Abstract: At present, China's small and medium-sized enterprises have become one of the most competitive economic forces. However, the financing dilemma faced by small and medium-sized enterprises has become a bottleneck restricting their development. This paper analyzes the causes of financing difficulties for small and medium-sized enterprises and puts forward some solutions.
Keywords: SMEs, financing, countermeasures
Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly. By the end of 2006 10, the number of small and medium-sized enterprises in China had reached more than 42 million, accounting for 99.8% of the total number of enterprises in China. There are more than 4.3 million small and medium-sized enterprises registered in the industrial and commercial departments, and more than 38 million self-employed households. The value of final products and services created by small and medium-sized enterprises accounts for 58% of GDP, goods produced account for 59% of social sales, and taxes paid account for 50.2%. Small and medium-sized enterprises have become an important foundation to ensure China's economic development, market prosperity and employment, and continue to be an important force to promote China's economic system reform with its flexible operating mechanism and market adaptability. However, China's small and medium-sized enterprises still face many problems in their development, among which the financing problem is the most prominent. The difficulty of financing causes the lack of funds for small and medium-sized enterprises in China, which seriously restricts the entrepreneurship and sustainable development of small and medium-sized enterprises and further affects the healthy development of our economy. Therefore, it has become an urgent task to deeply understand the causes of financing difficulties for small and medium-sized enterprises and find out solutions.
First, the status of financing difficulties for SMEs
Generally speaking, there are two main financing channels for SMEs: one is endogenous financing, including owner's own funds, funds borrowed from relatives and friends, venture capital and funds accumulated after the establishment of enterprises; Second, exogenous financing can be divided into indirect financing and direct financing. Indirect financing refers to financing through banks, credit cooperatives and other financial institutions, including short-term loans and medium-and long-term loans. Direct financing refers to the public raising of funds in the form of stocks, bonds and financing funds through financial leasing with leasing companies.
(A) changes in financing channels
Most small and medium-sized enterprises have developed by self-accumulation and self-financing, and the proportion of internal financing is very high. However, with the development of enterprises, pure internal financing can no longer meet the needs of enterprise development, and the dependence on external financing has increased. Because the small and medium-sized enterprises in China are generally small in scale, they cannot enter the stock market or bond market for direct financing, and China's industrial funds and venture capital are still in their infancy. Therefore, the financing of small and medium-sized enterprises in China, whether it is working capital or fixed assets investment, basically depends on the indirect financing of financial institutions such as banks.
(B) increased financing costs
According to reports, at present, the loan interest rate of commercial banks to small and medium-sized enterprises generally rises by 20%? 30%, plus registration fee, evaluation fee, notarization fee, guarantee fee, etc. It is estimated that the total financing cost of SMEs is as high as 12%, which is one to several times higher than the loan cost of large and medium-sized advantageous enterprises. Insiders pointed out that such a heavy capital cost means that the capital profit rate of an enterprise must reach at least 12% to avoid losses, while there are almost no industries in China where the average industrial profit rate can reach 12%.
(C) SMEs receive less bank credit support.
According to statistics, at present, the loan scale of small and medium-sized enterprises only accounts for about 10% of the total bank credit, while the short-term loans of township enterprises, individual and private enterprises and foreign-funded enterprises only account for 14.4% of the short-term bank loans. It can be seen that the small and medium-sized enterprises in China receive very little bank credit support, which is extremely disproportionate to the fact that the value of final products and services created by small and medium-sized enterprises accounts for 58% of GDP, the goods produced account for 59% of social sales and the taxes paid account for 50.2%. The shortage of funds has seriously restricted the development of small and medium-sized enterprises.
Second, the causes of financing difficulties for SMEs
The financing difficulties of SMEs are nothing more than the following two aspects. On the one hand, small and medium-sized enterprises have their own problems or insufficient internal conditions, which leads to difficulties in loan financing; On the other hand, the external environment and its function make it difficult for SMEs to borrow money.
(A) internal conditions lead to financing difficulties for SMEs.
