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Chapter 1 Countermeasures for solving the financing difficulties of small and micro enterprises

With the development of economic globalization, small and micro enterprises are playing an increasingly important role in economic development in both developed and developing countries, and gradually become an important force to promote economic growth, create jobs and promote economic transformation. Although China has paid more attention to small and micro enterprises in recent years, the financing difficulty of small and micro enterprises has always been a problem facing the development of enterprises. This paper will combine the relevant theoretical knowledge of enterprise financing, analyze the difficulties faced by small and micro enterprises in financing, and put forward corresponding countermeasures.

Keywords small and micro enterprises; Cracking countermeasures; Financing dilemma

I. Introduction

The global financial crisis triggered by the American subprime mortgage crisis in 2008 has caused varying degrees of damage to the economies of some countries around the world, leading to economic weakness. Small and micro enterprises in China, especially those in coastal areas, have been hit hard by this financial crisis, and there have been many "runaway" incidents. This crisis has brought great difficulties to the later development of small and micro enterprises, especially financing. As the main body of financing, small and micro enterprises can be divided into two categories: endogenous financing and exogenous financing, which can be divided into indirect financing and direct financing.

Endogenous financing is usually the capital borrowed by enterprises for their own development. Generally speaking, it is the original capital accumulation in the process of establishment and the residual value in the process of operation, mainly including equity and retained earnings. Exogenous financing is mainly a way to use the brand effect of the enterprise in the market where the enterprise is located and other resources of the enterprise to finance resources from the outside. Among them, indirect financing mainly includes bank loans, private lending and financial leasing. Direct financing mainly includes issuing stocks and bonds. Due to the strength of small and micro enterprises, their external financing is mainly indirect financing. Although there are various financing channels for small and micro enterprises, they still face many difficulties in financing. Such as insufficient utilization of financing channels, high financing cost, imperfect construction of financing credit system, and unrealistic policies. These problems need to be considered and solved urgently.

The second is the financing difficulties faced by small and micro enterprises.

1. Financing channels are underutilized.

Relevant data show that in 20 13, 95% of small and micro enterprises in China have financing needs, of which 43% choose bank loans, 45% choose interbank loans, and the rest mainly rely on internal financing and trust financing. From this set of data, it can be concluded that the financing channels of small and micro enterprises are too narrow at present. Among many financing channels, they only limit the financing channels to bank loans and private loans, and other channels have not been well utilized, resulting in the passive state of small and micro enterprises in the financing process.

2. The financing cost is too high.

From the above analysis, we can see that most small and micro enterprises choose bank loans and private lending as financing channels. As we all know, in the process of loan business, banks will strictly assess the financial strength, operational strength and integrity of enterprises. Due to the influence of the scale and business scope of small and micro enterprises, banks often have higher requirements for their loan threshold, which is naturally passed on to the loan interest rate, resulting in higher financing costs for small and micro enterprises. In addition, from the phenomenon of Wenzhou real estate bubble "running away", we can see that the loan interest rate of private lending can not be underestimated. Under such a high loan interest rate, it is difficult for small and micro enterprises to obtain financial support, which makes the development of enterprises fall into a vicious circle.

3. The establishment of financing credit system is not perfect.

In addition to providing sufficient funds for financing, the most important point is that the credit of the financier and the financed party is good, that is, the financier must have a high degree of financing to gain the trust of the financier. At present, there are still some shortcomings in the construction of financing credit system. On the one hand, due to the poor credit awareness and brand awareness of managers of small and micro enterprises or the poor implementation of departments, the credit of small and micro enterprises is generally low, which also brings some troubles to the use of other financing channels such as bank loans. On the other hand, not every financing channel has a standardized credit standard as a measure of credit, especially external financing channels, which makes the fund providers not necessarily objective and fair in evaluating the credit of small and micro enterprises, and will bring invisible capital crisis to the fund providers, thus increasing the loan interest rate of small and micro enterprises.

4, * * policy is not clear.

* * * * policies often have certain fuzziness, that is, strong principles and poor pertinence. For example, the tax reduction and exemption policy for small and micro enterprises in the "National Nine Articles" is very principled, but the so-called principle is likely to lead to the phenomenon of treating guests above and paying the bill below in some cases, which will reduce the enthusiasm of local governments. In addition, the financing channels are not clear. For example, the provisions on trust financing channels only guide some trust financing intermediaries in principle. These principles do not specify their specific operations in detail, nor do they put forward good solutions to the problems that arise, which brings opportunities for trust financing intermediaries to evade laws and regulations.

Third, the countermeasures to solve the financing difficulties of small and micro enterprises

1. Make full use of financing channels.

* * *1* * Improve internal financing channels.

