中小企业融资问题研究
Contents
摘 要 ........................................................................................................... I Abstract .................................................................................................... II
1. Introduction ........................................................ 错误！未定义书签。
1.1 The background of the research ................... 错误！未定义书签。
1.2 The significance of the research . .................. 错误！未定义书签。
2. The issues of the the financing of small and medium enterprises错误！未定义书签。
2.1 The current situation of small and medium enterprises错误！未定义书签。
2.1.1 The principal reasons of this situation .. 错误！未定义书签。
2.1.2 The effective financing methods ........... 错误！未定义书签。
2.2 The obstruction of critical factor . ................. 错误！未定义书签。
2.2.1 The effective way to overcome the critical factor错误！未定义书签。
2. Investigation . ....................................................... 错误！未定义书签。
3.1 The purpose, target and content of the research错误！未定义书签。
3.2 The analysis of the financial of small and medium enterprises错误！未定义书签。
3.2.1 The analysis of studying critical methods错误！未定义书签。
3.3.2 The issues of the research result............ 错误！未定义书签。
4. The suggestions of the financial of small and medium enterprises 错误！未定义书签。
4.1 The ways of the financing ............................ 错误！未定义书签。
4.2 The effective methods of the fnancing . ........ 错误！未定义书签。
3. Conclusion . .......................................................................................... 10
References ............................................................................................... 11
摘 要
中小企业存在的合理性和在经济中的重要作用，决定了必须重视中小企业的生存与发展。由于中小企业自身的特点，即规模小，可控资源更为稀缺，又往往处于快速发展阶段，需要大量的资金的投入。目前我国正处于社会主义初级阶段，同时处于社会转型期和经济发展的关键时期。中小企业对于增加就业，扩大税收，提高人民的积极性有着重要的作用。因此，中小企业的生存与发展，融资是其关键因素之一，然而目前中小企业融资的状况并不十分理想，如何结合中小企业的特点快速融资本文主要研究的问题。
关键词：中小企业融资；重要性；关键因素；解决方法
Abstract
SMEs in a country's economic and social development which plays an important role in economic development and social stability of the important conditon in the actual work of financing constraints SME development has become the main obstacle.In this paper, the status of financing for SMEs, the SME financing analysis factors. SME credit culture that loss, financial management confusion, poor economic returns, lack of credit guarantees, domestic financial industry and the integration of its own loans in the current austerity is the main obstacle to SME financing. Proposed solutions should focus on the current development of small and medium banks, establishing a sound credit guarantee system problems to a fundamental breakthrough in getting loans for SMEs bottlenecks contradictions. At the same time, from the perspective of building their own enterprises make policy recommendations.
Key words: economic development ; financial management ; critical factors; policy recommendations.
The financing of small and medium enterprises
1. Introduction
1.1 The background of the research
Currently, the policy statute environment is not perfect and property rights transition and business operation mode of small and medium-sized enterprises have bad maladjustment. All commercial banks chase after large-scale enterprises and strive for load. At the same time, rigid credit system and hysteretic business innovation make the relationship between the small and medium-sized enterprises lack of integrity and financial institutions, especially relationship between commercial banks gradually distort.① In addition, China's capital market is not perfect and the stock market threshold is too high, which makes the management scale small and the operation time short. The small and medium-sized enterprises with unstable market prospect stand in awe before. The development of the bond market is relatively lagging, which brings a series of distortions for bond financing in essence. The above reasons make the financing environment of small and medium-sized enterprises worsening and the financing channel unsmooth. These enterprises and are generally faced with the problem of capital shortage, which lead to the key factors of restriction of small and medium-sized enterprises financing. Therefore, to solve the small and medium-sized enterprise funds tension, to improve the SME financing environment, to expand the financing channels for small and medium enterprises and to promote the rapid and healthy development of small and medium-sized enterprises become an important problem needing to be solved. 1.2 The signification of the research The financng of small and medium company play an important role in the development of the economy .In the aspect of bank loan, bank lacks effective means of identification to risk status for small and medium-sized enterprise. After the central bank canceling floating ceiling for a loan, commercial banks could make full use of means of interest rates floating for pricing loan small and medium-sized enterprise of different risk status, at the same time ① [7] 陈丽金. 全球金融危机对我国中小企业的影响和对策分析[J]. 改革与战略, 2009,(06)
the credit policy of the central bank also encouraged commercial banks to increase the loan for small and medium-sized enterprises, and improved loan market of the small and medium-sized enterprises. But commercial banks, in consideration of safety, even if small and medium-sized enterprise loan department has set up, still generally focused on large customers and unwilling to lend to small enterprises, causing large enterprises more than add brilliance to their present splendor, while small enterprises lack of providing timely help. In addition, difficulty of small and medium-sized enterprises in loan actually reflects another problem on the current assessment of commercial bank loans, that is, whether state-owned enterprises and private enterprises equally enjoy the same national treatment. Small and medium-sized enterprises are usually private enterprises, although now in formal laws and regulations, there is no discrimination against private enterprises and state-owned enterprises, in practice, if the loan that is borrowed to state-owned enterprises by lending officers appears problem, it can be regarded as “rotten meat in the pan”; if the loan to private enterprises appears problem, it often can be seen as the insider trading and tunneling. This idea tends to make some lending officers hesitation about developing loan market of small and medium-sized enterprise.
