Financial market model essay 1: Analysis of the financing situation of enterprises in China Abstract: Small and medium-sized enterprises play an important role in China's economy, accounting for more than 60% of gdp, but only 20% of economic resources. How to change the inequality of resource allocation, expand the financing of small and medium-sized enterprises, and improve the financial financing channels and system construction is an urgent problem to be solved in China's economic system reform.
First, China's SMEs financing difficulties
In terms of endogenous financing, SMEs lack their own funds and their self-accumulation is limited.
From a global perspective, small and medium-sized enterprises have basically developed and grown up by endogenous financing at the start-up stage. This is because in the initial stage, the business scale of the enterprise is still small, the product line is immature and the market risk is great. Therefore, external financing is not only difficult but also costly, so small and medium-sized enterprises have to raise funds mainly through self-financing and borrowing from related parties. Self-financing is usually manifested in the case of insufficient liquidity. Borrow from related parties. The interest rates of the two methods are generally higher than the loan interest rates of the same period. According to Guangdong private enterprise financing questionnaire and Wenzhou empirical research, by the end of 2004, enterprises were in the first place among most small and medium-sized enterprises through endogenous financing. However, on the whole, small and medium-sized enterprises in China generally lack their own funds. Take private enterprises as an example. At present, the average registered capital of each household is only over 800,000 yuan. In terms of internal financing, most small and medium-sized enterprises in China are in a very difficult position. If they can't turn to external financing, let alone expand their enterprises, it will be a problem to maintain their production and operation.
[wwW.niuBb.NET](2) In terms of direct financing of foreign capital financing, the entry threshold of the securities market is very high.
At present, China's capital market is still far from perfect, and it is difficult for most enterprises, especially small and medium-sized enterprises, to obtain funds through direct financing channels. From the perspective of equity financing, as the only market for enterprises to issue shares, the Shanghai and Shenzhen Stock Exchanges have set a high threshold, which is by no means accessible to ordinary small and medium-sized enterprises. According to the requirements of the Company Law and the Securities Law, the total share capital of listed companies is not less than 50 million yuan, and it is required to be in business for more than three years and continue to make profits. Therefore, the vast number of small and medium-sized enterprises with an average registered capital of more than 800,000 yuan are not qualified for listing or issuing corporate bonds. From the perspective of bond financing, the development of the bond market of China enterprises lags far behind that of the stock market, so it is difficult for large enterprises to raise funds by issuing bonds, let alone small and medium-sized enterprises with relatively poor credit ratings. It is unrealistic to rely on equity financing and debt financing to solve the financing problems of many small and medium-sized enterprises in China, especially non-state-owned small and medium-sized enterprises.
As far as indirect financing from external sources is concerned, SMEs have limited funds.
In the indirect financing channels of small and medium-sized enterprises in China, commercial bank loans account for the vast majority. However, commercial banks have always had various restrictions on lending to SMEs. According to statistics, at present, the loan scale of small and medium-sized enterprises only accounts for about 8% of the total bank credit, which is extremely asymmetric with the ratio of 1/3 of GDP, 2/3 of industrial added value, 38% of export earnings and 1/4 of national fiscal revenue.
Second, the causes of financing difficulties for SMEs
The financing difficulty of small and medium-sized enterprises is not unique to China, but a problem faced by all countries in the world. However, because our country is in the transition period of economic system. This reminds me that the financing difficulties of small and medium-sized enterprises have some characteristics different from those of other countries. Now from the following aspects, analyze the reasons for the financing difficulties of small and medium-sized enterprises:
(A) SMEs have not yet established modern enterprises.
Business system, financial management and operation management are not standardized. Most small and medium-sized enterprises are developed by family management and partnership management. Many small and medium-sized enterprises have not established a modern enterprise system, with single property rights, small scale and low scientific and technological content; Short-term business behavior, more debt, less accumulation, insufficient investment scale and market competitiveness, low risk resistance, easy to be eliminated by the market; Financial management and operation management are not standardized. According to the survey, 80% of the accounting statements of small and medium-sized enterprises are untrue or have no accounting statements. Some enterprises even have four accounts (bank, industry and commerce, taxation and self) with distorted financial information. In addition, because some small and medium-sized enterprises evade bank debts and have multiple mortgages, their credit ratings are not high. Because banks lack sufficient confidence in them, in order to ensure the safety of credit funds, reduce costs and improve economic benefits, banks are unwilling to take risks in granting loans to small and medium-sized enterprises.
