Enterprise financing ability of small and medium-sized enterprise financing ability analysis

I. Deficiency of Financing Capacity of Small and Medium-sized Enterprises

(1) Small and Medium-sized Enterprises have insufficient fixed assets.

Enterprise financing can be divided into credit-based financing and asset-based financing. In order to avoid risks, the capital supply side increasingly favors asset-based financing activities, especially for long-term financing of more than one year, mortgage or guarantee has become a common financing method. The current status quo of China's small and medium-sized enterprises (SMEs) is the low proportion of fixed assets, indicating that it is more difficult for China's SMEs to finance medium- and long-term loans.

(2) SMEs current ratio is low.

Current ratio measures the ability of enterprises to realize current assets to pay current liabilities, reflecting the short-term financing ability. The higher the current ratio, the more the enterprise can realize the demand for funds, the two are directly proportional. The fixed asset ratio of SMEs is lower than that of large enterprises; at the same time, the fixed asset ratio of SMEs itself is much lower than its current asset ratio. SME financing is mainly based on short-term financing, relative to large enterprises, SMEs current ratio is lower than large enterprises, SMEs asset liquidity can be imagined, SMEs are facing a great risk of poor capital operation.

(3) The structure of liquid assets is unreasonable.

Inside the current assets, the liquidity of all kinds of current assets is also different, thus different composition of current assets, will affect the overall liquidity of current assets, the composition of the enterprise's current assets can also reflect the enterprise's short-term financing ability. The structure of current assets is mainly reflected by the ratio of accounts receivable to inventory. According to the survey, China's small and medium-sized enterprises inventory to accounts receivable ratio is higher than large enterprises, relatively speaking, small and medium-sized enterprises short-term financing ability is weaker.

II. Suggestions for financing SMEs

(1) Broaden indirect financing channels. Bank loans are the most important channel of indirect financing in the world. The establishment of financial institutions to serve small and medium-sized enterprises, and to strengthen the construction of the financial system for small and medium-sized enterprises. At present, the following work should be done: firstly, reshape the market positioning of commercial banks, shift the focus of financial support to support urban small and medium-sized enterprises and the development of the local economy, set up small and medium-sized enterprise credit departments in urban commercial banks, and establish a small and medium-sized enterprise credit guarantee system. Second, regulating the operation of rural credit cooperatives in strict accordance with the principle of cooperation, actively promoting the development of close cooperative relationships between township and village enterprises and rural credit cooperatives, so as to improve the financial support capacity of credit cooperatives for township and village enterprises; changing the existing loan approval procedures and establishing credit-granting systems, policies and procedures suitable for small and medium-sized enterprises. Once again, strengthen the business guidance and inspection and supervision of small and medium-sized enterprise credit departments of state-owned commercial banks to ensure that state-owned banks support small and medium-sized enterprises; give full play to the advantages of state-owned commercial banks in terms of institutions, networks, talents and information, and set up small and medium-sized enterprise information databanks to provide small and medium-sized enterprises with industry analysis and decision-making consulting services. Finally, the study of the formation of policy-oriented small and medium-sized specialized banks, to assist small and medium-sized enterprises to improve the financial structure, improve the level of business management.

(2) Establish a fair, open and multi-level capital market.

Developing a multi-level and diversified capital market, especially expanding the financing channels for SMEs through these stock exchanges, can further accelerate the development process of SMEs. A perfect capital market should be able to cover enterprises of different development scales, to meet the financing requirements of various types of enterprises in different quantities and to provide diversified financing methods, in order to promote the healthy and stable development of the national economy, so a diversified capital market should be set up as soon as possible in order to adapt to the financing requirements of the development of enterprises of different scales. The establishment of a cheaper cost, more lenient standards of admission to the second board of the market and the local counter trading market, allowing conditional small and medium-sized enterprises, especially small and medium-sized high-tech enterprises to enter the securities market financing, will accelerate the development of small and medium-sized enterprises.

(3) Establishment of venture capital funds.