1. At present, the problems existing in small and medium-sized enterprises are quite prominent, such as small scale of operation, low management level, weak financial ability and great potential risks. At the same time, there are also problems such as poor technical level and ineffective market information. It is difficult to choose a suitable project, and bank loans are not cost-effective and risky. 2. Many small and medium-sized enterprises have serious redundant construction, chaotic management and lack of market competitiveness, which has seriously affected the issuance of loans from commercial banks. 3. Business leaders' contract awareness, performance level and integrity concept are very weak, and malicious lending and risk transfer occur from time to time. A small number of enterprises evade bank loans, and the high rate of non-performing loans intensifies the "reluctance to lend" of financial institutions, which affects the confidence in credit supply. 4. From the perspective of corporate debt and profitability, the overall debt level of SMEs is high and profitability is low. 5. Mortgage loan is difficult. Small and medium-sized enterprises have less self-owned assets, less collateral and high discount rate of collateral. Moreover, the registration department of bank mortgage guarantee evaluation is scattered, the procedures are cumbersome, the intermediary service of evaluation is not standardized, and the mortgage evaluation can not be accurately evaluated according to market behavior, which is arbitrary and costly, which leads to the difficulty of enterprise mortgage loan.
(B) the external environment causes financing difficulties for SMEs.
1. From the bank's point of view
(1) China's commercial banks have strengthened the monitoring and accountability of non-performing assets. In practical work, if the loan is invested in large enterprises and projects supported by the government, even if there is a problem with the loan, it is easy to tell the truth from the moral hazard and avoid or reduce the responsibility. However, if loans are given to small and medium-sized enterprises, especially private enterprises, it is often difficult to tell the truth from the moral hazard and it is easy to be examined and punished. In addition, the loan conditions stipulated in the General Rules for Loans of Commercial Banks are very strict, and many small and medium-sized enterprises can't get loans because they can't meet the prescribed conditions. Therefore, strict loan access and supervision make banks prudently lend to SMEs. (2) Safety, liquidity and profitability are the basic requirements of bank loans, and the operating risks of small and medium-sized enterprises are too high, so it is natural for banks to strengthen loan support for small and medium-sized enterprises. Studies at home and abroad show that the failure rate of small and medium-sized enterprises is high. For example, American SMEs closed down in two years, 5 1.7% in four years and 62.7% in six years. Due to the high failure rate of small and medium-sized enterprises, loans to small and medium-sized enterprises are bound to be high-risk, which is not in line with the principle of stable operation of banks. Forcing banks to lend to small and medium-sized enterprises by administrative orders will further increase the operational risks of banks, which will not pay off. (3) Due to the existence of "running errands", small enterprises can only find financial services in a short distance, which determines that financial institutions serving small enterprises must have more branches, and it is difficult to establish financial institutions that provide financial support for small and medium-sized enterprises in raising funds, collecting information and strengthening supervision. (4) The entry threshold for SME loans is too high, the design of loan methods is single, and the procedures are complicated. Moreover, there are many legal obstacles in the issuance of micro-credit, mainly in paying too much attention to collateral, pledge and third-party guarantee, while ignoring the examination of the borrower's own cash flow as the first repayment ability.
2. From the government's point of view:
(1) The lack of supporting laws and policies makes it more difficult for SMEs to raise funds. China has not legally confirmed the relative special status of small and medium-sized enterprises. Small and medium-sized enterprises need special national legislation to protect their interests, determine the areas and areas of support for small and medium-sized enterprises, and provide legal basis for financial institutions to serve small and medium-sized enterprises. At present, the Law on the Promotion of Small and Medium-sized Enterprises in People's Republic of China (PRC) and the State Council's Opinions on Encouraging, Supporting and Guiding the Development of Non-public Economy such as Individual and Private Enterprises still lack supporting laws and regulations and have not formed an effective legal system. (2) In the management and assessment of commercial banks, there is no system and standard for serving small and medium-sized enterprises, and there is no distinction between large and small corporate customers, but large and small enterprises are treated generally. Therefore, commercial banks are naturally more inclined to large enterprises.