(B) SME Edition (Entrepreneurial Edition) plays a limited role in solving the financing difficulties of SMEs.
In May 2004, the SME Edition was officially launched in Shenzhen Stock Exchange. The establishment of SME version can avoid SMEs from relying too much on bank loans, create a direct financing model for SMEs, and help broaden financing channels for SMEs. However, this capital market scheme for SME financing can only solve the financing problems of some high-risk and high-return technology-based enterprises. In the future, China's resource endowment structure will be characterized by relatively scarce capital and relatively abundant labor. It is difficult for small and medium-sized labor-intensive enterprises to become high-yield and high-growth enterprises like scientific and technological enterprises. Therefore, solving the financing difficulties of SMEs through the capital market is not very helpful to these labor-intensive SMEs.
State-owned banks are very reluctant to lend.
The reasons why state-owned banks are reluctant to lend can be analyzed from the perspective of information asymmetry and transaction cost. Due to the incompleteness and uncertainty of information, the borrower has the advantage of information, so it is difficult for the lender to collect all the information of the borrower, or it costs a lot to collect and identify this information. Most small and medium-sized enterprises are in the initial stage, which are not only large in number and small in scale, but also require less funds for a single enterprise and have poor transparency in financial management, resulting in low credit level of small and medium-sized enterprises. In addition, most SME offices
In the competitive field, the operating risk and elimination rate are high, the financing risk is high, and the return on investment is relatively low. Therefore, the bank's credit to SMEs may become more than its own ability, and SMEs are unwilling to provide relevant financial information according to the requirements of banks. As a result, the loan cost and supervision cost of banks have increased. Due to the lack of sufficient information about the risk of SME customers, banks cannot make appropriate risk assessment. In addition, small and medium-sized enterprises and large enterprises are operating in transparency and mortgage conditions.
Due to financial differences and banks' pursuit of scale effect, large financial enterprises are usually more willing to provide financing services for large enterprises than for small and medium-sized enterprises with less capital needs.
(D) SME credit guarantee system is not perfect
By the end of 2007, China has established more than 600 kinds of guarantee institutions to serve small and medium-sized enterprises, providing loan guarantees of more than 20 billion yuan for small and medium-sized enterprises. China's guarantee system is mainly based on policy financing guarantee, mainly funded by the government, with little involvement of private capital. Policy guarantee institutions do not need to be responsible for their own profits and losses, but pursue social benefits, which does not meet the high risk of guarantee, and may make the guarantee too large and turn it into welfare. When banks consider that once the amount of compensation is too large or concentrated, the guarantee institutions are unable to pay, they are reluctant to lend to small and medium-sized enterprises. In addition, the discount rate of credit mortgage of SMEs in China is too high. Generally speaking, small and medium-sized enterprises are small in scale and have few mortgaged items. However, the current financial discount rate for collateral is too high, which makes many small and medium-sized enterprises unable to obtain sufficient credit funds.
Third, to solve the financing difficulties of SMEs countermeasures
(1) Strengthen the corporate governance of small and medium-sized enterprises. Many small and medium-sized enterprises in China still have obvious family characteristics. In terms of employing people, family members occupy important management positions and act arbitrarily. This management mode is not conducive to SMEs to introduce excellent management talents, improve the scientific management decisions of SMEs, increase the operational risks of SMEs, and reduce the credit level of SMEs, making banks and investors reluctant to lend and invest to them.
In view of this, small and medium-sized enterprises should take the road of diversification of property rights, carry out corporate transformation according to the requirements of modern enterprise system, solve the restriction of family system on their development, adjust the shareholding structure, introduce excellent management talents, improve operational efficiency and reduce operational risks, thus improving credit level and enhancing financing ability.
(2) Establish and improve the credit guarantee system for small and medium-sized enterprises, and vigorously develop the mutual guarantee system.
