This paper systematically analyzes the impact of the financial crisis on the development of small and medium-sized enterprises in China from two aspects: difficulties and opportunities. The conclusions are as follows: The financial crisis has made China's small and medium-sized enterprises face difficulties such as sharp drop in export orders, shrinking export market, rising production costs, declining output, shrinking production scale, serious bankruptcy, reduced credit support, narrowing direct financing channels and increasing financing costs. However, in the financial crisis, small and medium-sized enterprises are also facing opportunities such as global industrial transformation and upgrading, China's policy of expanding domestic demand, active fiscal and taxation financial support, and talent introduction. Faced with difficulties and opportunities, small and medium-sized enterprises should actively expand the domestic demand market, explore overseas markets with less crisis impact, strengthen internal financial management, expand financing channels, and optimize the talent introduction and management mechanism.
Keywords: small and medium-sized enterprises; Financial crisis; Difficulties; chance
Introduction to 0
Small and medium-sized enterprises refer to enterprises with less than 2,000 employees, or sales of less than 300 million yuan, or total assets of less than 400 million yuan [1]. At present, the average annual output value of SMEs accounts for more than 60% of China's GDP, and the number of employees accounts for more than 80% of China's total employment [2]. The global economic and financial crisis triggered by the US subprime mortgage crisis is still spreading to China, especially to small and medium-sized enterprises. This paper systematically analyzes the impact of the financial crisis on the development of small and medium-sized enterprises in China from two aspects: difficulties and opportunities, with a view to providing reference for small and medium-sized enterprises in China to explore ways to deal with the crisis.
1 Difficulties faced by SMEs
The export of 1. 1 was severely impacted.
1. 1. 1 sharp drop in export orders According to customs statistics, from June to August 2009, China's foreign trade exports reached 730.74 billion US dollars, down 22.2% year-on-year, and the overall export price dropped by 5.6%. After deducting the price factor, the export volume decreased 17.6%. The export price of processing trade decreased by 6.4%, and the export quantity decreased by 15.5%. In the same period, the import price of general trade decreased by 22%, and the import volume increased by 4%; The import price of processing trade decreased by 6. 1%, and the import quantity decreased by 2 1.5%. 105 canton fair * * overseas buyers160,000 people, down 5.2% from the previous session. The export turnover was US$ 26.23 billion, a decrease of 16.9% compared with the previous session. Traditional labor-intensive products such as mechanical and electrical products, light industrial products, textiles and garments are greatly affected by the shrinking international market.
1. 1.2 shrinking export market under the influence of many factors, such as the increase of trade barriers, the decrease of export tax rebate rate and the continuous appreciation of RMB, the traditional foreign trade model of small and medium-sized enterprises in China has been tested. First, it faces competitive pressure from India, Vietnam and other countries. Although the industrial facilities in Indian and Vietnamese countries are not as good as those in China, the labor cost is lower than that in China. According to the feedback from the Canton Fair in 2009, with the increase of production costs, the foreign trade orders of small and medium-sized enterprises are often lost to Southeast Asian countries, especially in textile and garment, handicrafts, toys and other industries. The second is the pressure of RMB appreciation. According to the statistics of the People's Bank of China, from June 2008 to September 2009, 1 USD converted into RMB (at the end of the period) rose from 7. 1853 to 6.8290. The processing profit of small and medium-sized enterprises in the field of textiles and clothing is between 5%- 10%. The appreciation of RMB seriously affects the export of enterprises, further reduces the profit margin and continues to weaken the competitive advantage of price. Some enterprises tend not to take orders for more than two months. According to customs statistics, from June to August, 2009, China's export price to the United States decreased by 4.4%, and its export volume decreased by 13.5%, which was 0.5 percentage points lower than that in the previous seven months, less than the overall decrease of 4. 1 percentage point in the same period, and less than that in the EU and Japan by 9.5 percentage points and 8 percentage points respectively. In the same period, the export price to the EU dropped by 2.7%, and the export quantity dropped by 23%. The export price to Japan increased by 2.2%, while the export volume decreased by 2 1.9%.
1.2 The production cost remains high.
The production cost of 1.2. 1 is rising. Affected by the subprime mortgage crisis in the United States, the rising prices of raw materials such as iron ore, oil and grain, the appreciation of RMB and the national macro-control policies, the growth rate of small and medium-sized enterprises in China has further slowed down, and their survival and development are facing a severe test. The rising price of raw materials has a great influence on the cost of enterprises, which leads to a substantial increase in the production cost of enterprises. Among them, the prices of some raw materials such as steel and petroleum products have risen too fast, the internal control of small and medium-sized enterprises is not perfect, and the procurement cost is high, which has caused the production cost of enterprises to rise sharply. The production equipment and technology of small and medium-sized enterprises are relatively backward, which leads to excessive production consumption and serious waste of resources, which is also an important reason for the increase of production costs of small and medium-sized enterprises.
