Causes and countermeasures of financing difficulties for small and medium-sized enterprises

Small and medium-sized enterprises are an important part of the national economy and an irreplaceable force to maintain stable and rapid social and economic development. Small and medium-sized enterprises play a very important role in stimulating economic growth, alleviating employment pressure and maintaining social stability. The following is the content of the article "Reasons and Countermeasures for Financing Difficulties of Small and Medium-sized Enterprises" that I collected for you. Welcome to read the reference!

Causes and countermeasures of financing difficulties for small and medium-sized enterprises

On the financing difficulties of small and medium-sized enterprises in China and its countermeasures

Abstract: Since the reform and opening up, China's small and medium-sized enterprises have developed rapidly, accounting for about 99% of the total number of enterprises. Small and medium-sized enterprises play an increasingly important role in promoting economic growth, providing jobs, promoting technological innovation and adjusting and optimizing industrial structure, and gradually become an important pillar of economic development and social stability. However, the financing difficulties of small and medium-sized enterprises have been restricting their development, which is closely related to their own reasons and the external environment they are currently in. Therefore, the author carefully analyzes the reasons for the financing difficulties of small and medium-sized enterprises from three aspects: enterprises, banks and governments. At the same time, according to China's national conditions, we will further explore the countermeasures to solve the financing difficulties of small and medium-sized enterprises from seven aspects: further improving the laws and regulations supporting small and medium-sized enterprises, expanding their venture capital services, allowing and encouraging corporate small and medium-sized enterprises to carry out equity financing, changing the business philosophy and mode of state-owned commercial banks, and improving their financing services.

Keywords: small and medium-sized enterprises; Financing difficulties; Cause of formation; Countermeasures

First, the causes of financing difficulties for SMEs

(A) China's SMEs financing difficulties inherent reasons

1, lack of modern management concept, unable to maintain sustainable development, so that financial institutions are unwilling to take greater risks in lending.

2. The financial system of small and medium-sized enterprises is not perfect, and the financial information disclosed to the outside world is not comprehensive, so it is very difficult for relevant institutions to conduct financial review; In addition, the credit line of small and medium-sized enterprises is not high, and the loan spread that financial institutions can get is very small, which makes it difficult for small and medium-sized enterprises to get loans from financial institutions.

3. Lack of fixed assets that can be mortgaged, especially high-tech enterprises. The proportion of intangible assets is high, and the mortgaged real estate is few. The operational risk is high, and the lending requirements for financial institutions are basically unable to meet.

4. Over-reliance on bank loans increases the concentration of bank credit risks and weakens the credit support of financial institutions to SMEs.

(B) China's small and medium-sized enterprises financing difficulties external causes

1, lacking financial support from the capital market.

A large part of the external funds of small and medium-sized enterprises in the United States and Britain come from direct financing in the capital market. The SME board in China's capital market has just started, and investors are still holding a wait-and-see attitude. Direct financing of SMEs is very limited.

2. Commercial banks have limited financial support.

Due to the difficulty of direct financing in the capital market, although it is difficult to obtain loans from banks, most small and medium-sized enterprises are still willing to raise funds from banks.

3. The policy and legal system are not perfect.

The continuous promulgation and implementation of a series of policies and laws to support the development of small and medium-sized enterprises, such as the Law on the Promotion of Small and Medium-sized Enterprises, have promoted the development of small and medium-sized enterprises to a certain extent, but there are still some imperfections, such as the difficulty in actual operation and the incomplete implementation of some policies.

4. SME credit guarantee mechanism is not perfect.

China's guarantee system is not perfect, the operation mode of guarantee institutions is flawed, the quality of funds provided by guarantee is not high, and the assets and credit review of small and medium-sized enterprises applying for guarantee is harsh. Many small and medium-sized enterprises are rejected by guarantee companies and cannot obtain guarantees.

Second, solve the financing problem of small and medium-sized enterprises in China.

Solving the problems existing in SME loans requires in-depth and systematic research in all aspects, and requires the full cooperation of enterprises, banks, governments and society. Starting from the difficulties faced by small and medium-sized enterprises, comprehensively consider and gradually improve the financing environment. The following countermeasures are put forward for discussion:

(A) gradually improve the financial policies and regulations to support the development of small and medium-sized enterprises

Most small and medium-sized enterprises in China are non-state-owned, and the financing policy is generally inclined to large enterprises. Therefore, in order to make small and medium-sized enterprises develop healthily, we must create an equal financing environment, correct their economic status from the perspective of laws and regulations, strive for equal treatment with large enterprises in enterprise financing, constantly improve policies and regulations, and promote the healthy growth of small enterprises.

