I just wrote an article about this. Here are some good materials I used to help you organize. There are still a few articles that can't get in. Please tell me again if you like.

Article 1:

Financing status and countermeasures of small and medium-sized enterprises

(Huai 'an Science and Technology Information Network, Qi Zhengqing, 2009- 1 1-27)

Abstract: The rationality of the existence of small and medium-sized enterprises and their important role in the economy determine that we must attach importance to the survival and development of small and medium-sized enterprises. Because of the characteristics of small and medium-sized enterprises, that is, small scale, more scarce controllable resources, and often in the stage of rapid development, they need a lot of capital investment. Therefore, financing is one of the key factors for the survival and development of small and medium-sized enterprises. However, the financing situation of small and medium-sized enterprises is not very ideal at present. How to combine the characteristics of small and medium-sized enterprises to raise funds quickly is the main problem studied in this paper.

Keywords: SMEs, financing, venture capital

First, the performance of financing difficulties for SMEs

(A) In terms of bank loans, that is, banks lack effective means to identify the risk status of SMEs. After the central bank cancels the floating ceiling of loans, commercial banks can make full use of interest rate fluctuations to price loans of small and medium-sized enterprises with different risk conditions. At the same time, the central bank's credit policy also encourages commercial banks to increase loans to SMEs and improve the SME loan market. However, considering the safety, commercial banks generally concentrate on catching big customers and are unwilling to lend to small enterprises. Even if a credit department for small and medium-sized enterprises is set up, it will add icing on the cake to large enterprises and small enterprises will not be rescued in time. In addition, the difficulty in obtaining loans for small and medium-sized enterprises actually reflects another problem in the current loan assessment of commercial banks, that is, whether state-owned enterprises and private enterprises enjoy the same national treatment. Small and medium-sized enterprises are usually private enterprises. Although there is no discrimination against private enterprises and state-owned enterprises in formal laws and regulations, in practice, if there is a problem with the loan of state-owned enterprises by credit personnel, it may be regarded as "rotten meat in the pot"; If there are problems with the loans issued by credit officers to private enterprises, they may often be regarded as private insider trading and interest transfer. This concept often makes some loan officers hesitate to expand the SME loan market.

(2) In terms of direct financing, the existing capital market cannot meet the financing needs of SMEs. On May 27th, 2004, the SME board established in Shenzhen Stock Exchange was officially put into operation, which is of great significance to the construction of multi-level capital market, SME financing and venture capital development in China, and undoubtedly opens up a special market for SME equity financing. But it is positioned as the listing financing demand of high-growth enterprises.

At the same time, in the implementation plan of setting up SME board in Shenzhen Stock Exchange, it is pointed out that the laws, regulations and departmental regulations followed by SME board operation are the same as those of the main board market; Listed companies in the SME sector meet the requirements of listing and information disclosure in the main board market. In addition, there is a stricter corporate supervision system for the SME sector, that is, a stricter information disclosure system is implemented than the main board market in view of the small share capital of listed companies in the SME sector.

It can be seen that even with the second-board market, the higher regulatory requirements and listing conditions make it only meet the needs of a few SMEs eager for financing, and it is impossible to become the main financing channel for SMEs.

(2) The informal financial sector is still an important channel for small and medium-sized enterprises, especially private enterprises, to solve the problem of start-up and operation funds. Because private small and medium-sized enterprises can't meet the capital demand through normal channels, informal financial activities have appeared in some developed areas of private economy. Although the regulatory authorities strictly restrict various forms of private financing activities and prohibit private "disorderly fund-raising" activities, the objective existence of private financial activities is still an indisputable fact. In the private enterprises in Fujian, Zhejiang, almost no venture capital comes from the formal financial sector, and it is rarely supported by the financial sector in the process of enterprise development. Up to now, the main sources of funds for many enterprises are still self-financing and informal financing.