2. The issues of the the financing of small and medium enterprises
2.1 The current situation of small and medium enterprises
In the aspect of direct financing, the existing capital market can't meet the financing needs of small and medium-sized enterprises. On May 27, 2004, the small and medium-sized enterprises board set up by Shenzhen Stock Exchange was in formal operation, with important significance to the construction of the multi-level capital market in China, financing of small and medium-sized enterprise, and the development of venture investment, which no doubt opened up the special market for equity financing of small and medium-sized enterprises.② However, it positioned for the needs to listed financing of high growth companies.
② 10]崔燕. 国内中小企业融资问题文献综述[J].知识经济,2010-03
At the same time, in the implement scheme of the small and medium-sized enterprises board set up by Shenzhen Stock Exchange, it pointed out that the laws, regulations and administrative rules followed by the operation of small and medium-sized enterprises board, was the same as the main board market; listed companies of small and medium enterprises panel in line with conditions of the main board market offering and requirements of disclosure. In addition, the small and medium-sized enterprises board has a more strict corporate governance system: on account of common characteristics of relatively small corporation equity of listed companies in the small and medium-sized enterprises board, to implement stricter disclosure system than the main board market.
Thus, even if there is a second board market, a higher regulatory requirement and the listed conditions make it only meet the demand of a few small and medium-sized enterprises eager to financing, and not become the main financing channels of small and medium-sized enterprises.③
Informal financial sector is still the important channel for small and medium-sized enterprises especially for private enterprises to the start-up and operating funds. Based on the reality that privately-owned small and medium-sized enterprises through normal channels meet the needs of capital, in some area with the developed private economy, the informal financial activities emerged at the right moment. Although supervision department limited various forms of folk financing activities strictly, and banned folk “irregular fund raising” activities strictly, it was an indisputable fact that folk financial activity existed objectively. Among the private enterprises in Fujian area of Zhejiang province, none of venture capital came from the formal financial sector, and in the process of enterprises’ development was rarely supported by the financial sector. So far, the main source of funds of many enterprises is still from the self-financing and informal financing channels.
2.1.1 The principal reasons of this situation
In consideration of various factors, the author summarized reasons for the difficulty of small and medium-sized enterprise financing mainly based on the following:
③ [3] 张晓春. 探析民间融资的发展[J]. 经济师, 2010,(06)
1. A higher ratio of failure or going out of business of the small and medium-sized
enterprises is one of the main reasons that banks are reluctant to offer loans to small and medium-sized enterprises. Although in our country, there is no statistical data about business failures, some bank managers estimated that nearly 30% of the private-owned small and medium-sized enterprises in our country in two years disappeared, nearly 60% in the past four years disappearing. A higher ratio of failure of the small and medium-sized enterprises obviously makes banks that provide loans to them face greater risk. The high rate of default in the loan repayment is also one of the important reasons that banks are reluctant to provide loans to small and medium enterprises. According to survey on city commercial banks in our country, it found that the default rate of small and medium-sized enterprises was higher than large enterprises. Even though the stock of large enterprises in the non-performing loans of bank is higher, the non-performing loan ratio of providing loans to small and medium-sized enterprises is almost the same with the one of providing to the large enterprises.
