How small and micro enterprises get out of the financing dilemma

The main reasons for the financing difficulties of small and micro enterprises are as follows.

(A) a single financing channel

There are two main financing channels for small and micro enterprises: one is endogenous financing, including owners' own funds, funds borrowed from relatives and friends, venture capital and funds accumulated after starting a business. 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. However, most small and micro enterprises are still funded by banks and microfinance companies, and the utilization rate of other financing methods such as joint ventures and investments is low. The amount through direct financing channels is extremely small, accounting for only 1.8%. At present, because there are relatively few institutions that can't absorb deposits, most of the loan funds are capital. Faced with the huge financing needs of small and micro enterprises, it is really a drop in the bucket and difficult to deal with.

(b) Increased financing costs

Considering the risk factors, commercial banks will generally increase the loan interest rate for small and micro enterprises, plus registration fees, evaluation fees, notarization fees, guarantee fees and so on. The total financing cost of small and micro enterprises is one to several times higher than that of large and medium-sized advantageous enterprises. This means that the profit rate of capital of an enterprise should be at least higher than the cost of capital, so as not to lose money. Many small and micro enterprises are in financial difficulties because their profits are not enough to pay interest expenses. In the Yangtze River Delta region, some small and micro enterprises take private lending as the main source of funds, but in the end, enterprises are unsustainable. 20 1 1 The financing problem of small and micro enterprises caused by Wenzhou private lending crisis has attracted much attention.

(C) SMEs receive less bank credit support.

At present, the loan scale of small and micro 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. This is extremely disproportionate to the fact that the final products and services created by small and micro enterprises account for 58% of GDP, the goods produced account for 59% of social sales, and the taxes paid account for 50.2%. However, banks, as for-profit institutions, have to make mortgage loans, and small and micro enterprises do not have sufficient asset mortgages; As a secured loan, no guarantee institution is willing to guarantee small and micro enterprises; To make credit loans, small and micro enterprises have the problem of low credit. In addition, constrained by the national investment-oriented policy, there are not many industries that small and micro enterprises meet the support of the national credit policy, so commercial banks often choose to give up when facing such "three noes" customers, considering the risk of principal recovery.

Fourth, ways to solve the financing difficulties of small and micro enterprises.

The first is to expand financing channels for small and micro enterprises. Get rid of the passive situation that small and micro enterprises have long relied on external funds, especially bank credit funds, and make long-term plans for their own development by strengthening their own management, especially financial management and corporate credit. Such as revitalizing the inventory and accounts receivable in enterprises, discounting bills, leasing or selling idle assets, and realizing structural optimization. At the same time, enterprises can also raise funds through their own enterprises, such as raising employees' personal deposits. Employees put their personal savings into the operation of the enterprise, so that employees can become the owners of the enterprise, which can mobilize the enthusiasm of employees and improve their work efficiency. Second, it can help enterprises effectively manage employees and raise funds.

On the other hand, equity can be used to raise funds. For example, through the small and medium-sized board companies set up by Shenzhen Stock Exchange, they are listed on the gathering board. If small and micro enterprises can't reach the threshold of listing, they can raise funds through financial leasing, such as leveraged leasing or leaseback after sale, so that small and medium-sized enterprises can not only update advanced equipment, but also use limited funds for other purposes, which is conducive to improving the utilization rate of funds. At the same time, the use of financial leasing for financing has few restrictions and simple procedures, so that its poor liquidity of materialized assets can be transformed into the most liquid cash assets for use, and its liquidity is obviously enhanced. Developed countries such as the United States and Germany and developing countries such as Brazil and South Korea have made good use of financial leasing in solving the development problems of small and medium-sized enterprises. There are other ways, such as issuing special financial bonds for small business loans.

Second, reduce the financing cost of small and micro enterprises. Due to the role of financial leverage, under the same debt scale, the higher the debt interest rate, the more interest expenses the enterprise bears, and the possibility of bankruptcy risk of the enterprise increases. Compared with large enterprise loans, the interest rate of foreign small enterprise loans is 1.5 percentage points to 2 percentage points, while domestic loans are about 6 to 8 percentage points higher. The government can solve some problems by providing discount interest and tax relief to financial institutions that provide loans to small and micro enterprises.