1.2.2 the decrease in output, the increase in production costs and labor costs make the profits of small and medium-sized enterprises decrease continuously, and the decrease in profits makes the output of enterprises decrease. According to the survey, the national industrial added value increased by 5.4% in June 2008 +065438+ 10, the lowest growth rate since June 2008 +0994. In 2008, the average indexes of orders, production and profits of industrial enterprises in Guangdong Province were 1 10.7,10/.1and 100.0, respectively, which were 20.8 and 2/lower than the previous year.
1.3 The production scale has shrunk.
1.3. 1 Reduction of production scale The export market of small and medium-sized enterprises has been continuously reduced due to the financial turmoil, and their development has been seriously impacted with the increase of production costs. Huizhou Geelong, known as the "shoe capital" of China, is currently the largest production base for women's shoes in China. There are thousands of shoe factories in Jilong town, and there are more than 0/00 large-scale enterprises/kloc, many of which are small factories. At present, nearly13 of the small factories have been completely shut down, and the manufacturers still in operation are also facing the problem of insufficient start-up.
According to statistics, in the first half of 2008, 67,000 small and medium-sized enterprises closed down. As a representative of labor-intensive industries, more than 1 10,000 small and medium-sized enterprises in the textile industry have closed down, and two-thirds of textile enterprises are facing restructuring. According to the statistics of SME Bureau of Guangdong Provincial Economic and Trade Commission, from June 2008 to September 2008, the total number of SMEs that stopped production, closed down, closed down and transferred in Guangdong Province was 7 148, and by June 2008, this number had risen to 156 1.
1.4 insufficient liquidity
The shortage of funds and financing difficulties have always been a difficult problem for enterprises, especially in 2008. Taking Guangdong Province as an example, according to the statistics of the Service Industry Survey Center of the National Bureau of Statistics, in 2008, the prosperity index of enterprise financing and liquidity in Guangdong Province was lower than that in the same period of last year, and the financing prosperity index dropped from 103.3 in the first quarter to 93.3 in the fourth quarter. The liquidity boom index decreased from 1 15.2 in the first quarter to10/0/0.6 in the fourth quarter; In the second half of 2008, although interest rates were lowered and relevant policies and measures were introduced by governments at all levels, as far as the current situation is concerned, the positive effects of policies have not yet appeared. In the fourth quarter, 365,438+0.65, 438+0% and 365,438+0.9% of SMEs reported financing difficulties and increased liquidity respectively, while only 65,438+00.7% and 65,438+08.9% of SMEs reported easy financing and sufficient liquidity respectively.
2 opportunities faced by SMEs
2. 1 industrial layout adjustment and policy opportunities
2. 1. 1 Opportunities for global industrial transformation After the financial crisis broke out in an all-round way, it is objectively required to readjust the world economic development pattern. From the manufacturing field, the global manufacturing industry is mainly concentrated in North America, Europe and East Asia, among which East Asia is represented by China, Japan and Bill Han. Since 1990s, China's economy, which is dominated by manufacturing industry, has made great progress, with its share in global manufacturing industry rising from 3% to 13.2% in 2007, occupying an important position in the world and becoming the second largest manufacturing country in the world after the United States. The financial crisis objectively accelerated the decline of manufacturing industry in western countries, and also brought historic opportunities to the development of manufacturing industry in China. At present, although China's macro-economy is also facing a cyclical downturn, the prosperity of the manufacturing industry remains at a high level. Therefore, in the adjustment of industrial structure after the financial crisis, China should strengthen its position as a manufacturing center.
2. 1.2 Opportunities for global industrial upgrading From the perspective of the development opportunities of China's manufacturing industry, the economies of developed countries (regions) such as the United States, the European Union and Japan will fall into recession or be on the verge of recession after being hit hard by the financial crisis, and the manufacturing industry in developed countries will accelerate its transfer to developing countries, which will bring historic opportunities for the growth and upgrading of China's manufacturing industry. In particular, the tax reform represented by consumption-oriented value-added tax and a series of industrial transformation policies implemented in China will certainly bring unprecedented opportunities for the development and independent innovation of small and medium-sized enterprises in China and create new opportunities for industrial upgrading and enterprise product upgrading in China.
2. 1.3 Policy opportunities for China to expand domestic demand. On June 5th, 2008, the executive meeting of the State Council held in the State Council +065438+ studied and deployed 10 measures to further expand domestic demand and promote steady and rapid economic growth, and launched a package of construction and economic development plans with a total investment of over 4 trillion yuan. The central government's decision to expand domestic demand and the implementation of policy measures will certainly bring great development opportunities to the development of small and medium-sized enterprises.