Second, SME financing status, causes and countermeasures

(A) the reasons for the financing status of SMEs

Based on various factors, the author summarizes the reasons for the financing difficulties of small and medium-sized enterprises mainly based on the following points:

1. The high failure rate of small and medium-sized enterprises is one of the main reasons why banks are unwilling to provide loans to them. Although there is no statistical data of enterprise closure in China, some bank managers estimate that nearly 30% of private small and medium-sized enterprises in China will disappear within two years and nearly 60% will disappear within four years. The high failure rate of small and medium-sized enterprises obviously makes banks face greater risks when granting loans to them. The high default rate of loan repayment is also an important reason why banks are reluctant to provide loans to SMEs. A survey of city commercial banks in China shows that the default rate of small and medium-sized enterprises is higher than that of the top ten enterprises. Although the stock of non-performing loans of banks is relatively high, the proportion of non-performing loans of small and medium-sized enterprises is similar to that of large enterprises.

2. Lack of mortgage and guarantee. Theoretically, there are many assets that can be used as loan collateral, including land, buildings, houses, realizable savings, machinery and equipment, inventory, accounts receivable, sales contracts and so on. In the United States, accounts receivable or inventory account for two-thirds of mortgage assets accepted by banks. In China, banks are very strict about collateral, and they rarely accept other forms of collateral except land and real estate. Small and medium-sized enterprises generally lack collateral accepted by banks, such as their own property, and their loans are restricted. Collateral discount rate is high, the procedures are cumbersome and expensive, which is unbearable for ordinary small and medium-sized enterprises.

In addition, it is difficult for SMEs to find suitable guarantors. Some enterprises with good benefits are unwilling to guarantee other enterprises, and banks do not allow them to be guarantors for enterprises with average benefits, so mutual insurance between small and medium-sized enterprises often becomes a phantom.

3. Small and medium-sized enterprises generally have short operating time, lack of historical credit records, and imperfect internal management system and financial system. In addition, enterprises are unwilling to disclose their commercial secrets such as wealth, debt amount and borrowing channels for their own interests. What's more, in order to avoid taxes and fees or strive for preferential policies, they deliberately falsely report their financial status, leaving enterprises with no accounts to check. It is quite common for an enterprise to have two sets of accounts.

(B) the introduction of venture capital coping strategies

The author thinks that, based on the characteristics of small and medium-sized enterprises and the attitude of the existing financing system, it is better to introduce venture capital as the main way of financing for small and medium-sized enterprises. Venture capital, also known as venture capital, is to invest venture capital in the early stage of the development of venture enterprises, and after it matures, the invested capital will be converted from equity form to capital form through the market exit mechanism to recover the investment and obtain high-risk income.

There are several ways of venture capital investment: under normal circumstances, venture capital companies invest in enterprises in the form of equity, that is, exchange capital for shares of the invested enterprise, not for the purpose of obtaining the controlling stake of the invested enterprise. Generally, such investment capital accounts for more than 30% of the total capital of the invested enterprise. The investment target is small and medium-sized enterprises that grow rapidly in the early stage of development. In order to minimize risks, investment companies will use their long-term experience and knowledge to participate in the management of enterprises and provide management support. Therefore, the growth rate of enterprises supported by venture capital is much higher than that of ordinary similar enterprises. The main purpose of venture capital is to obtain high capital gains.

After venture capital invests in the selected enterprises, the venture capital company pays attention to the development potential and equity appreciation of the invested enterprises, and its focus is not on the current profits and losses of the ten investment objects, but on the development prospects and asset appreciation of the enterprises.

As a kind of equity capital, venture capital provides another source of funds for small and medium-sized enterprises. At the same time, these characteristics, such as holding shares for a long time, not interfering with the specific management of enterprises and paying attention to the long-term development of enterprises, are suitable for the long-term development of small and medium-sized enterprises. More importantly, venture capital usually provides value-added services in development strategy, financial management, governance structure, market expansion, human resources and further financing. These resources and value-added services brought by venture capital play a great role in the strategic management related to the survival and development of small and medium-sized enterprises, and have far-reaching significance for promoting the development of small and medium-sized enterprises.

References:

[1] Gao Xinwei: Ten Mistakes in Investment Selection of SMEs, Enterprise Reform and Management, 1, 2002.

[2] Wang Yonggang: "SME Financial Management Countermeasures", Friends of Accounting (middle), No.4, 2006.

[3] Zhang Liubo, Liu Zhihui: Summary of SME financing theory, Financial and Accounting Research, 2006,5.