Fully understand and attach importance to the role of credit guarantee system for small and medium-sized enterprises, and establish multi-level, multi-structure and multi-ownership parallel credit guarantee institutions and re-guarantee institutions for small and medium-sized enterprises in accordance with the requirements of market economy development. First of all, we should establish a credit guarantee system with the government as the main body. Funded by governments at all levels, an independent guarantee institution with legal personality will be established, which will operate in a market-oriented and open manner, with no profit as the main purpose. Secondly, establish a commercial guarantee company. It is mainly funded by legal persons and natural persons, established in accordance with the requirements of the company law, with commercial operation and profit as its main purpose. Third, establish mutual guarantee institutions. It is composed of small and medium-sized enterprises voluntarily and jointly funded, which plays the role of joint insurance and mutual insurance, and is not for profit. The advantages of mutual guarantee come from the property right structure of private guarantee, community mutual assistance, mutual supervision and mutual guarantee mechanism. When faced with another kind of risk, the usual practice of policy guarantee is to transfer the risk to the government. The risks borne by mutual guarantee institutions are ultimately shared by the members, which are easily accepted by potential guarantors, and the guarantee approver and the guarantee applicant know each other, thus alleviating the crisis of information asymmetry; Mutual guarantee transforms the external supervision of banks or government guarantee institutions into the internal supervision of mutual guarantee institutions, which improves the effectiveness of supervision; Small and medium-sized enterprises at a disadvantage are linked by mutual guarantee because they can win more favorable conditions in bank negotiations; Mutual insurance reduces the financial burden of the government, creates a new communication channel between the government and small and medium-sized enterprises, and is easily supported by the government. In order to meet the needs of future development, it is advisable to build a structural system with mutual guarantee institutions, policy guarantee institutions and commercial guarantee institutions as the main body and regional and municipal, provincial and national re-guarantee institutions as the support.
(3) Changing the business philosophy and mode of state-owned commercial banks and improving the financing services of small and medium-sized enterprises.
For the majority of small and medium-sized enterprises entering the mature period, the most concerned and expected thing is to obtain bank loans in time. Judging from the situation of developed countries, no matter how developed their capital markets are, bank credit financing is always the main source of SMEs.
1. Adjust the credit policies of state-owned commercial banks, and strengthen and improve credit institutions serving small and medium-sized enterprises. It is a misunderstanding of loan standards for commercial banks to break the enterprise scale and shareholding structure. In addition to the head office, the first-level branches and second-level branches, as basic accounting units, should also separate and set up special credit institutions for SMEs as soon as possible.
2. Revise enterprise credit rating standards and establish a credit rating system for growing SMEs. The industry development, growth expectation, management team and scientific and technological advantages of enterprises should be taken as the main factors of evaluation, which should be reflected by quantitative indicators, and then combined with the financial situation, such enterprises should be comprehensively evaluated.
3. Improve the enthusiasm of commercial banks in lending to small and medium-sized enterprises in terms of policies. We can consider expanding the interest rate floating range of commercial banks' loans to SMEs. For commercial banks with a high proportion of SME loans, measures such as eliminating bad debts and financial subsidies can be considered to enhance their ability to resist risks.
4. Use financial innovation tools to improve credit financing ability. Many growing small and medium-sized enterprises have high risks, so it is obviously risky to use credit financing. Although such enterprises will also bring high returns, such high returns will not increase the interest income of bank credit. If part of the proceeds are converted into equity financing, it will not only bring the benefits brought by the growth of SMEs to banks, but also reduce the overall risk of credit.
(4) Vigorously develop local small and medium-sized financial institutions.
Local small and medium-sized institutions include city commercial banks, urban credit cooperatives, rural credit cooperatives, local SME property rights trading markets, SME bond markets and local venture capital companies. Now, although there are more than 50,000 rural credit cooperatives and more than 5,000 urban credit cooperatives in China, their cooperative nature has faded into? Quasi-state-owned commercial banks? On the basis of rectification, commercial banks for small and medium-sized enterprises will be established to provide commercial loans to local small and medium-sized enterprises. Small and medium-sized financial institutions have the information advantage of providing services for small and medium-sized enterprises; Small and medium-sized financial institutions are generally local financial institutions. Through long-term cooperation, small and medium-sized financial institutions have gradually increased their understanding of the operating conditions of local small and medium-sized enterprises, which is helpful to solve the information asymmetry problem between small and medium-sized financial institutions and small and medium-sized enterprises. Civil servant's home
(5) Developing financial leasing business.
This is because for small and medium-sized enterprises, financial leasing has advantages that other financing methods do not have:
1. With few restrictions, it can quickly form realistic productive forces; It can enable small and medium-sized enterprises to maintain the advanced technology and equipment and improve product competitiveness; Compared with issuing stocks, bonds or borrowing from banks, it is less restricted by the system, enterprise scale, credit rating, responsibility ratio and guarantee conditions.
