Keywords: small and micro logistics enterprises; Financing; Loans; Competitive environment; Logistics finance
China library classification number: F275.6 document identification number: a.
Abstract: This paper studies the financing difficulties of small and micro logistics enterprises. First of all, according to the statistical data of the National Bureau of Statistics, the phenomenon of financing difficulty is described. Then, using the method of case analysis, this paper analyzes three main reasons for the financing difficulties of small and micro logistics enterprises. Small and micro logistics enterprises have low credit ratings, and banks have long been heavily inclined to large companies, lacking a fair and orderly competitive environment. Finally, in view of the existing problems, combined with case study, three countermeasures are put forward. That is, the government creates a fair competitive market environment, and banks improve the loan management system and develop logistics finance business.
Keywords: small and micro logistics enterprises; Financing; Loans; Competitive environment; Logistics finance business
In recent years, the financing problem has seriously restricted the survival and development of small and micro logistics enterprises. According to the statistics of 20 1 1 of the Industrial Transport Department of the National Bureau of Statistics, it is very difficult for small and medium-sized logistics enterprises to obtain financing, and at least half of them cannot obtain financing. The financing ratio of small and micro enterprises is not proportional to its great contribution to economic and social development.
The financing difficulty of 20 13 has not been alleviated. Shenzhen is an important air and sea hub and foreign trade port in China. According to the sampling survey of 74 small and micro logistics enterprises in transportation, warehousing, postal industry/kloc-0 in 2065,438+03 by Shenzhen investigation team of National Bureau of Statistics, small and micro enterprises prefer to obtain funds through other channels because of the high threshold of bank loans. According to the survey, 76.4% of enterprises raise funds by self-financing or borrowing from shareholders, and 23.6% of enterprises obtain loans from banks or private lending companies. Judging from the financing situation of enterprises, 86.8% of enterprises that have financed through loans think that financing is difficult, and only 13.2% think that financing is relatively easy.
The significance of this paper is to find the main financing problems of small and micro logistics enterprises and explore the countermeasures to solve the financing difficulties, which will help to change the current situation of financing difficulties of small and micro logistics enterprises and promote the healthier and sustainable development of logistics industry.
1 Financing difficulties of small and micro logistics enterprises
Small and micro logistics enterprises generally start with their own funds, and their own accumulation and private lending have become the most important sources of funds for enterprise development. With the continuous expansion of business scale and business scope, the financial pressure will be greater and greater.
1. 1 input pressure of facilities and equipment. The logistics industry is capital-intensive, labor-intensive and technology-intensive, which requires a lot of investment in network construction, transportation, loading and unloading equipment, enterprise informatization and so on.
1.2 daily operating liquidity demand pressure. Such as personnel salary, equipment rental fee, fuel fee, bridge toll, procurement and maintenance fee, logistics outsourcing advance payment, etc.
1.3 customer pressure on accounts receivable. The more customers there are, the larger the customer scale is, and the greater the liquidity pressure of logistics enterprises.
1.4 liquidity pressure of business margin and deposit. When a logistics enterprise signs a contract with a consignment enterprise, in order to prevent the goods from accidents in transit, some consignment enterprises need the logistics enterprise to pay a certain deposit; Some logistics enterprises also need to pay the advance payment or deposit for chartered cars and charters to railway and civil aviation departments.
2 Cause analysis
2. 1 Small and micro logistics enterprises are "many, small, scattered and weak" with low credit rating. Small and micro logistics enterprises are basically private, with irregular management and opaque financial system. In these enterprises, the phenomenon of centralized leadership and family management is serious, management talents are lacking, financial management is chaotic, financial monitoring is lax, and accounting information is distorted.