3. From the perspective of capital market
At present, China's capital market is still very imperfect, and it is difficult for most enterprises, especially small and medium-sized enterprises, to obtain the required funds through direct financing channels. (1) From the perspective of equity financing, the stock exchange, the only market where enterprises issue shares for listing, has set a high threshold, which is by no means accessible to ordinary small and medium-sized enterprises. (2) At present, the development of China's corporate bond market lags far behind the development of the stock market, and it is difficult for large enterprises to raise funds by issuing bonds. SMEs with relatively poor credit ratings are
Not to mention. But even if the bond market develops in the future, only large enterprises and some small and medium-sized enterprises with the conditions to issue bonds can enter the bond market for financing.
Third, the countermeasures to solve the financing difficulties of small and medium-sized enterprises in China
The author believes that the countermeasures to solve the financing problem of small and medium-sized enterprises are to improve the ability of enterprises and create the external environment of enterprises. Specifically includes the following aspects:
(A) For small and medium-sized enterprises, it is necessary to strengthen their own development and enhance their internal financing capabilities.
1. Small and medium-sized enterprises should change their operating mechanism through reform, optimize their enterprise structure through restructuring, enhance their stamina through transformation, guide enterprises to strengthen management, face the market, establish a sense of competition, and speed up technological transformation and product renewal. 2. We should strengthen the concept of credit and build a good relationship between banks and enterprises. Small and medium-sized enterprises must strengthen their credit awareness, preserve the bank's creditor's rights, repay the principal and interest on time, negotiate with the bank to solve problems when they have difficulties, establish a good relationship between banks and enterprises, and create conditions for enterprise financing. Small and medium-sized enterprises should not only establish a standardized property right system, but also establish an effective financial system that is suitable for the legal status of enterprises, so as to improve the credit level and quality of enterprises.
(2) For financial institutions, it is necessary to conscientiously implement relevant national laws and improve financial services.
Article 15 of the Law of People's Republic of China (PRC) on the Promotion of Small and Medium-sized Enterprises stipulates: "All financial institutions shall provide financial support for small and medium-sized enterprises, strive to improve financial services, change service modes, enhance service awareness and improve service quality. All commercial banks and credit cooperatives should improve credit management, expand service fields, develop financial products suitable for the development of small and medium-sized enterprises, adjust credit structure, and provide credit, settlement, financial consultation, investment management and other services for small and medium-sized enterprises. National policy financial institutions should provide financial services to small and medium-sized enterprises in various forms within their business scope. " Financial institutions are the main financing channels for small and medium-sized enterprises, so it is incumbent on them to improve their financing. Treat large enterprises and small and medium-sized enterprises equally, reduce the financing cost of small and medium-sized enterprises by improving efficiency, control the fluctuation range of loan interest rates of small and medium-sized enterprises as much as possible, and reduce the pressure on small and medium-sized enterprises to repay loans. 2. Establish incentive mechanism, restraint mechanism and direct information channel for cooperation between banks and enterprises, improve financing and credit files of small and medium-sized enterprises, strengthen internal financial supervision, and ensure reasonable capital investment.
(C) For the government, it is necessary to formulate corresponding policies to effectively solve the financing problem of SMEs.
1. Relax access control and appropriately increase commercial financial institutions. On the one hand, private capital should be allowed to set up commercial banks according to standards; On the other hand, it is necessary to speed up the reorganization of urban cooperative banks and urban and rural credit cooperatives, give full play to the advantages of these regional banks in being familiar with the local economic situation, and provide financing services for small and medium-sized enterprises. 2. Give full play to the role of financial leasing institutions. For small and medium-sized enterprises, financial leasing is a particularly effective means of financing. At present, in some countries, the financial leasing industry is quite developed, and13 of American enterprises' equipment investment is carried out through financial leasing. However, in China, the development of financial leasing industry is still limited by many factors, and the development is very slow. The scale of the whole industry is too small, and the business activities of various leasing companies are not standardized.