2. Small and medium-sized enterprises have less financing risk and have the right to choose the equipment they need most, and actively update the equipment in time. Since the ownership of the equipment belongs to the lessor during the lease term, the lessee has the right to choose to return or purchase it at the expiration of the lease term, and the risk of outdated equipment will be borne by the lessor. When small and medium-sized enterprises are unable to pay the rent due to poor management, the lessor has to take back the equipment. Compared with bankruptcy liquidation under debt financing, financial leasing has less financial risk.
3. Maintain the financial rationality and security of SMEs. On the one hand, it avoids excessive occupation of working capital at one time and enhances the liquidity of small and medium-sized enterprises; On the other hand, compared with equity financing, lease financing can avoid the dilution of equity.
4. It can save tax. According to the provisions of China's tax law, the depreciation of leased equipment is extracted by the lessee, and the interest and handling fee included in the rent paid by the lessee can be deducted before tax, so that the lessee can benefit from tax reduction.
Financial market model essay 2: Abstract: The global financial turmoil triggered by the American financial crisis has had a serious impact on the world economy. We should deal with the crisis, sum up the process of the incident and reflect.
The beginning of the text of the model essay on finance graduation thesis >> Abstract: The global financial turmoil triggered by the American financial crisis has seriously affected the world economy. To cope with the crisis, we should sum up the process of the incident and reflect on the lessons. In the development of western financial industry, we should pay attention to the problem of excessive concentration of credit, promote and play the positive role of financial innovation, encourage moderate consumption, establish strict financial risk assessment mechanism, strengthen financial supervision and legislation, and promote and guarantee the steady development of financial industry. ?
Keywords: financial crisis; Western region; Lessons learned; Develop thinking?
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The world financial turmoil triggered by the American financial crisis has brought a serious impact on the global economic development and people's lives, and aroused the worries of governments and people all over the world, especially the financial industry. So, how did this financial crisis happen? What are the experiences and lessons that we can learn from the western development and the development of the western financial industry? In this regard, this paper makes the following analysis and thinking. ?
1. Analysis of the causes and related problems of the American financial crisis?
In April 2007, New Century Mortgage Company filed for bankruptcy protection, and the risk crisis of American subprime mortgage market began. Since then, with the Federal Reserve, Europe, Japan and other countries repeatedly injecting capital into the financial system to rescue the market, and the continuous reduction of the interest rate of the Federal Reserve, the Wall Street storm represented by the collapse of Lehman Brothers has gradually evolved into a global financial crisis. The development process of this financial crisis can be divided into three stages: first, the debt crisis, that is, the problems caused by financial institutions lending to a large number of low-income groups with poor credit and lenders failing to repay the principal and interest on time; Second, the liquidity crisis, that is, these financial institutions can not generate enough liquidity in time to deal with the liquidation of creditors caused by the debt crisis; The third is the credit crisis, that is, people have a comprehensive suspicion of credit-based financial activities. Exploring the occurrence of this financial crisis, if analyzed from the institutional mechanism and related financial macro-management decisions, is directly related to the problems existing in the American debt economic model, financial mechanism and financial macro-management decisions themselves. ?
(1) The American economic model of getting something for nothing. The debt economy model is a real shell economy, which gave birth to the big bubble of American economic growth?
As we all know, the debt economy model came into being in the 1970s, when two oil crises greatly increased the demand for US dollars from all countries in the world. Volcker gave up the control of the dollar money supply and turned to interest rate as a monetary means to regulate the macro-economy. In other words, the United States no longer needs ordinary industrial enterprises. Except for food, general consumer goods and general industrial equipment, other commodities are purchased from the international market and exported to all parts of the world. For the smooth settlement of international trade, other countries have to hold a considerable amount of US dollar reserves and buy US bonds or other so-called safe US dollar assets to ensure the preservation and appreciation of US dollar reserves. Under this financial framework, as long as the status of the US dollar as an international settlement currency remains unchanged, foreign governments will always need US dollar reserves, and the debts owed by the United States will never be repaid. Inflation or the depreciation of the US dollar will naturally erode interest rates. According to statistics, from 1990s to now, the proportion of manufacturing industry in American GDP is less than 10%, and the growth rate of manufacturing investment is even less, while the proportion of service industry in American GDP is as high as 80%. According to the famous American scholar Anderson? Viking's calculation shows that for every 1 dollar of GDP, the United States must borrow more than $5 in new debt. At the same time, with the increase of international trade volume, the dollar debt will also increase. It is this debt economic model that has not only strengthened the American economy, but also laid a hidden danger for the occurrence of the American financial crisis. That is, once the rapid expansion of consumer credit leads to the subprime mortgage crisis, short-term interest rates, monetary assets, securities, real estate, land prices, the number of commercial bankruptcies and the number of financial institutions will all drop or increase significantly, thus leading to the financial crisis. ?
