The sources of funds for private enterprises in China are mainly manifested in the following two aspects:
1. In terms of indirect financing, commercial bank loans are an important financing channel for private enterprises. According to the information released by the People's Bank of China, the loan ratio of commercial banks to non-state-owned economy in China is increasing year by year. During the five years from 1996 to 2000, the loan balance of financial institutions in China grew at an average annual rate of 12.5%, among which the loans of non-state-owned economy grew at an average annual rate of 15%. However, from the perspective of total loans, from 65438 to 0997, loans received by the private sector accounted for less than 4% of the total loans of Chinese banks. Since 1998, although the national policy has given some consideration to private enterprises, especially small and medium-sized private enterprises, it is still difficult for private enterprises to obtain loans. By the end of 1999, the loans provided by banks to private enterprises only accounted for 4.92% of their total loans.
2. From the point of view of direct financing, the entry of enterprises into the stock market has always been restricted by the form of ownership. In the process of stock issuance and listing in Shenzhen Stock Exchange and Shanghai Stock Exchange, some state-owned enterprises with poor benefits can get the priority of packaging and listing, while large private enterprises with high credit and remarkable performance can hardly get the opportunity of listing and financing. By the end of April 2002, there were 1 17 1 listed companies in Shanghai and Shenzhen stock markets, and private enterprises accounted for about 9%. Similar to the stock market, the bond market is basically closed to private enterprises. At present, the issuance of corporate bonds in China takes the form of "scale control, centralized management and graded approval". At the same time, the bond issuance method also stipulates that the net assets of a joint stock limited company issuing corporate bonds are not less than 30 million yuan, and the net assets of a limited liability company are not less than 60 million yuan, and must be guaranteed by a strong and reputable unit. This series of conditions also restrict private enterprises from entering the bond market. In addition, venture capital funds at home and abroad are concentrated in emerging industries, mainly IT industries. With the ebb tide of network economy in 2000 and the uncertain factors in the establishment of the second-board market, the opportunities and quantity of venture capital of private enterprises are becoming less and less. This situation is not conducive to the growth of domestic private enterprises, resulting in their relatively inferior position in international competition. Especially after China's entry into WTO, due to the principle of national treatment and market access, it is easier and easier for foreign enterprises to enter the domestic market. If private enterprises do not get the minimum financial support, their competitiveness in the international and domestic markets will be greatly reduced. To sum up, using the simplest data to summarize the financing situation of private enterprises in China, that is, the state-owned sector that contributes less than 30% to industrial added value accounts for more than 70% of bank credit, while the private economy contributes 60% to the new GDP, but only gets 30% financial support.
The reasons for these phenomena include the following reasons, in addition to the fact that banks in China are state-owned enterprises and are naturally paternalistic:
1. From the indirect financing channel (1), most of the credit lines of state-owned commercial banks are allocated to state-owned enterprises when determining their credit plans. It is not only difficult for private enterprises to obtain loan support from state-owned commercial banks, but also the use cost of loans is higher under the same conditions. (2) The credit market structure is unreasonable. At present, the institutions that provide commercial financial services for private enterprises are mainly Minsheng Bank, local city commercial banks and urban and rural credit cooperatives. The scale of deposits and loans only accounted for 6.2% and 5.7% of all deposits and loans of financial institutions in the same period, of which at least half were lent to state-owned or collective enterprises. (3) It is not easy for private enterprises to seek loan mortgage and guarantee. In order to apply for loans, private enterprises in China should either have easily realized assets such as houses, land and securities as collateral, or find a company with good reputation and strong strength as guarantee. (4) The corporate governance structure of most private enterprises is not perfect, and banks are worried that private enterprises will not make business decisions according to scientific procedures, so that bank loans cannot be recovered on schedule. In addition, in recent years, a few private enterprises have defrauded the trust of banks and then maliciously evaded bank debts. The negative impact of these adverse events involves other private enterprises, and bank managers have to increase their efforts to prevent this moral hazard. (5) Banks have neither enough time nor proper channels to learn about SMEs applying for credit. Due to information asymmetry, there is a certain market failure in financing of private enterprises.
2. From the direct financing channel (1), the main board has a high listing threshold, and it is difficult for small and medium-sized private enterprises to meet the listing standards. At the same time, the intermediary service fees such as law, accounting and auditing that must be paid when applying for listing are also very expensive for small and medium-sized private enterprises. (2) Although the soon-to-be-established GEM will bring opportunities for the growth of small and medium-sized private enterprises to go public, it is still difficult for most small and medium-sized private enterprises to realize their entrepreneurial dreams through the GEM. The high-growth market positioning of CSRC makes it impossible to provide financing services for many labor-intensive small and medium-sized private enterprises. At the same time, in order to control and prevent risks, the management authorities will be more strict in the qualification examination of enterprises to be listed on the GEM (for example, listing must be recommended by brokers with sponsorship qualifications, and sponsors will bear joint and several liability for the operating conditions of enterprises within two years after listing). The high listing evaluation fee makes the financing cost of the second board market higher than that of banks, even higher than that of the main board market. (3) Before the formation of an OTC market with huge capacity and flexible and orderly supervision, which can provide a buffer for companies of different quality to enter and exit the market, direct financing through the capital market is tantamount to crowding a "single-plank bridge" where tens of thousands of people are scrambling. Countermeasures to solve the financing situation of private enterprises in China The improvement of external financing ability of private enterprises is a long-term process, which requires the joint efforts of the whole society. From the perspective of enterprises, it is very important to improve the transparency of their management and clarify their ownership. From the government's point of view, the role of establishing and ensuring fair business premises and formulating a series of policies and measures to encourage private enterprises to borrow and invest in private enterprises cannot be underestimated.