The second article

The third article

Several keys to constructing multi-level capital market

(China Economic Times Li Yingjun)

Recently, Premier Wen proposed to implement the "Nine Articles of the State" quickly, and the domestic stock market rebounded strongly. One of the nine articles in China is to build a multi-level capital market. So, how to build a multi-level capital market?

The author believes that multi-level capital market is an indispensable part of market system construction and has far-reaching influence on the establishment of market economy. At present, China has basically established the framework of market economy, and the market subjects are diversified. However, the non-state-owned economy has been hindered by the bottleneck of funds after the initial stage of development and the moment of realizing economies of scale. Establishing financial services for non-state-owned economy, especially joint-stock banks and multi-level capital market construction, has once again become the focus of China's sustainable economic development.

The year 2000 was a turning point in China's property rights exchange market, with many remarkable new trends. First, there are bold explorations to restore, standardize and rebuild property rights exchanges in Qingdao, Shanghai, Shenzhen and other places, especially the most sensitive and criticized business-the equity registration and custody business of unlisted limited companies has been affirmed again. Second, the technology property rights trading market with the nature of property rights trading is booming in various places, such as Shanghai, Shenzhen, Chengdu, Xi and Chongqing. Third, venture capital companies and state-owned asset management companies that exercise the rights of investors have targeted the "exit mechanism" at property rights exchanges around the country. These trends further prove that the property rights trading market has tenacious vitality. In 2004, the merger of regional property rights trading institutions became the highlight of the national property rights trading market. Beijing, Shanghai, Chengdu and other places merged technology property rights trading institutions and property rights trading institutions to form a joint property rights exchange, which laid the foundation for integrating local resources and realizing economies of scale of property rights trading institutions. The national regional property rights trading network has once again stood at the forefront of reform in the innovative practice in various places.

In addition, over-the-counter trading or over-the-counter trading is an agent share transfer system. Under the management of the Securities Industry Association, securities companies provide share transfer services for unlisted joint-stock companies by using their own or leased business facilities. In order to properly solve the problem of the transfer of circulating shares of the original STAQ and online listed companies, with the approval of the China Securities Regulatory Commission on June, 2006 12, the China Securities Association issued the Pilot Measures for the Share Transfer Business of Securities Companies, which officially started the share transfer work. The first share transfer company was listed on July, 2006 16. In order to solve the problem of share transfer of delisting companies, on August 29, 2002, delisting companies were included in the pilot scope of share transfer.

At present, the pilot scope of agency share transfer is limited to the original STAQ, listed companies in the network system and delisting companies in Shanghai and Shenzhen Stock Exchanges. The conditions for a company to apply for the transfer of shares by proxy are: a legally existing joint stock limited company, a sound organizational structure of the company, and the proportion of shares registered for custody meets the prescribed requirements.

Generally speaking, the technical property rights trading institutions, property rights trading institutions and agency share transfer system in this period have already had the embryonic form of OTC market or OTC market, and the further practice of these institutions has had a far-reaching impact on the establishment of multi-level capital market in China.

The economic change stems from the institutional change, and the construction of multi-level capital market also poses new challenges to the supply of trading system. Therefore, trading institutions should formulate their own trading system to meet the requirements of the law of economic development. However, in the practice of various places, we found that the institutional supply of many trading institutions is invalid, especially the trading system formulated under the condition of traditional planned economy has not been combined with the reform of market economy, so it has not played a positive role in promoting the construction of property rights trading market. From a higher level of further analysis, many trading institutions are busy making strategic alliances, establishing regional markets, creating an atmosphere and expanding their influence, but their fatal weakness is that there is no unified institutional supply, and such alliances can only become a mere formality, without touching the core work of establishing the property rights trading market, so the possibility of failure of this form of alliance is already great.

In the construction of property rights market, the core innovation involved is to re-launch the stock registration and custody business of unlisted joint-stock companies. Since the end of 1990s, Zhengzhou, Shenzhen and other provinces and cities have successively issued relevant policies and regulations: Shenzhen stipulates that all the stock registration companies of Shenzhen Stock Exchange should be handed over to Shenzhen International High-tech Property Rights Exchange to carry out the stock registration and custody business of unlisted joint-stock companies, and provide services such as stock registration and custody, stock pledge, capital increase and share expansion, transfer and transfer, and dividend distribution. Similar practices include Henan Zhengzhou Technology Property Rights Exchange, Chengdu Equity Custody Center, Shandong Property Rights Exchange Center, Shanghai United Property Rights Exchange and Beijing Property Rights Exchange.

