How to optimize the financing structure of enterprises

How to optimize the financing structure of enterprises

Through a simple analysis of the financing situation of small and medium-sized enterprises, this paper points out that the main financing problems of small and medium-sized enterprises in China are single indirect financing mode, lack of direct financing channels, imperfect credit system, lack of corresponding laws and regulations guarantee system and lack of financial institutions serving small and medium-sized enterprises, and analyzes the reasons. From the perspective of policy system, direct financing and indirect financing, what are the financing channels for enterprises? How to optimize the financing structure of the enterprises I bring here?

How to optimize the financing structure of enterprises 1 1? What are the financing channels for enterprises?

(1) loan. Loan is the most important and traditional financing channel for enterprises. This financing method can offset the pre-tax profits of enterprises and reduce the enterprise income tax. Of course, enterprises need to bear interest costs, which may also involve mortgages. And companies need to consider repayment risks. Loans in a broad sense also include credit loans. Enterprises can use bank credit to obtain loans without providing collateral. In addition, loans to non-bank financial institutions also belong to the category of loans.

(2) borrowing. Enterprises can borrow funds from other well-funded market entities and then use these funds for development. These social subjects are enterprises, even individuals, but we should pay attention to the requirements of financial accounting standards. Large loans to other enterprises can be entrusted loans, which are safe, formal and reliable.

(3) listing. Listing is one of the financing methods commonly used by large enterprises, which can raise a lot of money through the stock market. At present, in addition to the main board, growth enterprise market and so on. In addition to the Shenzhen and Shanghai stock markets, the state has vigorously developed the New Third Board, which provides great convenience for the financing of small and medium-sized enterprises. It is a very good choice for enterprises to list on the New Third Board, which is cheaper and faster than the main board.

(4) equity. For enterprises that can't go public, they can get funds by fighting for venture capital. Financing can also be obtained through property rights transactions.

The financing channels of enterprises are not limited to the above. Both affiliated enterprise financing and internal financing are feasible financing channels, and enterprises can choose according to the actual situation.

2. What are the financing skills of enterprises?

First of all, enterprises should fully consider the possible risks in financing, whether the property pledged by enterprises has an impact on the operation of enterprises, and whether there are unnecessary legal risks.

Secondly, enterprises should also comprehensively evaluate the influence of various financing channels in financial accounting, whether they can offset the tax base and optimize the annual financial plan.

Finally, the scale of enterprise financing should be moderate. First, the financing scale adapts to the capital demand of enterprises, and too much capital brings too much financing cost; Second, it exceeds the financing scale of the enterprise itself, and may also affect the repayment and business strategy of the enterprise.

3. How to optimize the financing structure of enterprises?

We should vigorously develop multi-level capital markets, provide more direct financing with low cost, convenience and long repayment period, and provide all-round financial services for small and micro enterprises.

(1) Actively use the capital market for financing. Support local governments to standardize the development of regional equity trading markets and improve the multi-level capital market system. It is necessary to vigorously encourage enterprises to go public and raise funds in multi-level capital markets such as the "New Third Board" and regional equity trading markets, and promote qualified listed enterprises to move to higher-level trading markets. Increase the government's incentives for enterprises to go public in different trading markets and mobilize the enthusiasm of enterprises for direct financing. By the end of 20 14, Wuhan Equity Custody Trading Center had 356 listed enterprises, 556 registered custody enterprises and 1835 enterprises of various types, achieving a total financing amount of11970,000 yuan, effectively improving the financing structure of SMEs.

(2) Promote the development of venture capital. Vigorously develop angel investment, venture capital, industrial investment, various private equity investments and Public Offering of Fund, and provide life-cycle equity financing services for small and micro enterprises at different growth stages. Support qualified venture capital enterprises, equity investment enterprises and industrial investment funds to issue corporate bonds and enhance their ability to serve small and micro enterprises. In order to promote the development of various funds, it is suggested to establish parent funds at the national and provincial levels. The parent fund will attract social capital and set up a number of industrial funds, and the government will determine the investment direction.

(3) Expand the scale of bond financing. Strengthen debt financing counseling for small and micro enterprises and encourage qualified small and micro enterprises to raise funds through the inter-bank bond market. Vigorously promote regional collective bonds, SME collective bonds and other debt financing tools that meet the financing needs of small and micro enterprises. Establish and improve the credit enhancement mechanism of debt financing for small and micro enterprises, reduce the debt cost and debt financing risk of small and micro enterprises, and steadily expand the scale of debt financing for small and micro enterprises.