Due to the low credit rating of small and micro logistics enterprises. Banks are reluctant to lend, reluctant to lend, and even afraid of lending. According to ICBC's credit rating standards for small and micro logistics enterprises, there are four main indicators: production and business premises, warehouse area utilization, network construction and maximum buyer concentration. Because small and micro logistics enterprises often have few fixed assets, especially small and micro enterprises in the third-party freight forwarding or express delivery industry. Transport vehicles are mobile and belong to real estate. Banks and other financial institutions are not at ease when loans are used as collateral. As warehouses and offices, most houses are rented, not fixed assets of enterprises. In addition, due to the shortage of funds, the information network construction of small and micro logistics enterprises mostly lags behind, which also hinders the data docking between small and micro logistics enterprises and large third-party logistics enterprises, and affects the business development and enterprise development. For example, since March 2004, Yangzi Petrochemical has successfully launched the ERP system, which covers the logistics management system. However, due to the small scale of many third-party logistics enterprises providing services for Yangzi Petrochemical, the information network construction lags behind, and the efficient and energy-saving paperless network office system can only be carried out among several large enterprise nodes in the supply chain, such as Yangzi Petrochemical, Nanjing Refinery and Nanjing Chemical Plant. Finally, the business of small and micro logistics enterprises is often marketed through channels, and products or services have fixed buyers, so there is a relatively high concentration of buyers, which are all risk factors. Judging from these four indicators, the credit rating of small and micro logistics enterprises is extremely low.
In order to ensure the safety of funds, banks and other financial institutions strictly examine the financial statements, operating performance and other materials of enterprises when issuing loans. When applying for loans, small and micro logistics enterprises are often unable to produce formal information as required by banks, such as complete accounting statements and tax-paid bills. In this way, it is more difficult for banks to examine the real financial data of enterprises, and financial institutions such as banks face greater risks in their operations, and many banks are unwilling to do so.
2.2 Banks have long been inclined to large enterprises, with single loan business and lack of innovation. Small and micro enterprise loans mainly meet liquidity needs. The demand for loans is urgent, the frequency is high, and the demand for one-time funds is small. The complexity of financing makes its financing cost and management cost higher. Table 1 is the annual research report of China Industrial and Commercial Bank in 2000.
Table 1 shows that the loan characteristics of large enterprises can better meet the business objectives of banks in terms of profits and risks. Compared with all kinds of large-scale enterprises-large state-owned enterprises and large-scale joint-stock logistics enterprises, small and medium-sized logistics enterprises are small in scale, short in operation period and high in loan risk. With the same loan amount, the loan business of banks to small and medium-sized logistics enterprises is much larger than that of large logistics enterprises, and the transaction cost is much higher. Therefore, for a long time, large financial institutions are usually more willing to provide financing services for large enterprises than for small and medium-sized enterprises with small capital needs. Judging from the loan interest rate, banks are generally more favorable to large and medium-sized enterprises, adopting the benchmark interest rate or lowering the benchmark interest rate. But for small and medium-sized enterprises, floating interest rates are generally adopted.
2.3 Lack of a fair and orderly competitive environment. Modern logistics service industry is an industry with increasing economies of scale. The third-party logistics industry in China is still in the initial stage of development, and the market is highly dispersed. Among the 10000 to 15000 third-party logistics enterprises, most of them have a market share below 2%, which cannot meet the standard of economies of scale. If there are economies of scale barriers in the logistics industry, then small and micro logistics enterprises have no potential and space to rise, which will inevitably hinder small and micro logistics enterprises from financing from banks. The author believes that the lack of a fair and orderly competitive environment is the most important of the three reasons.
First, there is a lack of industrial policies. Small and micro logistics enterprises lack policy support measures such as land, tax and capital. Even if there is, there are no detailed rules for implementation, so that it cannot be implemented. There are no policies and measures to strengthen the construction of logistics infrastructure, logistics public information, logistics standardization, logistics laws and regulations, logistics financial services and so on.
Second, government behavior. The government's failure to administer according to law brings high institutional costs to enterprises. Transportation, taxation, public security, customs, commodity inspection, and even the National Development and Reform Commission and the Economic and Trade Commission, which are supposed to provide services for enterprises, all try their best to make use of their power to seek benefits. Many government departments themselves lack a real understanding of logistics and are unaware of the huge losses caused by low efficiency.
Third, market factors. Low market access leads to vicious competition and market disorder. Local protection not only restricts the collectivization and scale process of national logistics enterprises, but also brings unfair competition in the market. Unfair competition in the market is also manifested in, for example, the logistics enterprises owned by national railways and ports can give priority to the use of resources belonging to society. For example, some state-owned enterprises have their own sports car teams in order to solve the related households, which leads to the inefficiency of the whole enterprise.