For the construction of China's multi-level capital market system, the author thinks that it should be realized in the following aspects: First, the trading places with the nature of capital market existing in the whole country should be brought into the scope of government supervision, and the rationality of their existence should be recognized. Shanghai Stock Exchange and Shenzhen Stock Exchange belong to the national market and can continue to be supervised by China Securities Regulatory Commission. Local capital markets can be regulated by local governments. The second is to implement self-discipline management in the capital market to restrain and standardize the behavior of member units; Third, whether it is a national trading place or a local trading place, the state allows it to set its own listing standards to better meet the requirements of market players and promote economic development; Fourth, whether it is a corporate exchange or a membership exchange, its nature is an independent economic entity in the market and it is profitable. The exchange with the company as the unit shows the profit of the company. Although the membership exchange itself does not require profit, members must rely on the exchange for profit. Therefore, these two organizational forms of exchanges are profitable. Under this premise, exchanges that are allowed to merge, operate incompletely or do not meet the requirements of capital market development will lose their foundation of existence. (Author: Xi 'an Technology Property Exchange Center)

The third article

Financing Status, Problems and Countermeasures of Small and Medium-sized Enterprises in China

Source: National Development and Reform Commission

Practice around the world shows that the primary bottleneck restricting the development of small and medium-sized enterprises is the difficulty of financing. Therefore, it is of great practical significance to analyze the present situation and reasons of financing for small and medium-sized enterprises, review the basic practice of financing for small and medium-sized enterprises, and study and put forward policy suggestions to alleviate the financing difficulties in view of the institutional, policy and operational obstacles in financing for small and medium-sized enterprises.

First, the financing situation of SMEs in China and the main reasons for financing difficulties

In 2003, 56% of China's GDP, 59% of its social sales, 46% of its tax revenue, 62% of its exports and 75% of its employment were created or provided by SMEs. However, the financial resources obtained by small and medium-sized enterprises are extremely disproportionate to their position and role in national economic and social development.

(A) SME financing status

First, there is little credit support; According to statistics, of the 3 million private enterprises in China, only about 10% have obtained bank credit support. In 2003, the short-term loans of villages and towns, individual and private enterprises and foreign-funded enterprises only accounted for 14.4% of all short-term loans of banks. According to the survey, in 200 1 year, the bank loan in Zhejiang private investment was only 20. 1%.

Second, the direct financing channels are narrow. Due to the high threshold of the securities market, the imperfect venture capital system and the obstacles in the issuance of corporate bonds, it is difficult for small and medium-sized enterprises to raise funds publicly through the capital market. According to a survey conducted by the People's Bank of China in August 2003, 98.7% of the financing supply of SMEs in China comes from bank loans, that is, direct financing only accounts for 1.3%.

Third, the lack of its own funds. China's non-public enterprises have grown from scratch, from small to large, from weak to strong, and their development mainly depends on their own accumulation and internal financing, which greatly restricts their rapid development and growth. According to the research data of IFC, among the capital sources of private enterprises in China, the owner's capital and internal retained earnings account for 30% and 26% respectively, while corporate bonds and external equity financing are less than 1%.

(B) SMEs "financing difficulties" the main reasons

First, the distribution of financial resources does not match the layout of small and medium-sized enterprises, and the policy is not strong. In order to guard against financial risks, state-owned commercial banks have implemented the strategy of "big cities, big enterprises and big projects" in succession, removed and merged grass-roots outlets on a large scale, and seized the loan authority, so that small and medium-sized financial institutions that match the supply of funds for small and medium-sized enterprises have the responsibility, power and weakness. At the same time, the government's incentive mechanism for banks to provide loans to small and medium-sized enterprises needs to be innovated, and banks themselves cannot meet the special needs of small and medium-sized enterprises for financial services in terms of institutional setup, product design, credit rating and loan management. China has set up a small and medium-sized enterprise science and technology innovation fund and a small and medium-sized enterprise international market development fund, but the annual appropriation is only 654.38 billion yuan, which cannot meet the needs of the development of small and medium-sized enterprises. From 1999 to May 2004, only small secured loans for individual entrepreneurship were granted nationwide1800 million yuan, which was only a drop in the bucket compared with the huge capital demand of SMEs.