(B) The financial investment incentive mechanism is unbalanced, leading to excessive fiscal expansion?
The extreme expansion of American financial investment is closely related to the imbalance of financial investment incentive mechanism. Under the debt economy model, financiers and professional managers on Wall Street in the United States can only gain more benefits by infinitely expanding financial derivatives such as stocks and options. By mid-2008, the nominal amount of various derivatives in the United States was as high as $200 trillion. Leverage of financial institutions
The rate is as high as 50-60 times, far exceeding several times or even more the normal level, which aggravates its financial fragility? (1) However, financiers and professional managers take risks for their own benefit, and make constant mistakes in securitization analysis, systematic risk estimation and even calculation of default probability. This situation, coupled with the bad behavior of Wall Street financiers, such as illegal arbitrage and inaccurate pyramid schemes, led to the rapid expansion of asset securitization. Once the asset securitization is excessive, it will inevitably lengthen the financial transaction chain, reduce the transparency of the financial market, and enlarge the financial risks unprecedentedly. ?
(C) Lack of financial supervision over consumer credit?
From Y=C+I+NX, we can see that the huge trade deficit of the United States makes the net export NX have a negative effect on the economy. However, the growth rate of manufacturing investment in the United States is decreasing, only 2.7% in 2006, and the investment is only 2. 1% of GDP. Financial investment can only balance the trade deficit. Therefore, the United States can only stimulate economic growth by increasing consumption. In 2007 alone, the contribution rate of consumption to GDP growth in the United States was as high as 72%. However, the reality is that from 197 1 to 2007, the absolute income level of the American people declined, the number of the middle class shrank sharply, and the unemployment rate continued to rise. In order to solve this contradiction, the US government has taken measures to continuously encourage consumer credit. That is, those who are not qualified to borrow money can borrow money for consumption, and those who are unable to buy a house can buy a house. The lack of financial supervision leads to financial experts being driven by interests, economists being used by companies, and finally government supervision becoming a decoration, and the ability of risk early warning is lost, which is another important reason for the formation of a systematic global financial crisis. ?
(4) The rating mechanism is broken?
Many financial institutions in the United States have problems with their loans, which is inseparable from the serious dishonesty of financial rating agencies. Due to the dishonesty of financial institutions, many problem bonds and problem banks are evaluated as? Excellent? , including three famous credit rating agencies in the United States (Moody's, Standard & Poor's and Fitch). The untrustworthy rating mechanism blinded the government, enterprises and the public, forcing them to swallow the bitter fruit of the financial crisis. ?
2. What are the experiences and lessons of the development of western financial industry under the background of financial crisis?
The American financial crisis has had a serious impact on the global economy, and its impact on countries, especially the financial industry, is also developing in depth. At the beginning of the crisis, Soros, an international investment tycoon, predicted that whether countries can effectively deal with this financial crisis depends on their respective policy effectiveness. ? In the face of the crisis, the China government has made a heavy attack, increased investment, stimulated consumption, and given the economy? Blood transfusion? And a series of effective measures. In 2008 and 2009, the new investment was 4 trillion RMB, and in 2009, the new credit was nearly 10 trillion RMB. Tax reduction and fee reduction, interest discount and interest rate reduction, home appliances going to the countryside, car subsidies, active employment policies in various places, and the establishment and improvement of social security system have effectively responded to this crisis. As Wen Jiabao pointed out in the "Government Work Report" made at the Third Session of the Eleventh National People's Congress, facing the crisis? We implemented a proactive fiscal policy and a moderately loose monetary policy, and comprehensively implemented and constantly improved the package plan to deal with the international financial crisis. It quickly reversed the downward trend of economic growth. At present, the crisis seems to be coming to an end, but it has also brought us many problems worth thinking about, especially the second central and western development plan will be issued soon, the development of the western region will be further accelerated, and the financial industry in the western region is also facing rare opportunities. Under this background, what lessons should we learn and what problems should we pay attention to in developing the western financial industry?
(1) in macroeconomic decision-making, we must formulate industrial policies according to national conditions and regional conditions, rationally arrange the development ratio of the financial industry, and balance the development of the real economy and the virtual economy?