2. A lack of mortgage and guarantee. In theory, there are a lot of assets to be mortgage for
loans, including land, building, housing, realizable saving, machinery and equipment, inventories, receivables, sales contract, etc. ④ In the United States, receivable or the inventory accounts for two thirds of mortgage assets of bank acceptance. In our country, requirements and conditions of mortgage by the bank are very rigorous. Expect land and real estate, banks rarely accept other forms of mortgage. Small and medium-sized enterprises generally lack mortgage of bank acceptance such as their own real estate. Restricted loans, the high discount rate of mortgage, and the cumbersome and expensive procedure of mortgage, make small and medium-sized enterprises generally unbearable.
In addition, small and medium-sized enterprise is hard to find a suitable guarantor. Some companies with good benefit are not willing to make guarantee for other enterprise, while enterprises with general benefit are not allowed to make guarantor by ④ [4] 焦聪. 经济危机下的中小企业应何去何从[J]. 中国集体经济, 2012,(13)
banks, mutual guarantee of small and medium-sized enterprises often remains in name only. 3. Small and medium-sized enterprises generally have short operating time, lack of the
credit records of history, with internal management system and financial system imperfect. And enterprises for their own interests, don't want to reveal business secret such as wealth, debt, debt channels, what is worse, in order to evade taxes or obtain preferential policies, they intentionally don't reflect the real operational and financial situation, so that enterprises have no account to check, and an enterprise has two sets of account, thus, the phenomenon of having two sets of accounts is quite common. I thought that based on the characteristics of small and medium-sized enterprise itself and the attitude of the existing financing system toward small and medium-sized enterprises, risk investment method should be introduced into as the main way of small and medium-sized enterprises financing. Risk investment is also called venture investment, that is, at the beginning of development of the venture enterprise to investment venture capital, after waiting for the development of maturity, through market to exit mechanism and to transform the investment capital from equity form into capital form, to recover the investment, to obtain earnings of high risk. Risk investment method is mainly manifested as follows: under normal circumstances, most venture capital firms invest enterprises in the form of equity, that is, using capital in exchange for shares of the invested enterprise, but not for the purpose of obtaining controlling stake of the invested enterprise, in general this kind of investment capital accounting for more than 30% of the total amount of capital of the invested enterprise. Investee is small and medium-sized enterprise in the initial period of development, with high speed growth.⑤ Investment companies, after the investment of funds to the risk enterprise, in order to minimize risk, will use their long-time experience and knowledge to participate in the management of the enterprise, providing support from the management. The growth speed of enterprise developed and supported by venture capital companies is much faster than ordinary similar enterprises. The main purpose of risk investment is to obtain high capital gains.
⑤ [5]马静婷. 金融危机下我国中小企业融资模式选择影响因素分析[J]. 经济研究导刊, 2010,(08)
2.1.2 The effective financing methods In recent years, the governments at various levels have taken some measures in broadening the financing channels of small and medium-sized enterprises: firstly, to establish a scientific and technological innovation fund, by ways of loan discount, free sponsorship, capital investment, to support rapid development of the small and mid-sized enterprise in scientific and technologic type. From 1999 to 2003, the state has invested 3.3 billion fiscal funds, and has supported 4946 national projects of small and mid-sized enterprises in scientific and technologic type, to effectively promote entrepreneurship and development of small and medium-sized enterprises. Secondly, to build a property rights exchange market, at present, our country has established more than 200 different degree and size of property rights exchange market. ⑥ Among them, property rights exchange market in Shanghai, Beijing, Tianjin and other cities has quite a scale. In 2003, turnover of Shanghai property rights exchange market has exceeded 300 billion Yuan, providing the trading platform for asset restructuring and property diversification of all kinds of small and medium-sized enterprises. Thirdly, to make full use of financing tools such as pawn and financing lease suited to the characteristics of the small and medium-sized enterprises. By the end of 2003, pawnshops in China has grown to more than 1000, with capital fund more than 6 billion, bringing convenience for small and medium enterprises through the pawn financing; the scale of financing lease has expanded unceasingly, in 2003 the financing lease business in Zhejiang province alone over 70 billion Yuan. Fourthly, to open the channels of direct financing, In May this year, the Shenzhen stock exchange opened small and medium-sized enterprises board, providing a source of direct financing for small and medium-sized enterprises to develop rapidly. According to statistics, there are 34 enterprises that have completed the public offering, with the total scale of 834 million shares, the total funds of 8.221 billion Yuan, an average scale of 24.52 million shares, the average funds of 242 million Yuan, the average amount of increase of 83% in new share at the first day. A batch of qualified growth small and medium-sized enterprises will get opportunities for listed financing.