Second, the guarantee scale is small, the risk is scattered and the compensation system is lacking, which does not meet the needs of improving the credit ability of enterprises. The survey shows that the proportion of small and medium-sized enterprises refusing loans due to unfulfilled guarantees is as high as 23.8%, the proportion of refusing loans due to unfulfilled mortgages is as high as 32.3%, and the total loan refusal rate is as high as 56. 1%. However, at present, the development of the credit guarantee industry of small and medium-sized enterprises is still difficult to meet the needs of the majority of small and medium-sized enterprises to improve their credit ability: credit guarantee institutions funded by the government usually receive one-time financial support only in the initial stage of preparation, and there is no follow-up compensation mechanism; Private guarantee institutions are discriminated by ownership, so they can only bear the risk of secured loans alone, and cannot form a * * * commitment mechanism with cooperative banks. Because the risk of guarantee is dispersed and the compensation system of loss sharing has not yet been formed, the amplification of guarantee funds and the credit ability of guarantee institutions are greatly restricted. In addition, the lag in the construction of relevant laws and regulations in the credit guarantee industry has also affected the standardized development of credit guarantee institutions to some extent.

Third, the multi-level capital market has not yet formed, and the proportion of direct financing and indirect financing is not coordinated. According to relevant data, the stock market financing accounted for only 1.6% in the first two quarters of 2003, and 2.2% in the first three quarters. Under the premise that the structure of direct financing and indirect financing is extremely uncoordinated, the securities market is still dominated by the main board and tilted towards large enterprises. In addition, the Growth Enterprise Market with low threshold has not been launched, the local equity trading market has been banned, informal financing lacks legal support, and the direct financing difficulties of SMEs have intensified.

Fourth, small and medium-sized lending capacity is weak and information asymmetry affects the enthusiasm of banks. Small and medium-sized enterprises have a weak management foundation and generally lack a good corporate governance mechanism. In addition, related party transactions are complex, financial system is not perfect, transparency is low, and credit reliability is not high. The characteristics of small and medium-sized enterprises' lending are "less, urgent and frequent", and banks are often reluctant to lend because of the asymmetric credit information of small and medium-sized enterprises, high transaction and monitoring costs of loans and high risks. In 2003, the average NPL ratio of China's major commercial banks' loans to SMEs was 32.1l%, which was 15.7 percentage points higher than that of commercial banks. Poor loan quality has also affected the enthusiasm of bank loans.

Second, the financing difficulties for SMEs to take measures

In order to further play the important role of small and medium-sized enterprises in China's economic and social development, the state attaches great importance to solving the "financing difficulties" of small and medium-sized enterprises and has adopted a series of measures:

(1) Guide financial institutions to innovate financial products and improve financial services.

During the period of 1998, the four major state-owned commercial banks set up SME credit departments, adjusted the loan interest rate of SMEs twice and implemented floating interest rates to encourage commercial banks to increase their loans to SMEs, and put forward a series of specific measures to encourage and guide commercial banks to effectively strengthen and improve their financial services to SMEs. For example, the central bank supports small and medium-sized financial institutions serving small and medium-sized enterprises through refinancing, rediscounting and issuing financial bonds; Appropriately delegate the examination and approval authority of working capital loans for SMEs; We can provide credit loans to small and medium-sized enterprises with market, efficiency and credit, simplify loan review procedures, improve the credit system and expand the proportion of credit. The above-mentioned incentive measures have mobilized the enthusiasm of commercial banks for lending to SMEs to a certain extent. As a national policy bank, China Development Bank actively relies on the network of city commercial banks to carry out SME loan business and tries to re-guarantee qualified SME credit guarantee institutions. All joint-stock commercial banks strive to realize the innovation of financial concepts, financial products and service functions. Guangfa Bank has decided to lend 100 billion yuan to non-public enterprises and small and medium-sized enterprises for three years, and has carefully created a "private 100" special financial service plan. According to the different financing needs of enterprises in the three stages of "entrepreneurship", "growth" and "development", eight packages are specially designed to effectively solve the problem of enterprise loan difficulty. According to the survey, at present, more than 80% customers of city commercial banks are small and medium-sized enterprises, and more than 70% credit funds are invested in various small and medium-sized enterprises.