Due to the special social status of small and micro enterprises, there are some difficulties in external financing, but small and micro enterprises can make full use of internal financing channels and use their own advantages to provide funds for enterprises. Internal financing channels are mainly composed of equity, depreciation fund and retained earnings formed by initial investment. Financing through endogenous financing channels can enable enterprises to take the initiative and bring a lot of money to enterprises. For small and micro enterprises, the initial investment cannot be changed, but through the evaluation of enterprises, we can increase the retained earnings of enterprises by extracting surplus reserves, reserve enough funds for the implementation of enterprises, and avoid the phenomenon of broken capital chain.

***2*** Expand external financing channels.

For small and micro enterprises, direct external financing channels may not be easy to achieve, but we can raise funds for enterprises by expanding indirect external financing channels. Enterprises can take bank loans and private lending as the basic external financing channels, and at the same time, they can expand financing methods such as financial leasing, secured financing and trust financing. With the help of various financing methods, enterprises can change from passive to active, and can actively choose fixed financing partners and various financing channels in the financial market according to their own development needs.

2. Standardize financing costs.

* * *1* * Enhance the strength of small and micro enterprises. There are many reasons for the high financing cost, such as too few financing channels and too high requirements for financing providers. Among them, the weak strength of small and micro enterprises is one of the important reasons for the high financing cost. Small and micro enterprises can accumulate financing capital and gain the trust of banks, private financing institutions and guarantee companies. Relying on its own strength and corporate culture, so as to make the fund providers become long-term partners and reduce financing costs.

***2*** Standardize the interest rates of bank loans and private lending. For bank loans, relevant departments should consider the development status of small and micro enterprises and implement certain preferential policies for bank loans of small and micro enterprises. Western countries often adopt a step-by-step preferential policy for bank loans to small and micro enterprises, and give different bank loan interest rates according to different enterprise strengths. In view of private lending, relevant departments should strictly regulate the interest rate of private lending, sum up the experience and lessons of Wenzhou real estate developers' "running away" phenomenon, reduce the cost of private lending, and avoid the high bankruptcy rate caused by too high interest rate.

3. Establish a sound financing credit system.

* * *1* * Improve the corporate financing credit mechanism.

The establishment of brand is one of the key links for small and micro enterprises to establish credit. The development of IT industry has established a good publicity environment for small and micro enterprises. Small and micro enterprises can use the Internet to create brand effects for enterprises and constantly establish their own public image. In addition, enterprises should also strictly follow the financing agreement, fulfill repayment obligations, pay interest related to repayment, and realize credit financing. In the process of financing, enterprises should ensure the ownership of collateral and determine the repayment ability of the guarantor. Make a financing plan on the premise of correctly evaluating borrowing capacity, and correctly identify, analyze and handle financing risks.

* * * 2 * * Improve the credit management mechanism of banks and other financial institutions.

Banks and other financial institutions should constantly improve the credit management mechanism of small and micro enterprises. On the one hand, learn from the experience of western countries in managing small and micro enterprise loans, stratify the overall situation of small and micro enterprises, adopt different loose loan strategies for different levels of small and micro enterprises, and appropriately lower their loan threshold. On the other hand, banks and other financial institutions should establish an appropriate credit evaluation mechanism and selectively refer to the credit evaluation factors of small and micro enterprises in combination with relevant national preferential policies, instead of blindly referring to the strength of enterprises and reducing their enthusiasm for development.

4. Improve the relevant policies of * *

* * *1* * clarify the details. * * * Relevant departments should formulate more detailed guidance and clarify the handling of detailed issues according to the relevant principled policies promulgated by the state. It includes not only the preferential tax policies for small and micro enterprises, but also various specific problems in the financing process of small and micro enterprises. For example, the extraction of surplus reserves, the specific scheme of bank loans, the interest rate range of private lending, the scope of financial leasing and so on. These issues need to be specifically explained by relevant departments or relevant financial institutions.

* * * 2 * * Strengthen legislation. The specific policies of western developed countries for small and micro enterprises are all based on the relevant laws of small and micro enterprises. In view of this, we can learn from the experience of western countries, strengthen the legislation of small and micro enterprises, legalize and standardize the relevant standards of small and micro enterprises, concretize the implementation of laws and regulations, and encourage enterprises to adopt financing channels such as trust financing and bond financing.

Four. conclusion

Small and micro enterprises play an irreplaceable role in our national economy. Only by ensuring the continuity of its capital chain and creating a good capital environment can the development of small and micro enterprises get rid of material concerns. Small and micro enterprises should constantly improve their own strength, build corporate brand culture, expand financing channels, make full use of relevant policies, continuously improve their financing capabilities, and provide a stable capital system for their own development.

References:

[1] Xu Zhi. How to solve the financing dilemma of small and micro enterprises? [J]。 Small and medium-sized enterprises in China, 20 13***05***

[2] Pan Gongsheng. Optimize the financing environment of small and micro enterprises [J]. China Finance.2013 * * 01* * *

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