(2) Increase investment services for small and medium-sized enterprises in the initial stage.

For small and medium-sized enterprises in the start-up stage, the shortage of funds is often the bottleneck to inhibit their initial development. Vigorously developing investment services for small and medium-sized enterprises in the initial stage can successfully transform high-tech achievements and thus improve the scientific and technological development level of the whole society.

(3) Allow and encourage small and medium-sized companies to carry out equity financing.

At present, if China enterprises want to carry out equity financing, they need to be actively and strictly examined by relevant departments. Only enterprises that meet certain conditions can issue shares for financing, but they can only issue shares in the open market and cannot conduct over-the-counter transactions. In view of the demand of small and medium-sized enterprises with good development trend for financial capital, we will gradually relax the relevant policies of equity financing and gradually build a diversified and multi-level securities market system.

(4) Change the business philosophy and mode of commercial banks and increase financing support for small and medium-sized enterprises.

Both developed countries and small and medium-sized enterprises in China are more willing to obtain direct financing from commercial banks. Therefore, banks should abandon prejudice, treat the reasonable capital needs of small and medium-sized enterprises fairly, establish and improve a credit evaluation mechanism for small and medium-sized enterprises, and increase financing support for small and medium-sized enterprises.

(5) Establish small and medium-sized financial institutions to provide services for small and medium-sized enterprises.

It is necessary to establish a number of small and medium-sized financial service institutions for small and medium-sized enterprises to provide convenient and fast financing services for small and medium-sized enterprises, which can effectively alleviate the financing difficulties of small and medium-sized enterprises.

(6) Improve the guarantee mechanism for SMEs.

Develop various forms of SME guarantee institutions and raise guarantee funds through multiple channels. With reliable guarantee institutions and safe guarantee funds, banks can reduce credit risk, and small and medium-sized enterprises can obtain the needed funds more conveniently and quickly.

(7) The government should pay enough attention to small and medium-sized enterprises and effectively solve the financing problem of small and medium-sized enterprises through strong policy guarantee.

To sum up, the financing difficulties of SMEs in China directly affect the benign development of SMEs. We must face up to this problem, actively analyze the reasons, get rid of the shackles of traditional concepts, and treat this problem with a scientific development attitude. We should learn from the effective experience at home and abroad, combine the reality of our country, analyze specific problems, find effective, operable and standardized concrete measures, build a good and healthy financing environment for small and medium-sized enterprises, make them develop healthily and play a greater role.

Authors: Beijing Dongcheng District Community Health Service Management Center.

References:

Ye Lin. Analysis of financing problems of private small and medium-sized enterprises in China [J]. Journal of Sichuan Institute of Education, 2003, 1.

[2] Li Enqiang. Five Difficulties in SME Financing [J]. China Economic and Trade Guide, 2003, 1.

[3] Huang Liu. How to make the best financing decision for small and medium-sized enterprises [J]. Small and medium-sized enterprises in China, 2002,9.

[4] Jia. Analysis of financing problems of small and medium-sized enterprises in China [J]. Economic system reform, 2003, 1.

[5] Jinping. Theoretical analysis of financing obstacles of small and medium-sized enterprises [J]. Business Research, March 2002.

[6] Gui Zhaojun, Yang Xu. Financing status and system reconstruction of small and medium-sized enterprises in Zhejiang [J]. Zhejiang Social Sciences, 2002,4.

Causes and countermeasures of financing difficulties for small and medium-sized enterprises

Analysis of Financing Dilemma of Small and Medium-sized Enterprises and Legal Countermeasures

Small and medium-sized enterprises have become an important part of the social and economic system, and play an extremely important role in economic development, finance, taxation, employment, technological innovation and export. However, small and medium-sized enterprises are facing financing difficulties in their development, which seriously affects their development. Therefore, solving the financing problem of small and medium-sized enterprises has become an urgent problem for our government and governments all over the world. This paper summarizes the financing situation of small and medium-sized enterprises, discusses the financing difficulties faced by small and medium-sized enterprises, and puts forward legal countermeasures to solve the financing difficulties of small and medium-sized enterprises.