Third, establish unified and efficient small and micro enterprise management institutions and financial institutions, and strengthen and improve macro management. Some developed countries have perfect management institutions to create a good external macro environment for the healthy development of small and micro enterprises. For example, Japan has set up the Ministry of Small and Medium Enterprises in the Ministry of International Trade and Industry; The United States has established a permanent federal agency, the Small Business Administration; The British Department of Trade and Industry has a Small Business Service. At present, the actual situation in China is that all enterprises belong to governments at all levels and departments in charge of various industries, and their management is relatively decentralized. Relevant departments involved in the management functions of small and medium-sized enterprises can be separated and merged to form an authoritative organization with comprehensive coordination ability.

In addition, it is necessary to establish a financial institution dedicated to small and micro enterprises and arrange a certain proportion of funds for financing small and micro enterprises. Because of the high operating cost of big banks, in order to improve efficiency and save costs, non-state-owned small and medium-sized financial institutions can be developed to provide all-round financial services for the development of small and micro enterprises. Considering the reality of our country, because the establishment of small loan companies can not meet all the capital needs of small and micro enterprises, and there are inherent defects such as insufficient capital, we can set up special credit departments for small and micro enterprises in existing financial institutions, or adjust the credit investment of some regional banks to give priority to supporting local key small and micro enterprises. These have been realized in many banks. For example, in the month of 20110 of Agricultural Bank of China, the loan balance of small and micro enterprises increased by more than 94 billion yuan, with an increase rate of 20.42%. The growth rate of loans for small and micro enterprises is 9. 17 percentage points higher than that of the whole bank, and 12.68 percentage points higher than that of loans for corporate customers of the whole bank. Baoshang Bank Beijing Branch has set up a special credit department to provide credit support for individual industrial and commercial households and small and micro enterprises in Beijing Dahongmen clothing wholesale market.

Fourth, establish a credit rating system and a credit guarantee system for SMEs nationwide as soon as possible. Information asymmetry is the most important factor for financial institutions to effectively control loans to small and micro enterprises. At present, the credit rating of small and micro enterprises is mainly carried out by the rating agencies of banks, but the rating standards of various banks are not consistent, and there is a lack of authoritative corporate credit rating agencies in society. In order to create a good environment for enterprises and banks, it is necessary for relevant government departments to start with laws and regulations, standardize social credit procedures, establish a unified, socialized and authoritative credit rating system for small and micro enterprises as soon as possible, strengthen and guide small and micro enterprises to understand the importance of credit rating, and promote their management level and credit degree.

On the other hand, because the financing difficulty of small and micro enterprises is largely due to their high credit risk, the government should be committed to establishing and improving the credit guarantee mechanism and system for small and micro enterprises to provide a strong backing for financing. For example, establish a "small and micro enterprise credit information database". In addition to the financial information and business information of the enterprise, the database should also include non-financial information such as taxes and fees paid by the enterprise, employee social security, and water and electricity payment. The database can centrally process the credit records of enterprises and individuals scattered in industrial and commercial, taxation, banking, public security, procuratorial and legal departments, and realize the sharing of credit information resources; Database information should meet the timeliness requirements. It is also necessary to set up corresponding guarantee and insurance institutions to effectively control the guarantee risk. Take Fujian Province as an example, there are about 40 professional guarantee institutions in the province, such as Fujian Zhongke Zhi Guarantee Investment Co., Ltd., Zhonglian Xin Guarantee Co., Ltd., Fujian Hongfa Guarantee Co., Ltd. At present, there are 260 credit guarantee institutions serving small and medium-sized enterprises in 30 provinces (cities, districts) across the country, raising 7.6 billion yuan in guarantee funds.

Fifth, strengthen the alliance of small and micro enterprises. For example, small and medium-sized enterprises in the same industry in Japan strengthen alliances by establishing business combinations and cooperate in procurement, production, sales and circulation in an organized manner; Medium-sized enterprises promote the development of small and micro enterprises, and large and medium-sized enterprises establish long-term division of labor and cooperation with small and micro enterprises.

Sixth, combine other policies, such as tax policy, to support the development of small and micro enterprises. 201165438+February, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China jointly issued the Notice on Relevant Issues Concerning Preferential Income Tax Policies for Small and Micro Enterprises, from 20121-201512 36544. In addition, there are measures such as raising the threshold of value-added tax business tax for small and micro enterprises and exempting 22 administrative fees.

In short, small and micro enterprises should not only pay attention to "keeping fit", but also strengthen their own management and development, go to the market, boldly use innovative financial tools, broaden financing channels, diversify financing and raise more funds. At the same time, the state and the government should also create a good environment for the development of small and micro enterprises. Only in this way can small and micro enterprises get long-term development.