Keywords: small and medium-sized enterprises; Financing; Anhui province
China's small and medium-sized enterprises have developed rapidly, and since the reform and opening up, they have become the most dynamic growth point in the national economy. However, due to the imperfect financial system, imperfect relevant laws and regulations and the defects of SMEs themselves, the development of SMEs is seriously restricted. 20 12 the world economic situation is complicated, the downward pressure on the global economy is increasing, and the European sovereign debt crisis has triggered repeated large fluctuations in the international financial market. The impact of the current international situation on the domestic economy is first manifested in the impact on small and medium-sized enterprises. As a big province in central China, Anhui Province is an important part of the national economic chain. Small and medium-sized enterprises play an important role in the economic development of Anhui Province. The financing difficulty of small and medium-sized enterprises seriously restricts the industrial transfer and transformation of enterprises. Under the severe economic situation, it is of great practical significance to discuss how to solve the financing problem of small and medium-sized enterprises.
First, the status quo and plight of SME financing in Anhui Province
The financial support received by small and medium-sized enterprises in Anhui Province is extremely disproportionate to their contribution to the economy. According to the announcement of Anhui Economic and Information Committee, the added value of 230,000 non-public enterprises in the province accounts for 57% of the regional GDP, and the tax paid accounts for 50% of the total fiscal revenue. The added value of small and medium-sized industries above designated size accounts for more than 60% of all industries above designated size. The proportion of direct financing for SMEs only accounts for 2%. Small and medium-sized enterprise loans account for less than 20% of financial institutions' loans, which is far lower than 40% in developed coastal provinces.
At present, the main problems existing in the financing of small and medium-sized enterprises in Anhui Province are as follows: first, external financing is difficult, and internal financing has become the main way of enterprise financing; Second, the direct financing cost of enterprises is high and the channels are narrow; Third, in the face of unfair market treatment, it is more difficult for enterprises to obtain bank loans.
Second, the causes of financing difficulties for SMEs in Anhui Province
1, SMEs own problems
Small and medium-sized enterprises' own defects are the fundamental reason for their financing difficulties. First of all, the small and medium-sized enterprises in our province generally have small capital scale, poor economic benefits and low management level, which leads to poor mortgage ability and low reputation of enterprises and increases financing risks; Secondly, the financial accounting system of small and medium-sized enterprises is not perfect, and the operators deliberately cover up the accounting information of enterprises for their own interests, which leads to the financial statements can not truly reflect the operating conditions of enterprises, and it is difficult for banks to conduct a comprehensive review to determine whether to give loan support; Thirdly, small and medium-sized enterprises have weak credit awareness, and default and evasion of bank debts often occur, which not only poses a great threat to the security of credit funds of financial institutions, but also greatly reduces the reputation of enterprises and aggravates the loan difficulties of small and medium-sized enterprises.
2. Macro factors of national policy system and financial institutions.
As far as the national policy system is concerned, the laws and regulations related to SME financing are not perfect, and the government's policy support is not enough. Compared with other countries, in addition to the promulgation and implementation of the SME Promotion Law, China's policy support for SMEs is more manifested in incentives, some policies have not been implemented, and the state lacks substantive support for SMEs, such as setting up specialized institutions to provide loans to SMEs and setting up intermediaries to provide education, training and management consulting services for SMEs.
From the perspective of financial institutions, on the one hand, the long credit process of commercial banks is difficult to adapt to the timeliness characteristics of SME loan demand, and the production and operation can not raise funds in time, which will lead to losses for SMEs, generate financing demand again and enter an unfavorable cycle again. On the other hand, banks have strict credit conditions for SMEs, which not only increases the loan cost of SMEs, but also increases the financing risk. Small and medium-sized enterprises may choose to give up loans under the condition that the risks and benefits are very different. Finally, the lack of small and medium-sized financial institutions is not conducive to the financing of small and medium-sized enterprises.