Keywords: small and medium-sized enterprises; Direct financing; Indirect financing

I. Overview of SME Financing

1, the legal definition of SMEs.

On June 29th, 2002, the 28th session of the Ninth National People's Congress deliberated and passed the Law on the Promotion of Small and Medium-sized Enterprises in People's Republic of China (PRC), which is the first special law on small and medium-sized enterprises in China. It is stipulated that small and medium-sized enterprises refer to enterprises established in People's Republic of China (PRC) according to law, which are conducive to meeting social needs, increasing employment, and conforming to national industrial policies, and their production and operation scale belongs to small and medium-sized enterprises in various forms of ownership. Therefore, the standards of small and medium-sized enterprises mainly have two aspects: first, they include small and medium-sized enterprises of various ownership systems and forms; Second, based on the scale of production and operation, all small and medium-sized enterprises belong to the category of small and medium-sized enterprises. At the same time, the second paragraph of this article stipulates that the specific division standard shall be formulated by the competent department of enterprise work in the State Council according to the number of employees, sales volume, total assets and other indicators, combined with the characteristics of the industry, and submitted to the State Council for approval. The scientific definition of small and medium-sized enterprises points to the formulation of relevant laws and policies for small and medium-sized enterprises, and also delineates the main scope of financing problems for small and medium-sized enterprises we discussed.

2. Financing and financing methods.

"New palgrave Dictionary of Economics" explains that financing refers to the means of paying more than cash for currency transactions or the means of raising funds to obtain funds. Most people in China have two definitions of financing: one is financing; The second is the change from savings to investment. Enterprise financing is the basic component of social financing, which refers to the financing activities carried out by enterprises as capital demanders.

There are many financing methods for small and medium-sized enterprises, but from the perspective of financing subjects, financing methods can be divided into three levels: the first level is external financing and internal financing; The second layer divides external financing into direct financing and indirect financing; The third level is to further subdivide direct financing and indirect financing. In practice, enterprise financing methods are often divided into financial financing, bank financing, commercial financing, securities financing, private financing and international financing according to the source of funds and financing objects.

Direct financing means that the surplus department directly lends funds to the deficit department, that is, the deficit department integrates funds by selling (issuing) its own debt certificates, and the surplus department provides funds to the deficit department by purchasing these certificates. Direct financing has the characteristics of directness, long-term, irreversibility and liquidity. Indirect financing is the financing of surplus departments and deficit departments through financial institutions. As the demander of funds, financial institutions sell indirect securities to funds, and surplus departments buy indirect securities. As a supplier, it buys direct bonds from deficit departments to finance, and deficit departments sell direct bonds to finance. Common trading tools are monetary and non-monetary securities, such as bank bills, deposits and bank drafts. In addition, financial leasing and bill discount also belong to the category of indirect financing. Indirect financing is characterized by indirectness, short-term, reversibility and illiquidity, which is contrary to direct financing. Non-governmental financing is a financial behavior that temporarily changes the ownership of funds in the form of non-governmental lending, non-governmental bill financing, non-governmental securities financing and social fund-raising for the purpose of obtaining high interest, obtaining the right to use funds and paying agreed interest.

Second, the legal dilemma of financing difficulties for SMEs

1. Legal analysis of direct financing difficulties of small and medium-sized enterprises. First of all, it is difficult for SMEs to go public. Although the threshold for listing has been lowered, small and medium-sized enterprises are still far behind. Small and medium-sized enterprises are common in China because of some rules design defects in laws and regulations? Difficult to go public? Wait for questions. The relevant provisions in China's revised Company Law and the new Securities Law have adjusted the listing conditions and lowered the listing standards. However, it is still difficult for small and medium-sized enterprises in seed stage and start-up stage to meet their prescribed conditions, and listing financing is still far away. At the same time, the reduction of the total share capital of listed companies means that the anti-risk ability of listed companies is also decreasing, which will bring greater market risks and operational risks to investors, which is undoubtedly worse for small and medium-sized enterprises with weak economic strength; Secondly, it is difficult for SMEs to issue bonds.