1. Improve the indirect financing system with banks as the main body (1), accelerate the reform of the credit mechanism of state-owned banks, and establish a policy system to support private economic loans. At present, state-owned banks should support the private economy from three aspects: first, reform the bank's loan approval procedures and information acquisition channels, form an operating mechanism and policy guidelines suitable for the loan requirements of the private economy, and try to set up a special private economy loan department to solve the credit problem of the private economy; Second, it is necessary to gradually reform and improve the credit granting methods of state-owned banks, give branches certain loan authority, fully mobilize the enthusiasm of grass-roots institutions, improve the efficiency of loan approval, allocate responsibilities to responsible persons at all levels and gradually quantify them on the basis of improving the first responsible person, fully mobilize the initiative, enthusiasm and creativity of credit personnel, realize the unity of responsibilities and rights, and support the development of private economy; Third, we can try to control the interest rate of loans to large enterprises, and at the same time appropriately liberalize the interest rate of loans to the private economy to form an interest rate system similar to the "two-track price", which may play a considerable role in promoting our interest rate marketization. (2) To actively develop private banks to solve the financing difficulties of private enterprises, we must strengthen the profit motive of banks by introducing private property rights and strengthening competition. After China's entry into WTO, as China's financial industry continues to open to foreign financial institutions, the government should allow domestic private financial institutions to intervene in the financial industry. Private financial institutions will not be affected by national political factors, and their operations will be more profit-oriented. In this way, new private banks will focus on undeveloped market areas, especially those small companies and newly established enterprises. In order to reduce the doubts in supervision, the government should implement stricter market access and cautious qualification examination for private financial institutions in the initial stage. (3) Actively encourage and guide local small and medium-sized financial institutions to support the development of private enterprises. Local small and medium-sized financial institutions have at least the following advantages: First, they have flexible mechanisms, low operating costs and little funds, and can grow together with the private economy and become a driving force for the development of the private economy. Secondly, non-state-owned banks are generally "local" and have a better understanding of local customers, thus greatly reducing transaction costs. Thirdly, on the one hand, non-state-owned banks can operate efficiently, on the other hand, they can ensure that all costs are reflected in the price, so there is no need to worry about "rent-seeking". (4) Establish and improve the credit guarantee system of private economy. According to the sample survey of IFC2000, many enterprises think that the mortgage problem has more or less affected their obtaining loans from banks. There are many private enterprises in China, and financing is very difficult. In addition to local governments, the central government should also provide some guarantee funds.
2. Build a direct financing system with multi-level capital market as the main body. Today, China's capital market system is characterized by high concentration and capitalization of the stock market. As a result, the capital market is highly concentrated in the Shanghai and Shenzhen stock exchanges, and the market structure is seriously deformed. Therefore, it is necessary to build a direct financing system with multi-level capital market as the main body: (1) lower the listing threshold of private enterprises and encourage them to raise funds in the main board market. (2) Use the second board market to open up financing channels for private technology enterprises. (3) Explore overseas listing financing channels through overseas securities markets. (4) issuing corporate bonds for financing.
Raise awareness of other financing methods and broaden financing channels. In addition to obtaining bank loans and issuing stocks and bonds, private enterprises should also know and understand other financing methods, such as credit from international financial organizations, loans from international commercial banks, government loans, compensation trade, project financing and leasing. Especially for private enterprises with a large number of small and medium-sized enterprises, leasing is a more effective financing method. The characteristics of leasing are: the payment method of rent is flexible and changeable, which can meet the different needs of the lessee; Rent is generally fixed during the lease period, and the lease period is longer. For private enterprises that are at a relative disadvantage in other financing methods, they can take the form of leasing and achieve the purpose of financing by melting things. Conclusion With the further marketization of China's economy, China's private economy will inevitably occupy an increasingly important position in China's national economic system. It is also necessary to clear the obstacles for his further development, create a fair environment for private economy financing, and further promote the development of the national economy. In terms of direct financing, we should eliminate ownership discrimination, treat private enterprises and state-owned enterprises equally, develop a guarantee system to reduce the risks caused by information asymmetry, develop private banks and mobilize private capital. At the same time, we should build a direct financing system with multi-level capital market as the main body, lower the listing threshold of private enterprises in the A-board market, actively promote the establishment of the second-board market, and issue corporate bonds to promote direct financing of private enterprises.
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