How to optimize the financing structure of enterprises is difficult in the process of the rapid development of small and medium-sized enterprises, among which financing difficulty is a universal problem that hinders the development of small and medium-sized enterprises. Government departments and financial systems at all levels have made a lot of efforts to solve the financing problem of small and medium-sized enterprises, but difficulties still exist. At present, the basic feature of financing for small and medium-sized enterprises is narrow financing channels, which are mainly manifested in: bank loans are still the main financing channels for small and medium-sized enterprises. According to a survey conducted by the People's Bank of China in August last year, 98.7% of SME financing in China came from bank loans. The polarization of credit activities of small and medium-sized enterprises is more and more obvious, and the benefits are good.

Small businesses are increasingly becoming customers of financial institutions. Small and medium-sized enterprises in a bad situation are either left out in the cold or rejected because of the guarantee or mortgage conditions, and it is more difficult for private enterprises to obtain loans than state-owned enterprises; Lack of direct financing channels, due to the imperfect venture capital system, the lack of a complete legal protection system and government support system, affecting the withdrawal of venture capital, it is difficult for small and medium-sized enterprises to raise funds through equity; Other financing channels are also narrow. Although China has set up the innovation fund for small and medium-sized scientific and technological enterprises and the international market development fund, it is difficult to meet the demand because of its small number and limited service scope. The difficulty of financing not only inhibits the development of small and medium-sized enterprises, but also is not conducive to triggering the entrepreneurial enthusiasm of the whole society and delaying the process of China's economic and social development.

Although the financing problem of small and medium-sized enterprises is mainly narrow financing channels, when solving the financing difficulties of small and medium-sized enterprises, we should not only focus on banks, but also focus on building an effective and multi-level financing system, starting from indirect financing and direct financing. The deep-seated reason behind the loan difficulty is information asymmetry. Many small and medium-sized enterprises in China belong to non-state-owned enterprises, and many small and medium-sized enterprises have irregular management and chaotic accounts, which leads to high management costs and high loan risks, thus making the credit of small and medium-sized enterprises, especially private enterprises, relatively low, resulting in so-called ownership discrimination. Therefore, small and medium-sized enterprises should strengthen their own management, especially financial management and long-term planning, and strive for financing opportunities as much as possible. From the outside of enterprises, we should vigorously develop private and local small and medium-sized financial institutions to solve the problem of financing difficulties for small and medium-sized enterprises. Accelerating the construction of SME service system, establishing a perfect SME service organization system nationwide, actively promoting the construction of SME credit system, and giving full play to the role of SME guarantee institutions will also help to overcome information asymmetry and provide information support for SME financing.

At the same time, while expanding indirect financing channels, we should pay full attention to the expansion of direct financing channels, which is the fundamental way to solve the financing bottleneck of SMEs at present. Enterprises need different financing methods at different stages of their life cycle. For example, equity financing is more suitable for the start-up period and growth period of enterprises, and debt financing is more suitable for enterprises entering a stable period. At present, the development of direct financing has been paid attention to. The Third Plenary Session of the 16th CPC Central Committee raised the development of capital market to an unprecedented height. The decision adopted by the plenary session clearly stated that "establishing a multi-level capital market system, improving the capital market structure and enriching capital market products" is an important measure to promote the reform, opening up and stable development of China's capital market. Establishing a multi-level capital market can effectively meet the needs of diversified market players, especially small and medium-sized enterprises, promote the flow and reorganization of various types of capital, create conditions for establishing a modern property rights system with clear ownership, clear rights and responsibilities, strict protection and smooth circulation, promote the transformation of savings into investment through diversified channels, reduce financial systemic risks and reduce macroeconomic fluctuations caused by investment fluctuations.

Chinese people should be soberly aware that at present, many small and medium-sized enterprises in China are restructured through the so-called "quitting the state to enter the people", that is, they evolved through the movement of "government-run private entrepreneurs", and these "government-run private entrepreneurs" have neither real skills nor credibility, so it is very normal for the public to distrust such enterprises.