Fourth, institutional mechanisms. So far, the institutional mechanism of multi-head management and compartmentalization is still the bottleneck that puzzles the development of China's logistics industry and hinders the development of small and micro logistics enterprises.
First of all, the system division of transportation departments has caused the scattered waste of logistics resources and hindered the development of modern logistics service methods. Modern logistics service mode is based on multimodal transport, which requires the unification and coordination of various modes of transport in order to facilitate the conversion. At present, various modes of transportation are managed by multiple heads, separated from each other and developed independently, which has caused many problems. According to the concept of multimodal transport, it is the most intensive way to transport containers directly to various places by railway after they arrive at the port. However, the famous Donghai Bridge in Yangshan Port has never built a dual-purpose bridge, which leads to the phenomenon that containers arriving at Yangshan Port can only be unloaded from the ship to the transport vehicle several times and then loaded onto the train after crossing the bridge. For another example, if a logistics enterprise wants to transport goods by rail, road, air and sea in China, it must apply to the relevant examination and approval units of different departments, which is cumbersome and inefficient. In addition, there is a big gap between different modes of transportation in transportation organization, service standards and technical equipment standards, and many enterprises can only use a single mode of transportation to carry out logistics services.
Secondly, the poor management system and mechanism also led to the division of departments and industries and local protection. The development of modern logistics industry needs to form a socialized logistics system and a cross-regional and cross-industry logistics network. As various administrative departments and local governments formulate policies and regulations based on the interests of their own departments, industries and regions, it is difficult for many departments to handle affairs, and the logistics activities between regions are separated or blocked. On the one hand, some areas treat local and foreign transportation and logistics enterprises differently; On the other hand, some logistics enterprises try their best to seek the protection of departments or local governments, forming an abnormal and unfair competition pattern.
Finally, although many policies have been introduced between departments, they have failed to complement and promote each other. In recent years, the national policy and public opinion have provided a very broad space and support for the development of the logistics industry, and the National Development and Reform Commission, the Ministry of Transport, the Ministry of Commerce and other logistics-related departments and industries have also formulated relevant policies and regulations to promote the development of modern logistics industry. However, due to the constraints of the system and mechanism, although there are many policies issued by various departments, they have not been effectively integrated with each other, and all departments perform their duties within their respective terms of reference. Although this has promoted the development of the logistics industry to a certain extent, it has undoubtedly brought some overlapping and contradictory phenomena.
3 Countermeasure research
As we all know, "competition is the biggest driving force to promote industrial development". On the one hand, the government accelerates the construction of a fair market competition environment in the form of legislation, and at the same time? [This article is provided by www. DYLw.Net, majoring in First Paper Network, wrote and published educational and teaching papers and undergraduate graduation papers. Welcome to DYlw.nET] A series of policies have increased support for small and micro logistics enterprises. On the other hand, banks should vigorously innovate business models and develop logistics finance for small and micro enterprises. Premier Li Keqiang clearly pointed out in "Government Work Report 20 14": "Guide financial institutions to increase financial support for economic restructuring, especially for" agriculture, rural areas and farmers ",small and micro enterprises and strategic emerging industries. To meet the funding needs of national key projects under construction and continued construction. " "Let finance become a pool of living water and better water the trees of the real economy such as small and micro enterprises and agriculture, rural areas and farmers.
3. 1 The government builds a fair market competition environment. Starting from their own interests, governments all over the world are striving to create a good policy environment and promote the continuous improvement of their own logistics level through various direct or indirect means. Some experiences are worth learning.
The sound legal system of maintaining the market economy system in the United States has laid a solid foundation for the rapid development of logistics. With the change of economic environment and technology, the logistics policies and regulations in the United States are constantly being adjusted accordingly: in the late 1970s, transportation control began to be relaxed, 199 1 passed the Land Multimodal Transport Efficiency Act, and 1997 ~ 1996 put forward by the US Department of Transportation/kloc-