Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly, playing an increasingly important role in regional economic development, increasing employment, alleviating employment pressure, realizing scientific and technological innovation and transferring achievements. However, most small and medium-sized enterprises are facing the problem of financing difficulties, which seriously hinders their development. This paper analyzes and studies the financing difficulties of small and medium-sized enterprises, and puts forward some countermeasures to solve the financing problems of small and medium-sized enterprises, such as establishing non-state-owned small and medium-sized financial institutions to serve them.

Keywords: SMEs, financing, countermeasures

Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly. According to statistics, at present, China's small and medium-sized enterprises exceed100000, accounting for 99% of all registered enterprises in the country. The development of small and medium-sized enterprises plays an increasingly important role in ensuring the sustained and stable growth of the national economy, stimulating private investment, promoting regional development, increasing employment, relieving employment pressure, realizing scientific and technological innovation and transferring achievements. However, most small and medium-sized enterprises are facing the problem of financing difficulties, which seriously hinders their development.

First, China's SMEs financing status analysis

(A) SMEs lack of internal financing

Internal financing is an extremely important way for enterprises to obtain development funds. In mature market economy countries, profits, depreciation and other funds from enterprises usually account for 60% of the funds used by small and medium-sized enterprises. In China, according to the investigation of relevant departments, even in Wenzhou, where the private economy is relatively developed, the proportion of funds owned by small and medium-sized enterprises is only 40%, and bank loans and private loans account for 40% and 20% respectively.

(B) SME financing is still mainly indirect financing.

According to a recent survey by the State Economic and Trade Commission, the funds obtained by SMEs in eastern, central and western China from banks and other financial institutions are: 60% in eastern China; About 70% to 80% in the middle; Up to 90% in the west. It can be seen that SMEs are highly dependent on financial institutions. At the same time, the authoritative department survey shows that in addition to financial institutions, private loans have also become an important source of funds for SMEs, accounting for 14.59%, while the amount through direct financing channels is extremely small, accounting for only 1.8%.

(C) There are great differences in the loans of domestic financial institutions to SMEs.

According to statistics, among all kinds of financial institutions in China, including financial leasing and trust investment, small and medium-sized financial institutions such as Minsheng Bank, urban credit cooperatives, rural credit cooperatives and urban commercial banks provide a higher proportion of loans, while among the four major state-owned commercial banks, except China Agricultural Bank, the other three banks have a smaller share of loans, and the proportion of financing services provided by non-bank financial institutions is even lower.

(4) The loan demand cannot be fully met.

In the historical investigation, "insufficient funds" has always been listed as the primary problem of small and medium-sized enterprises. Statistics show that more than 90% of SMEs' loan service needs can not be met or can only be partially met.

Second, the causes of financing difficulties for SMEs

Credit discrimination

Until today, the credit of state-owned commercial banks still has serious "component (state-owned) discrimination". Small and medium-sized enterprises get very limited credit support from state-owned banks. It is extremely unfair that state-owned enterprises that have created 30%GDP get 70% bank loans, while non-state-owned enterprises that have created 70%GDP only get 30% bank loans. In the current banking system, state-owned commercial banks still occupy a dominant position. The different ownership backgrounds make the competent departments of state-owned banks worry a lot about lending to small and medium-sized enterprises, for fear that they will be in debt. Comparatively speaking, even if state-owned banks issue non-performing loans to state-owned enterprises, they will not bear political risks. This has led to the "adverse selection" of state-owned banks, that is, they would rather lend to inefficient state-owned enterprises than to efficient small and medium-sized enterprises.

(2) The institutional renewal of small and medium-sized enterprises is lagging behind, which is out of step with the change of market environment.

At present, many private small and medium-sized enterprises still implement the corporate governance structure of family management; There is no essential difference between the governance structure of state-owned small and medium-sized enterprises and the traditional large state-owned enterprises; Some township collective enterprises have the disadvantages of old state-owned enterprises, and some have evolved into family-owned enterprises, but many so-called restructured enterprises are still not standardized, especially some enterprises are restructured to avoid bank debts, and there are few limited liability companies, joint-stock companies and foreign-funded enterprises that truly have the characteristics of modern enterprises. At the same time, in the process of escape, the seller's market pattern has changed to the buyer's market for many years, and the country pays more attention to the sustainable development of economy, society and environment in economic development, and pays more attention to the harmony between economic development, social stability and resources and environment. Due to the lag of system renewal, some small and medium-sized enterprises do not adapt to the changes in the external environment, have difficulties in operation, and the demand for supplementary funds from foreign aid has greatly increased, so the demand for bank loans has greatly increased.

(C) Bank management and the development needs of small and medium-sized enterprises are not coordinated

With the deepening of commercialization and marketization of banks, the equal status of banks and enterprises in market transactions has been continuously enhanced, and the risk prevention mechanism of banks has been continuously enhanced. In order to reduce the non-performing assets of the banking industry, commercial banks have changed the extensive loan management mode, generally accepted the loan authority, tightened the procedures and conditions for loan issuance, attached importance to the investigation of the financial status and credit status of enterprises, and required to provide mortgages and guarantees. However, while strengthening the construction of internal control system, some banks lack the technical means and incentive mechanism to carry out credit marketing, simply adopt credit rationing means based on mortgage guarantee, and pay no attention to cultivating promising small and medium-sized enterprises, which has aggravated the financing difficulties of small and medium-sized enterprises to some extent.