Therefore, the fundamental way to solve the financing difficulties of small and medium-sized enterprises is that small and medium-sized enterprises must improve their management quality and credibility, and rely on their own efforts and integrity to compete fairly in the wave of market economy.

Here, we must appeal to the government, hoping that the government can abide by the relevant provisions of the Constitution, vigorously strengthen and support the state-owned economy, and never ignore the relevant provisions of the Constitution, and continue to implement the policy of allowing foreign companies, private enterprises and "private enterprises" to enjoy super-national treatment while state-owned enterprises are actually treated unfairly.

Enterprise financing thesis

abstract:

Based on the financing difficulties of small and medium-sized enterprises in China and the current policy background of financing guarantee, combined with the development of financing guarantee for small and medium-sized enterprises in Jiangxi Province, this paper takes Nanchang credit guarantee institutions as the main research object, analyzes them from the perspectives of government agencies, policy guarantee companies, commercial guarantee companies and banks, and discusses the financing guarantee problems of small and medium-sized enterprises in Jiangxi Province by analyzing their functional roles, risk control and operating mechanism types.

Key words:

Financing guarantee; Small and medium-sized enterprises; Credit guarantee institution

First, the development of financing guarantee for SMEs in Jiangxi Province

As an important part of sustainable economic development, the financing guarantee system for small and medium-sized enterprises has become an important issue of social concern. After several years of exploration and practice, the financing guarantee institutions of small and medium-sized enterprises in Jiangxi Province have gradually formed a financing guarantee system dominated by policy guarantee institutions and developed by commercial guarantee institutions, especially in Nanchang City. However, the financing guarantee system in Nanchang is still in the stage of construction and development, and there are many difficulties and shortcomings in the market-oriented operation. The development of credit guarantee institutions for small and medium-sized enterprises in Jiangxi Province is strong, but in recent years, due to the economic downturn, as of June 20 15, the number of guarantee institutions has decreased from 25311to 153. Some institutions with false registered capital, not focusing on financing guarantee business, or unable to carry out financing guarantee business normally due to their own strength quietly quit the financing guarantee industry. At the same time, the number of institutions has dropped sharply and business has tightened. In 2065,438+05, the balance of financing guarantee institutions was 34.22 billion yuan, and there were 9,337 insured enterprises, which decreased by106,5438+0925 yuan and 1925 respectively compared with the beginning of the year, and the business contracted obviously. In 20 15 years, the salary of guarantee institutions has also increased significantly compared with previous years, including Jiangxi Huazhang Chenhan Guarantee Group Co., Ltd. and other well-known guarantee institutions in the industry. According to the statistics of Jiangxi Provincial Bureau of Statistics, in the first half of 20 15, the province's new guarantee compensation was 3100000 yuan, an increase of1500000 yuan year-on-year, with an increase of nearly 65438+. There are 35 compensation guarantee institutions, and the guarantee compensation rate is 2.3%, up 1 percentage point year-on-year.

Second, the main problems of financing guarantee for small and medium-sized enterprises in Nanchang

(1) The guarantee institution is short of its own funds, with a small scale and a single mode of operation. The entry threshold of guarantee institutions in Nanchang is not high, and the registered capital is mostly below 654.38 billion yuan. The scale is generally small, and it has not reached the scale effect of operation. However, once the guarantee institution encounters poor management or the market is bleak, the capital chain will break, which will easily lead to the bankruptcy of the guarantee institution and the disappearance of the person in charge. This not only seriously damages the interests of small and medium-sized enterprises, but also affects their long-term development because of the interruption of capital financing; At the same time, some banks may raise the threshold of financing guarantee and reduce cooperation with guarantee companies, making the survival of guarantee companies more difficult. On the other hand, because the financing guarantee business is risky and difficult to make profits, the commercial guarantee institutions have not formed enough scale, and the number of private guarantee institutions is very small because of standardization. The existing financing guarantee system in Nanchang is still dominated by policy guarantee institutions, which makes it difficult to form market vitality.