2.2 Fiscal and tax financial support opportunities
2.2. 1 fiscal policy: First, in 2009, the State Council Document No.36 extended the implementation period of the policy of delaying payment of social insurance premiums or reducing the rate for small and medium-sized enterprises in difficulty from the original end of 2009 to the end of 20 10. Small and medium-sized enterprises can negotiate wages, working hours and labor quotas with employees, and can apply to the local human resources and social security departments for comprehensive calculation of working hours and irregular working hours; Second, the central government has set up a fund for technological innovation of small and medium-sized enterprises, an international market development fund for small and medium-sized enterprises, a special subsidy fund for the service system of small and medium-sized enterprises, and a special fund for the development of small and medium-sized enterprises. By the end of 2008, the central government had allocated a total of 20.85 billion yuan of special funds to support the development of small and medium-sized enterprises. On the basis of 3.9 billion yuan in 2008, it will increase to 9.6 billion yuan in 2009, and will gradually increase in the future. In addition, the National Development and Reform Commission allocated 3 billion yuan from the 20 billion enterprise technological transformation funds, which was specially used for the technological transformation of small and medium-sized enterprises, especially small enterprises. Guo Fa No.36 stipulates that it is necessary to speed up the establishment of a national small and medium-sized enterprise development fund and guide the investment of social funds. The establishment of this fund is currently under study. Third, in order to reduce the burden on enterprises, in 2008, relevant departments in the State Council canceled and stopped collecting administrative fees 100, which can reduce the burden on enterprises and society by about1900 million yuan every year.
2.2.2 In terms of tax policy, the new enterprise income tax law implemented at the beginning of 2008 reduced the statutory tax rate of enterprises from 33% to 25%, reduced the low-grade tax rate of 20% for small and low-profit enterprises that meet the requirements, and reduced the tax rate of 15% for high-tech enterprises that need key support from the state. Since 2009, the state has carried out the transformation and reform of value-added tax nationwide. Allow enterprises to deduct the input tax included in newly purchased equipment; Reduce the value-added tax collection rate of small-scale taxpayers from 6% and 4% to 3%; Since last August, the export tax rebate rate has been raised seven times. On this basis, in 2009, Guofa No.36 document proposed that the income tax of small and meager profit enterprises with annual taxable income less than 30,000 yuan should be halved in 20 10; Small and medium-sized enterprises have difficulties in paying urban land use tax, and may apply for tax reduction or exemption according to regulations; Small and medium-sized enterprises that cannot pay taxes on time may also apply for deferred payment according to law. 2.2.3 In terms of financial policy, the State Council Document No.36 in 2009 put forward a series of policy measures. First, the system requires state-owned commercial banks and joint-stock banks to establish financial service franchises for small enterprises to strengthen and improve financial services for small and medium-sized enterprises; Second, speed up the development of new small and medium-sized financial institutions, such as loan companies, village banks and mutual funds cooperatives, which mainly provide loans to small and medium-sized enterprises, support private capital to participate in the establishment of joint-stock financial institutions, and improve the multi-level financial service system for small and medium-sized enterprises. Third, in encouraging financial institutions to expand loans to small and medium-sized enterprises, we should encourage the establishment of small enterprise loan risk compensation funds, give appropriate subsidies to small enterprises in increments, and give appropriate risk compensation to small enterprises for non-performing loan losses; Fourth, improve the property mortgage system and the method of identifying loan collateral, and alleviate the shortage of collateral for small and medium-sized enterprises through movable property, accounts receivable and equity; The fifth is to implement differentiated supervision policies for commercial banks. Sixth, in improving the credit guarantee system of small and medium-sized enterprises, we should increase financial support, improve the guarantee ability of guarantee institutions, and implement the policy of exempting qualified guarantee institutions from business tax, withdrawing reserves and deducting compensation losses before tax. According to the statistics of the four major banks, by the end of 10 this year, the loan balance of SMEs was about 5.8 trillion, an increase of10.3 trillion compared with the beginning of the year, with an average increase of about 43%. Its SME loan balance was 1.2 trillion yuan, an increase of 286 billion yuan compared with the beginning of the year.