(B) adopt a variety of financing methods to broaden the financing channels for SMEs.

In recent years, governments at all levels have taken some measures to broaden the financing channels for SMEs. First, a science and technology innovation fund has been established to support the rapid development of small and medium-sized science and technology enterprises by means of discount loans, free subsidies and capital investment. From 1999 to 2003, the state invested 3.3 billion financial funds to support 4,946 projects of small and medium-sized scientific and technological enterprises nationwide, which effectively promoted the entrepreneurship and development of small and medium-sized enterprises. The second is to establish a property rights trading market. At present, China has established more than 200 property rights trading markets of different degrees and sizes, among which Shanghai, Beijing, Tianjin and other cities have considerable scale. In 2003, the transaction volume of Shanghai Property Rights Exchange has exceeded 300 billion yuan, providing a trading platform for asset restructuring and property rights diversification of various small and medium-sized enterprises. Third, give full play to the role of financing tools suitable for small and medium-sized enterprises, such as pawn and financial leasing. By the end of 2003, the number of pawn shops in China had grown to more than 1000, and the capital scale exceeded 6 billion yuan, which brought convenience to small and medium-sized enterprises through pawn financing. The scale of financial leasing is also expanding. In 2003, the financial leasing business in Zhejiang alone exceeded 70 billion yuan. The fourth is to open direct financing channels. In May this year, the Shenzhen Stock Exchange opened the SME board, which provided a direct source of financing for the rapid growth of outstanding SMEs. According to statistics, at present, 34 households have completed public offering, with a total scale of 834 million shares and a total financing of 8.2265438 billion yuan, with an average issuance scale of 24.52 million shares and an average financing amount of 242 million yuan. The average increase on the first day of IPO was 83%. A number of qualified growth SMEs will get financing opportunities for listing.

(C) to build a multi-level credit guarantee system, focusing on solving the problem of SME guarantee.

On the basis of learning from the experience of developed countries in supporting small and medium-sized enterprises, local governments at all levels organize and promote the construction of credit guarantee system for small and medium-sized enterprises in combination with China's actual situation. Through several years' practice, we will gradually explore the "one body, two wings and four layers" credit guarantee system model for small and medium-sized enterprises with China characteristics. "Integration" refers to the main body, and the model emphasizes "diversification of funds, market-oriented operation, enterprise management and support for outstanding achievements"; "Two wings" refers to commercial guarantee and private mutual insurance as necessary supplements; "Four layers" refers to the central level, provincial (city, district) level, city level and county (city) level. In recent years, laws, policies and preferential tax policies on guarantee have been promulgated one after another, which has effectively promoted the formation and development of the guarantee industry. According to incomplete statistics, by the end of June 2003, 966 credit guarantee institutions for small and medium-sized enterprises had been established nationwide, raising 28.7 billion yuan of guarantee funds; There are about 50,000 insured enterprises, and the total guarantee amount is about11800 million yuan. Insured enterprises increase their sales income by11800 million yuan, and increase their profits and taxes by 102 billion yuan. To a certain extent, it has alleviated the problem of small and medium-sized enterprises finding insurance.

(4) Promoting the construction of credit system for small and medium-sized enterprises and enhancing their lending capacity.

Cultivating credit demand, standardizing credit market, perfecting credit system and creating credit environment are of urgent practical significance for improving the overall quality and comprehensive competitiveness of small and medium-sized enterprises, resisting credit risks and improving their financing ability. On the one hand, gradually establish and improve the external credit information system and credit evaluation system of small and medium-sized enterprises, provide enterprise credit information to banks and other institutions, commend small and medium-sized enterprises that keep promises, set a credit example, and vigorously publicize and popularize the advanced model and experience of credit management; On the other hand, actively carry out the construction and popularization of internal credit system, strengthen internal contract management, marketing early warning, business account collection, accounting management and pre-job investigation, carry out credit and professional skills training for enterprise management, management and testing personnel, and train professionals in credit investigation, analysis, evaluation and supervision. At present, relevant departments have carried out pilot projects in Beijing, Shanxi, Jilin, Zhejiang, Sichuan and other cities, and continuously improved borrowing capacity by establishing enterprise credit files, credit ratings and enterprise credit systems.