(B) Guarantee agencies lack of internal control and lack of professionals. Most of the existing guarantee institutions have failed to establish an effective risk control and debt recovery system. Many guarantee institutions put all their energy into the understanding and evaluation of financing before examination and approval, and did not do enough due diligence on whether the approved use of funds conforms to the original intention of the application and whether the supply of funds helps the applicant company to improve its business ability to support its repayment of guarantee funds. Many phenomena, such as the use of guarantee funds for equity investment, do not meet the conditions of financing guarantee, which increases the risk that the guarantee funds need to be compensated because of the poor management of the applicant company. In addition, the financing guarantee industry needs economic, financial, legal and other aspects of knowledge support, but at present, most of the middle managers of credit guarantee companies of small and medium-sized enterprises in Jiangxi Province are undergraduates. The lack of professionals who are competent in risk identification, analysis and evaluation leads to the failure of guarantee institutions to effectively improve their ability to identify and control risks and increase the risks of their own operations.

(3) There is too much government intervention, and policy support needs to be further implemented. Most of the policy guarantee institutions in Nanchang are funded by the government, and the relevant departments ignore the market rules of the guarantee institutions, and the administrative intervention is serious in personnel appointment and daily work. If the guarantee institutions can't be responsible for their own profits and losses, there will be rent-seeking problems such as "related party guarantee" and "blind guarantee", which will disrupt the normal economic market order, bring additional risks to the guarantee institutions and banks, and lead to the failure of the SME guarantee system to effectively play the role of the guarantee market mechanism. On the other hand, although the government will issue risk compensation to policy guarantee institutions every year, the support is far from enough. For commercial guarantee institutions, there is no government risk compensation, and these risks are entirely borne by themselves, which makes financing guarantee companies unable to have sufficient funds to expand business channels and innovate guarantee models, which is not conducive to long-term development.

(D) The risk sharing mechanism is not perfect, and there is no re-guarantee system. At present, in the process of cooperation between guarantee institutions and banks in Nanchang, almost all guarantee institutions bear the responsibility of 100%. Since the opening of Jiangxi SME Credit Guarantee Company, there have been three compensation cases with a total amount of more than 20 million, and each case has been fully compensated. The lack of risk sharing mechanism leads to the fact that once the secured loan is at risk, the financing guarantee institution needs to compensate all the principal and interest, and the rights and responsibilities of the guarantee institution and the bank are not equal, which violates the principle of fairness and increases the burden of the guarantee institution. At the same time, the lack of re-guarantee institutions also makes the financing guarantee risk not effectively dispersed. As of 20 15, the establishment of re-guarantee institutions in Jiangxi province is still in the discussion stage, and relevant policies are still being formulated, which seriously restricts the development of guarantee industry in Jiangxi province.

(five) the development environment is backward, the credit rating is lagging behind, and the auxiliary procedures are complicated. In terms of enterprise credit rating, both banks and guarantee institutions have their own rating systems, and the credit rating of guarantee institutions for SMEs is mostly internal, lacking information exchange with banks. You can't share information between them. At present, the credit rating of guarantee institutions still lacks authoritative institutions and external rating index system. When the credit status of the guarantee institution is uncertain, banks have doubts about whether the guarantee institution can perform the bancassurance contract, especially when the small and medium-sized enterprises evade debts, whether the guarantee institution can still perform the compensation responsibility has seriously affected the cooperation efficiency between the bank and the guarantee institution. On the other hand, due to the imperfect business environment, it involves the mortgage and pledge registration procedures of buildings and other land attachments and construction land use rights. The procedures are cumbersome, the procedures are complicated and the time is too long, which reduces the practical operability of risk avoidance.

Third, Jiangxi SME financing guarantee development countermeasures

(1) Strengthen the self-construction and internal management of guarantee institutions. Guarantee institutions that reduce quantity and improve quality should strengthen their own construction, improve the internal control system of guarantee business, strengthen the evaluation mechanism of guarantee business, strictly standardize business operation procedures, formulate scientific and rigorous decision-making procedures, establish post-event recovery and disposal systems, risk early warning mechanisms and emergency mechanisms, and strengthen risk assessment and management of guarantee projects. Efforts should be made to reduce the quantity and improve the quality. By perfecting and expanding a number of powerful and influential financing guarantee institutions, an institutional system with moderate quantity, reasonable structure, orderly competition and good operation will be established.