In broadening the financing channels for SMEs, various parties concerned have taken a number of measures to explore diversified financing channels for SMEs. First, actively develop the listing financing of small and medium-sized enterprises. On the basis of expanding the scale of SME board, accelerate the growth enterprise market. The second is to support financial institutions to carry out pilot projects of SME loan securitization and build diversified direct financing channels for SMEs. The third is to standardize and promote the development of the property rights trading market. Select Beijing, Shanghai, Guangzhou and other places to carry out regional SME property rights trading market pilot, and guide them to provide services for SME property rights, property rights, equity, creditor's rights and other transactions. Fourth, actively promote small and medium-sized enterprises to issue bonds collectively. Beijing, Shenzhen, Dalian and other provinces and cities have successfully issued collective bonds for small and medium-sized enterprises, with a total issuance of 654.38+82 million yuan. The fifth is to establish and improve the venture capital mechanism. Encourage and guide all kinds of venture capital institutions to increase investment in small and medium-sized enterprises through measures such as tax incentives, financial support and venture capital guidance funds.
2.3 Talent introduction opportunities
From the perspective of attracting talents, although large enterprises have the advantage of attracting talents, small and medium-sized enterprises also have their own characteristics in this respect. First, the huge organization and command system of large enterprises restricts the activities of scientific and technological talents. The larger the enterprise organization, the more rigid it is, and it is difficult to make original suggestions; Second, small and medium-sized enterprises are relatively small in scale, relatively simple in organizational structure and few in management levels, and easy to adjust in time in the face of changes in the economic situation; Third, from the perspective of employees' self-development, small and medium-sized enterprises may be more attractive than large enterprises. According to the survey data of China Development and Reform Commission and the education department, the employment rate of college students in small and medium-sized enterprises has exceeded 50% in recent years, which has improved the situation that the number of college students in small and medium-sized enterprises is small and the education level of employees is generally low, and provided the needed human resources for small and medium-sized enterprises to some extent.
3 Countermeasures for the development of small and medium-sized enterprises
3. 1 Expand the domestic demand market
Faced with the shrinking export market, small and medium-sized enterprises should strengthen the expansion of the domestic market and find new market space for domestic demand. China's low-end market has great potential for development, such as rural consumer market. Seeking new network opportunities and turning to e-commerce is also one of the growth points that enterprises can quickly find.
3.2 Explore overseas markets less affected by the crisis
Guangdong is a major export province of China. From June to April 2009, Guangdong's exports to the top three export markets-Hong Kong, the United States and the European Union continued to decline, while its exports to emerging markets such as the Middle East, Africa and India maintained growth. Guangdong's exports to the Middle East stand out, with a sharp increase of 25.6% in April 2009; Exports to ASEAN and India also increased by 2.7% and 8.6% respectively; Exports to Africa decreased by 2. 1%. Therefore, small and medium-sized enterprises should explore African and Middle East markets which are relatively less affected by the financial crisis.
3.3 Strengthen internal financial management
Small and medium-sized enterprises should track customers' production plans and inventory plans in time, reasonably determine their own procurement and production plans, and realize inventory surplus through price strategy or trade exchange. Collect accounts receivable or transfer accounts receivable to reduce financial pressure. Reduce the operating costs of enterprises through layoffs, salary reduction and outsourcing of some functions. Reduce procurement costs. Reduce production consumption and improve product quality. Specialization and cooperation, increase investment in high-tech equipment.
3.4 Expand financing channels
Small and medium-sized enterprises should seize the government's preferential policies in credit guarantee, loan discount and direct financial support, transform and upgrade in time, optimize product structure, and increase the added value of products by relying on scientific and technological innovation. Small and medium-sized enterprises pay attention to maintaining their own image, strengthen communication and cooperation with banks, and rely on honesty and credit to obtain bank loans. Small and medium-sized enterprises in the industrial supply chain can obtain bank loans with the help of the credit of large enterprises that have business dealings with them, and realize the financing alliance of many small and medium-sized enterprises in "supply chain finance", establish mutual insurance system, guarantee each other, or organize similar cooperative operations, collective lending or joint issuance of corporate bonds. In addition, financial leasing, hardware operating leasing, product financing, option and equity financing, OEM financing, deposit financing, pledge loans of intangible assets such as patents and trademarks, equity incentive plans and attracting equity financing are also effective ways for SMEs to raise funds.
3.5 Optimize the talent introduction and management mechanism
Small and medium-sized enterprises should give full play to the advantages of flexible system and mechanism, sensitivity to the environment and great development potential, foster strengths and avoid weaknesses, and establish a talent strategy with flexible introduction and selection, sound incentive and restraint mechanisms and reasonable talent flow. By scientifically allocating human resources, enterprises will be able to attract and retain talents. First, create a "people-oriented" corporate culture; The second is to strengthen the management of performance appraisal and establish an effective incentive and competition mechanism; The third is to retain talents with protection and develop talents with training; The fourth is to do a good job in enterprise recruitment.
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