To open up social and private investment and establish a venture capital system. The formation mode of venture capital fund must be market formation and market operation, and should get rid of government intervention. At present, a large number of private idle funds have no outlet, on the one hand, the government should strengthen the publicity and guidance, on the other hand, we should take practical measures to introduce preferential policies to encourage the development of technologically innovative small and medium-sized enterprises, to improve the success rate of venture capital, to stimulate the investment desire of private investors. We can speed up the establishment of risk investment channels, investment funds as a new type of financial intermediary institutions, not only can provide financial support for enterprises, but also have the ability to rely on the advantages of expert financial management and consulting, improve the corporate governance structure and management level of enterprises, and provide intellectual support in the organizational structure of innovative enterprises, business direction, financial management, leadership team and other aspects. From the current situation of the development of small and medium-sized enterprises in China, the standardization of corporate governance structure and financial system is as important as the introduction of external funds, and the use of investment funds can promote the development of innovative small and medium-sized enterprises from two aspects.

(4) Establishment of specialized government departments and policy financial institutions.

Establishment of SME management organizations to create a favorable environment for SME financing. The development of small and medium-sized enterprises requires a comprehensive set of policies and a series of measures, which involve various departments such as finance, trade, industry and commerce, and taxation. The formulation of these policies and the formation of the environment should be organized and coordinated by a strong government agency. As can be seen from the above successful international experience in the development of SMEs, the establishment by the Government of a unified SME management agency with comprehensive coordination capacity plays an irreplaceable role in safeguarding the legitimate rights and interests of SMEs, protecting their survival and development, coordinating the SME-related plans of various departments, and providing SMEs with the necessary fiscal, financial and industrial policies. In the long run, therefore, the State should set up as soon as possible a unified SME management agency in order to maintain the unity, systematization and integrity of SME policies. In addition to providing policy counseling, industry analysis, system management and other services for SMEs, the future SME management agency can also take some positive measures to indirectly promote financial institutions to provide financial services to SMEs in terms of SMEs' access to financial services, such as SMEs' management agency can be networked with various financial institutions to realize the information resource ****sharing, which enables the financial institutions to evaluate SMEs' repayment willingness and repayment ability in an expeditious manner. The financial institutions can then quickly evaluate the willingness and ability of SMEs to repay, and promote the financing of SMEs.

(5) The government provides policy and tax assistance to SMEs.

Tax incentives are the most direct form of financial assistance, which is conducive to the accumulation and growth of SME funds by reducing their tax burden. The application link of financial assistance is to encourage SMEs to absorb employment, to promote SMEs' scientific and technological progress and to encourage SMEs' exports. The loan assistance link is where SMEs are most in need of capital for start-ups, technological advancement and exports. Venture fund is a special investment fund with high risk and high rate of return created by the government or private sector for the innovative activities of high-tech SMEs.

(6) Establish a sound credit guarantee system.

Credit guarantee is an effective way to improve the financial credibility of small and medium-sized enterprises and to solve the difficulties in loan guarantee and collateralization. It is necessary to establish and improve as soon as possible the quasi-personal system of guarantee institutions, capital funding system, credit assessment and risk control system, industry coordination and self-regulation system.

(7) Establish a socialized service intermediary system.

Establishing a social intermediary service system for financing small and medium-sized enterprises with a clear division of labor and standardized operation is of great significance for the more effective allocation of human resources and unblocking of financing channels. Intermediary institutions will be the main body of financing, financing objects and the government and other relevant departments closely linked together to remove the obstacles to the financing channels of small and medium-sized enterprises, and improve the financing capacity of small and medium-sized enterprises themselves. Intermediary service agencies in addition to providing consulting and other services for SMEs, but also through the audit of SMEs to regulate the financial behavior of SMEs, reduce the search cost of financial institutions on SMEs risk ratings and other information.

(8) Improve the legal norms of financial services for SMEs.

Strengthening SME legislation plays a very important role in improving SME financial services and promoting the better development of SMEs In formulating SME laws and regulations, due attention should be paid to the promotion of SME financing. For example: the establishment of a financial support system for small and medium-sized enterprises, the establishment of a credit department specializing in small and medium-sized enterprises, the implementation of small and medium-sized enterprise loan scheme.