Third, policy recommendations to broaden financing channels for SMEs

Solving the "financing difficulty" problem of small and medium-sized enterprises is a systematic project, which involves many factors such as financing system, credit environment, service awareness and service level of enterprises and financing institutions, and needs comprehensive coordination and supporting solutions. It is suggested to follow three principles: first, to implement industrial policies and the principle of giving priority to employment; The second is to improve the policy incentive principle of financial services for SMEs; Third, adhere to the principle of market-oriented operation of independent loan review and independent issuance.

Specific policy recommendations are as follows:

(1) Establish and improve the organizational system of small and medium-sized financial institutions.

It is allowed to establish or rebuild regional small and medium-sized joint-stock banks and cooperative financial institutions, and areas with conditions can explore the establishment of policy banks specializing in serving small enterprises. City commercial banks and urban credit cooperatives should actively attract non-public capital to become shareholders, and further expand and improve the strength and mechanism of financing services for urban small and medium-sized enterprises. Rural credit cooperatives should absorb farmers, individual industrial and commercial households and small enterprises, speed up the improvement of equity structure and increase credit services for rural small and medium-sized enterprises.

(2) Encourage all kinds of banks to increase credit support for small and medium-sized enterprises.

Encourage state-owned commercial banks, joint-stock banks and policy banks to increase the proportion of SME loans through tax support, expanding interest rate floating range, refinancing and rediscounting, reasonably determine the term and amount of SME loans, and give full play to the role of banks in setting up SME credit departments. Policy banks should be encouraged to rely on local commercial banks and guarantee institutions to carry out SME lending and secured loans.

Encourage financial innovation of small and medium-sized enterprises

According to the characteristics of small and medium-sized enterprises, we should improve the credit evaluation system of small and medium-sized enterprises, issue credit loans to qualified small and medium-sized enterprises, and carry out credit business; Expand corporate finance and account custody services for small and medium-sized enterprises with market, efficiency and credit; Relax the qualification of financial leasing companies and support the establishment of financial leasing; Piloting the pledge loan of intangible assets such as patent rights and trademark rights. Support small and medium-sized enterprises to invest in international financial organizations and use foreign loans in accordance with relevant regulations. Encourage insurance institutions to carry out product and service innovation for small and medium-sized enterprises and improve service methods and means for small and medium-sized enterprises; Give further play to the positive role of pawn in financing small and medium-sized enterprises.

(D) Broaden the direct financing channels for SMEs.

Promote the construction of multi-level capital market and continue to play the role of main board market; On the basis of perfecting the existing small and medium-sized enterprises, we will speed up the establishment of a listing counseling system for small and medium-sized enterprises and start the GEM market in due course; Gradually expand the function of the securities company's agent share transfer system; Integrate and standardize the existing property rights trading market to provide services for the equity transfer of non-public enterprises; Continue to promote the overseas listing of small and medium-sized enterprises. Encourage small and medium-sized enterprises that meet industrial policies to raise funds through equity financing and project financing. Allow qualified small and medium-sized enterprises to explore debt financing methods. Support venture capital through tax policy. Promote the establishment of small and medium-sized enterprise investment companies.

(V) Establish and improve the credit guarantee system for SMEs.

Encourage the non-public economy to set up commercial or mutual credit guarantee institutions, and credit guarantee institutions serving small and medium-sized enterprises may be exempted from business tax upon approval. Accelerate the establishment of national SME credit re-guarantee institutions, encourage qualified places to establish SME credit guarantee funds, and establish and improve the industry reference, risk control and loss compensation mechanism of credit guarantee. Strengthen the supervision of credit guarantee institutions for small and medium-sized enterprises and establish self-regulatory organizations for the guarantee industry.

(VI) Promoting the construction of credit system for small and medium-sized enterprises.

Study and establish a credit collection, rating, publishing system and reward and punishment mechanism suitable for the characteristics of small and medium-sized enterprises, establish and improve the database of enterprise credit files, and promote the pilot of credit files for small and medium-sized enterprises. For small and medium-sized enterprises with high credit rating, the annual inspection procedures for industry and commerce should be simplified and the filing system should be gradually implemented. Strengthen the construction of internal credit system of small and medium-sized enterprises.