Third, the successful experience of solving the financing difficulties of small and medium-sized enterprises at home and abroad
The development of small and medium enterprises has attracted the attention of governments all over the world. They have taken a series of measures to promote the development of small and medium-sized enterprises, some of which have certain enlightenment to us. Japan pays attention to improving the political and legal system at different stages of economic development and strengthening the guidance and support for small and medium-sized enterprises; Britain pays attention to supporting small enterprises, and creates a stable environment for the development of small enterprises through the direct participation of the government in formulating major policies for the development of small enterprises; Germany pays equal attention to economic means and legal means. While providing financial subsidies and preferential policies for small and medium-sized enterprises, legislation should be adopted to enable them to participate in fair competition. On the other hand, France has taken various measures to encourage the establishment of new enterprises, thus creating a good environment for young enterprises to develop their inventories.
Zhejiang province is an outstanding representative of successful financing cases of domestic small and medium-sized enterprises. In 20 12, Huijishan Shaoxing Liquor Co., Ltd. pledged its trademark and obtained a credit line of 82 million yuan from Shaoxing Rural Cooperative Bank, which is a successful case of developing financing channels for small and medium-sized enterprises by pledge of trademark exclusive rights. On the one hand, Zhejiang Province encourages and supports the listing of small and medium-sized enterprises. Among Zhejiang 105 listed companies, 45 are small and medium-sized enterprises. On the other hand, private lending and debt lending in Zhejiang Province have always been active, and there are many private banks engaged in pawn investment business in Shaoxing, Wenzhou and Hangzhou, which provide convenient channels for SMEs to raise funds. In addition, Zhejiang Province is also good at absorbing government policy funds and broadening financing channels for SMEs through the implementation of equity pledge. In terms of banks, Tailong Bank has simple procedures, pays attention to corporate reputation and implements moral guarantee, which solves the problem of "credit discrimination" against SMEs to a certain extent and supports SMEs' financing.
Generally speaking, foreign developed countries and coastal developed provinces provide some experience and reference for our province to solve the financing difficulties of small and medium-sized enterprises. We should look for specific solutions according to the actual situation in our province.
Fourth, countermeasures and suggestions to solve the financing difficulties of SMEs in Anhui Province
1, SMEs strengthen their own quality construction.
As mentioned above, some reasons for small and medium-sized enterprises lead to financing difficulties. In order to get out of this predicament, small and medium-sized enterprises need to strengthen their own quality construction, such as improving management level, perfecting financial accounting system, establishing reputation and image, accelerating transformation and development, etc., in order to obtain financial support from banks and governments and get out of the financing dilemma.
2. Develop small and medium-sized financial institutions.
In line with the actual financing situation of small and medium-sized enterprises in Anhui Province, on the one hand, we should actively promote the development of small and medium-sized financial institutions, such as helping township banks grow rapidly and encouraging large commercial banks to open branches in counties of Anhui Province. Local banks such as Bank of Shang Hui should learn from the successful experience of other banks outside the province in serving small and medium-sized enterprises and support their financing. On the other hand, encourage the development of credit guarantee institutions and small loan companies in the province, and standardize their operations while guiding and supervising them.
3. Government guidance and support.
At present, the small and medium-sized enterprises in this province have difficulties in survival, partly because of high taxes and fees and difficult loans. In this regard, the Anhui provincial government should give certain tax relief to SMEs, set up special funds to support the listing of high-quality SMEs, give certain tax incentives to commercial banks, microfinance companies and guarantee institutions, improve the financing environment of SMEs and broaden financing channels. In addition, the government should respond to the relevant national policies and regulations, actively encourage and cultivate more intermediary agencies that provide services for financing decision-making and management of SMEs, and relevant departments should organize direct education and training for employees of SMEs when necessary, so that SMEs can grow healthily with the support and guidance of the government.
Verb (abbreviation of verb) conclusion
From the above analysis, it can be seen that solving the financing problem of small and medium-sized enterprises in Anhui Province requires the joint efforts of enterprises, financial institutions and the government. While strengthening their own quality construction, enterprises need the support and guidance of the government and financial institutions to create a financing environment suitable for the development of small and medium-sized enterprises. The successful experience of foreign developed countries and domestic coastal provinces is worth learning and learning from, from which we can extract practical solutions that are in line with the financing situation of Anhui SMEs and help them get out of the financing dilemma.
References:
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About the author: Kotete (1989-), female, from Fuyang, Anhui Province, is a 2009 international business undergraduate from School of International Economics and Trade, Anhui University of Finance.