For a long time, our government has taken the following measures in the field of direct financing: emphasizing stocks and neglecting bonds; Heavy national debt, light corporate debt? As a result, the issuance of corporate bonds received a cold reception and developed slowly. Moreover, enterprises have great financial risks in issuing bonds, and bonds have a fixed interest burden and maturity date. Once an enterprise is poorly managed or the economic situation is not conducive to its development, its capital turnover will be affected. The inherent defects of these bond financing hinder the enthusiasm of SME bond financing to a great extent; Finally, venture capital is struggling. China has not yet enacted a venture capital law, and there is no legal basis for the establishment, operation and withdrawal of venture capital institutions. At present, the lack of perfect market-oriented exit channels is the biggest obstacle to the development of venture capital industry in China. The smooth withdrawal mechanism of venture capital is the core link of the development of venture capital industry, and the provisions of the current laws in China are not conducive to the withdrawal of venture capital funds.

2. Legal analysis of indirect financing difficulties of small and medium-sized enterprises.

First, the indirect financing channels for SMEs are single, mainly relying on bank loans. Indirect financing includes bank loans, discounted bills, financial leasing and fund financing. Among these indirect financing methods in China, the commercial credit and bill market is still in its infancy and its development is lagging behind. It is difficult for small and medium-sized enterprises to obtain financing through bill discount. Due to the backward concept of business operators and other reasons, small and medium-sized enterprises in China rarely raise funds through equipment leasing; However, the diversification of bank loan services and the simplicity of procedures have become the main ways for SMEs to obtain external financing;

Second, there are great regional differences in bank loans. The development of small and medium-sized enterprises in China is very uneven. The eastern coastal areas are relatively developed and the central and western regions are relatively backward. There are also great regional differences in indirect financing. Small and medium-sized enterprises in the eastern region, especially private enterprises, are particularly developed. The basic customers of local banks are small and medium-sized enterprises. Small and medium-sized enterprises with good operating conditions and excellent performance have become hot spots for financial institutions to compete for. Small and medium-sized enterprises in the central and western regions are underdeveloped, mostly state-owned and collective-owned enterprises, with large losses and outdated equipment. Some enterprises take the opportunity of restructuring to avoid bank debts and have low credit. Therefore, financial institutions should first consider preventing financial risks, preserving bank assets and giving less loans to small and medium-sized enterprises;

Third, the banking system structure is unreasonable, state-owned commercial banks are in a monopoly position, and there are no small and medium-sized local and private financial institutions serving small and medium-sized enterprises. China's financial policy and financing system are mainly designed and implemented for large state-owned enterprises. The four state-owned commercial banks allocated 90% of the loans, while 75% ~ 80% of the loans were allocated to state-owned enterprises, and the loans obtained by non-state-owned enterprises were less than 10%. The financial system reform has not changed the situation of bank monopoly, and the financing system arrangement between state-owned commercial banks and small and medium-sized enterprises is asymmetric, which increases the financing difficulty of small and medium-sized enterprises. There are many obstacles and misunderstandings in the monetary and credit policies of state-owned commercial banks to support the development of small and medium-sized enterprises. Some discriminatory policies still exist, policies are not in place, information channels are not smooth, and unified macro management is lacking.

Fourth, the enterprise credit rating standard is not suitable for small and medium-sized enterprises, which leads to the low credit rating of small and medium-sized enterprises. Small and medium-sized enterprises are small in scale, weak in strength, lacking in fixed assets and mortgage assets, with urgent loans, small amount, high risks, high frequency and high management costs. However, the existing enterprise credit evaluation system is aimed at large enterprises, without considering some specific conditions of small and medium-sized enterprises, which is not conducive to the financing of small and medium-sized enterprises. At present, the legal provisions related to maintaining credit in China are involved in many laws, but the content is scattered. So far, there is no complete and standardized law to maintain credit, especially the laws and regulations to regulate the credit of small and medium-sized enterprises.

Third, the legal countermeasures to solve the financing difficulties of SMEs

Law is the cornerstone to ensure the standardized operation and healthy development of the capital market. Small and medium-sized enterprises in China are facing a series of legal obstacles, whether direct financing or indirect financing. In order to effectively solve the financing difficulties of small and medium-sized enterprises and improve their lending ability, we must further establish and improve the financing legal system of small and medium-sized enterprises in China.

1, the legal countermeasures to solve the direct financing difficulties of SMEs

First, establish a multi-level capital market according to law to provide conditions and places for small and medium-sized enterprises to implement equity financing. China should take legal measures to build a multi-level capital market and promote the implementation of equity financing for small and medium-sized enterprises. First of all, we should improve the GEM market in accordance with the law and make it the main channel for direct financing of SMEs. Secondly, an OTC market should be established according to law to provide new channels for OTC financing of SMEs. Finally, a regional third board market should be established according to law to provide services for direct financing of SMEs.

