate the recovery of enterprise funds. Capital recovery is the most important link for enterprises, and SMEs should pay more attention to it. If the funds cannot be recovered in time, many previous efforts will be in vain. Therefore, in order to settle funds in time and reduce accounts receivable, we should not only set sales targets for salespeople, but also set fund recovery targets, stipulating that the fund recovery rate of salespeople should reach more than 90%, so as to confirm the completion of sales. Establish credit sales and credit sales responsibility system, link credit sales and credit sales with personal interests, strengthen the aging analysis of accounts receivable, and prevent the formation of new "triangular debts".

Three, strengthen the internal control of funds, establish a fund management system. Small and medium-sized enterprises must strengthen internal fund management, follow the principle of living within our means, strictly implement the "one pen" examination and approval system, strictly control plans, strictly examine and analyze the scope of action, reduce losses and waste, and gradually change fund management from "rule by man" to "rule by law" to achieve the purpose of institutional financial management.

Fourth, strengthen inventory management, reduce procurement costs and revitalize liquidity. Most of the working capital of small and medium-sized enterprises is occupied by inventory. In order to optimize the inventory structure, promote zero inventory of consumable materials, reduce the procurement cost of raw materials, shorten the weekly cycle, establish an open bidding system for purchasing goods, strictly control the procurement cost, reduce the inventory to a reasonable stock, reduce the inventory occupation and speed up the turnover of working capital.

Five, strengthen investment management, improve the efficiency of the use of funds. With the intensification of market competition and the pursuit of profits by enterprises, the investment activities of small and medium-sized enterprises are more frequent. Market economy is a competitive economy, and the law of competition is survival of the fittest. The risk of investment requires small and medium-sized enterprises to pay attention to the study of risks in financial management, and try their best to control and avoid risks. This requires enterprises to have new ideas, strengthen investment decision-making research, and ensure the rapid and efficient turnover of funds.

Economic globalization and knowledge economy have arrived. In order to meet the requirements of the new situation, expand market share and improve economic efficiency, small and medium-sized enterprises must solve the problem of capital shortage, establish a modern enterprise system, realize standardized and orderly operation, grasp the eternal theme centered on capital management and improve the efficiency of capital use. Only in this way can they be in an invincible position in the market competition and inject new vitality into the development of enterprises.