(two) to encourage private capital to enter and develop mixed ownership guarantee institutions. In recent years, private financing and some credit intermediaries and business activities (shadow banking) outside the traditional banking system in Jiangxi Province have become increasingly active. Integrating resources to build mixed ownership guarantee institutions is conducive to promoting the sunshine of private financing and making up for the lack of formal financial guarantee development. Supporting private guarantee institutions to expand their guarantee resources and strengthen their guarantee strength through capital increase, merger and reorganization, and encouraging farmers to set up loan guarantee funds spontaneously to cooperate with banking financial institutions are conducive to enriching the operation mode of financing guarantee, alleviating the financing demand, and better providing targeted fund raising and management, fund matching, credit investigation and consulting services for SMEs.

(3) Innovative financing guarantee mode to improve risk tolerance. A large part of the profits of guarantee institutions in Nanchang rely on premium income, entrusted loan income and part of national debt and corporate bond investment, and there are not many income channels. In this regard, the SME credit mutual financing project piloted by Jiangxi SME Credit Guarantee Company in Fengxin County is worth learning. The unsecured pure credit group financing mode of "enterprise credit+mutual risk compensation+policy guarantee" enables some enterprises with good credit to enter the credit mutual financing body and enjoy the credit loan risk compensation and preferential policies of financial institutions such as banks. Other guarantee institutions in Nanchang should also try to innovate the financing guarantee mode in order to develop better and faster. At the same time, on the basis of improving the evaluation mechanism of guarantee business, guarantee institutions can appropriately improve their risk tolerance, give full play to the leverage effect of guarantee funds, and make guarantee institutions play their greatest role in the financing problems of small and medium-sized enterprises, thus better promoting the solution of financing problems of small and medium-sized enterprises in Jiangxi Province.

(4) Accelerate the construction of a multi-level guarantee system and jointly promote the development of financing guarantee. At present, although there is a pilot re-guarantee of "joint guarantee mode" in Jiangxi Province, the re-guarantee institution is still under discussion and construction, and the re-guarantee system has not yet been formally established. Relevant departments should strengthen the organization and leadership to promote the construction of multi-level guarantee system, strive to build provincial re-guarantee institutions as soon as possible, and start research on the construction of provincial financing guarantee funds. Make effective use of the financial work office of the provincial government, the provincial SME Bureau, the Jiangxi SME Credit Guarantee Industry Association and other units to form a joint effort to improve the guarantee compensation system, coordinate and promote all parties to devote themselves to the supervision and information exchange of financing guarantee business, and promote the development of financing guarantee.

(V) Improve the guarantee cooperation between banks and enterprises, and reasonably determine the risk sharing mechanism. At present, most guarantee institutions in Nanchang pay in full, and the relatively low guarantee fee can not completely cover the operational risks of guarantee institutions. This unfair risk sharing model has seriously dampened the enthusiasm of guarantee institutions. Therefore, on the one hand, government departments should coordinate or legislate to promote banks and guarantee institutions to establish a relatively reasonable risk sharing mechanism, guide banks to increase credit lines, promote banks to reduce the deposit and management fees of guarantee institutions, control the interest rate of secured loans within a reasonable range, and promote the development of the guarantee industry. On the other hand, study and plan to set up a government guarantee fund, so that the financing guarantee risk can be reasonably shared among the government, banking financial institutions and financing guarantee institutions; Provincial re-guarantee institutions will reasonably compensate the risks of loans guaranteed by banks and other financial institutions, promote the implementation of a reasonable and operable business cooperation model between banks and enterprises, and expand and deepen the cooperation between banks and enterprises.

(6) Optimize the development environment, speed up the construction of credit information, and pay attention to the cultivation of professional talents. First, we will continue to implement existing support policies such as business subsidies and guarantee fee subsidies for guarantee institutions, improve the registered capital replenishment and guarantee risk compensation mechanism for guarantee institutions, and promote the construction of financing guarantee supervision system. The second is to speed up the construction of credit information, so that the banking industry and re-guarantee institutions can give differentiated management to cooperative financing guarantee institutions and improve the level of risk control. The third is to simplify the examination and approval procedures for the registration of counter-guarantee pledge of guarantee institutions, improve the registration efficiency, reduce the formalities cost, and provide necessary help for the protection and recovery of their creditor's rights. Fourth, strengthen the construction of professional talents, introduce high-level guarantee professionals, establish training bases in colleges and universities, train financing guarantee practitioners regularly, and organize guarantee institutions to go out to learn and exchange experiences. To input fresh blood and strength for the financing guarantee industry in Jiangxi Province.

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