Second, amend the Regulations on the Administration of Corporate Bonds to broaden the financing channels for SMEs' bonds. The biggest advantage of bond financing is that its interest is a fixed fee, and because of the tax-saving income of interest, it can reduce the weighted average capital cost of enterprises. The old concept and system of issuing corporate bonds can no longer meet the changing market demand and must be reformed. First of all, the issuers and bases of corporate bonds should be diversified, especially allowing all kinds of small and medium-sized enterprises to be issuers; Secondly, change the approval system for issuing bonds; Thirdly, increase the variety of corporate bonds, so that investors have more choices to recognize bonds; Finally, gradually lift the limit on the amount of bonds issued, formulate the standards for SMEs to issue bonds according to the development status of SMEs in China, improve the information disclosure system and scientific credit rating system for SMEs to issue bonds, develop multi-level trading markets, promote the circulation of corporate bonds, and finally smooth the direct financing channels for SMEs.

2. Legal countermeasures to solve the indirect financing difficulties of SMEs

First of all, improve the legislation of financial leasing to diversify the indirect financing means of SMEs.

China's financial leasing industry is in the initial stage of development, but the lag in the construction of financial leasing legal system has affected the further development of financial leasing business. We should consider the draft financial leasing law as soon as possible, and step up the promulgation of formal laws to stipulate the access and exit of financial leasing institutions, business development, rights and obligations of parties involved in financial leasing business, and real estate leasing registration.

Second, developing small and medium-sized financial institutions is a realistic choice to solve the indirect financing difficulties of small and medium-sized enterprises.

Opening the market to non-state-owned financial institutions is mainly to break the monopoly of state-owned commercial banks and cultivate small and medium-sized financial institutions from the private sector. In specific business, SME loans can have new changes in commercial paper and short-term financing. In commercial paper, special acceptance guarantee and discount business should be provided according to the special financial situation of small and medium-sized enterprises; In short-term financing, we can learn from the experience of British and American banks and adopt? Overdraft management method? , and set the interest rate level and return time limit accordingly; Special loan funds can also be established, such as re-employment fund and western development fund.

Third, the Law on Small and Medium-sized Financial Institutions should be promulgated as soon as possible to give full play to the financing role of small and medium-sized financial institutions.

At present, there are many small and medium-sized financial institutions in China, but the service targets are not clear, the value goal of providing financial support for small and medium-sized enterprises is not determined, and the problems existing in their own operations are still quite serious, such as low market opening, poor supervision mechanism, many administrative interventions and backward technical means. Therefore, we should speed up the formulation of the Law on Small and Medium-sized Financial Institutions, promote the healthy and rapid development of the small and medium-sized financial industry, and provide reliable financing sources for many non-financial small and medium-sized enterprises through the excellent services of many small and medium-sized financial institutions.

Fourth, improve the credit rating system of small and medium-sized enterprises and strengthen information disclosure.

In order to standardize the indirect financing of small and medium-sized enterprises, strengthen information disclosure, reduce financing risks and further improve the credit rating system of small and medium-sized enterprises, the following measures should be taken: First, clarify the subject of credit rating. Secondly, in terms of rating methods, we should try our best to reduce excessive dependence on corporate statements, adopt field visits, pay close attention to the financing use, increase and decrease of deposits and loans, and return of loans of small and medium-sized enterprises at any time, evaluate the loan risk of small and medium-sized enterprises realistically, and comprehensively evaluate different grades, credit records and development prospects according to the main indicators such as the quality of enterprise operators, risk protection ability, operating status and solvency, which will serve as the basis for banks to make credit decisions and support small and medium-sized enterprises. Finally, small and medium-sized enterprises should also strengthen credit awareness, attach importance to credit rating, and strive to establish a trustworthy image in indirect financing activities by standardizing financial accounting.

References:

[1] Gao Zhengping. New Theory on Financing of Small and Medium-sized Enterprises [M]. China Finance Press, 2006.

[2], Wang, Research on financing strategy of small and medium-sized enterprises under the financial crisis [J]. Productivity research, 20 10. 1.

[3] Liu Xiaolin. Research on financing difficulties of small and medium-sized enterprises [J]. Accounting News, 20 10.5438+0.

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