⑥ 1] 邵忍丽. 金融危机下我国中小企业如何走出困境[J]. 经营与管理, 2013,(03)
Cultivating credit demand, standardizing the credit market, and perfecting the credit system, and creating credit environment, has the urgent practical significance in promoting the overall quality and the comprehensive competitiveness of small and medium-sized enterprises, shielding against credit risk, and improving their financing ability. On the one hand, gradually establish and perfect the credit reporting system and credit evaluation system of the small and medium-sized enterprise outside enterprise, and provide enterprise credit information for banks and other institutions, in recognition of small and medium-sized enterprises having good faith, as the credit model, to propagandize and promote advanced mode and experience of credit management; on the other hand, actively carry out construction and the popularization of credit system within the enterprise, strengthen the contract management, marketing forewarning, debt collection, accounting management and investigation before hiring, etc within the enterprise, and make credit and professional skills training for personnel such as enterprise operation, management, testing, to cultivate professional talents such as credit investigation and analysis, evaluation and supervision. At present, relevant departments have made experiments in Beijing, Shanxi, Jilin, Zhejiang, Sichuan and other cities, through the establishment of enterprise credit files, credit rating, enterprise credit system, to enhance the financing ability of the enterprise.
Allow to new set up or rebuilt the regional small and medium-sized joint-stock banks and cooperative financial institutions, and the conditional area can explore to set up the policy banks specifically serving for small enterprises. ⑦City commercial banks and city credit cooperatives actively attract private capital, further strengthen and improve the strength and mechanism of financing services for town small and medium-sized enterprise. Rural credit cooperatives should absorb farmers, individual business and small businesses to become a shareholder, accelerate improve the equity structure, and strengthen credit service of rural small and medium-sized enterprises.
2.2 The obstruction of critical factor
Serious financing difficulties; from small and medium-sized enterprise itself, there are problems such as smaller scale, big change, high risk, week self-discipline ability. Small ⑦ [9] 宁丹. 略论国内中小企业融资与发展[J]. 时代教育(教育教学), 2010,(04)
and medium-sized enterprises in our country are faced with imperfect the market system and the characteristic problems in the period of economic system transformation. From the banks, it still exists that banks pursue for maximization earnings, which makes small and medium-sized enterprise financing difficult. From the government, the strength of support is weak. As a result, to ease the financing difficulties of small and medium-sized enterprises has become a comprehensive social engineering. In this project, banks, government, all kinds of investors and small and medium-sized enterprise itself should be active participants.
3. Investigation
3.1 The purpose, target and content of the research
If you want to completely solve the problem of difficulties in small and medium-sized enterprise financing, it is not enough to rely on unilateral power. Only through relying on the joint efforts of three aspects of their own, bank and the government can effectively relieve the problem of difficulties in small and medium-sized enterprise financing.
3.2 The analysis of the financial of small and medium enterprises
Compared with developed countries, China's small and medium enterprises are in face of more financing difficulties. This is because China's small and medium-sized enterprises not only have to face financing problems in general, the direct and indirect financing gap problems, but also need to face special problems with Chinese characteristics, that is, ownership discrimination, social credit culture shortage, imperfect law and regulations, imperfect corporate governance structure and other problems.
3.3 The analysis of studying critical methods
For direct financing, China's capital market is not fully developed, at present there is only main board market, suitable for small and medium enterprises GEM market for nearly 10 years but has not been published yet.⑧ In addition, the bond market has started, but the small and medium-sized enterprise hope to get the funding from bond market, which is not easy. The first collective China's small and medium-sized enterprises —07 Shen medium ⑧ [6] 钟纯. 浅议金融危机下我国中小企业短期融资券融资——基于首次试点的6家中小企业案例分析
and small debts were officially launched in November 14, 2007 in Shenzhen, a total of 1 billion yuan. This is the first bundled bonds issued by small and medium enterprises in our country. ⑨ At present, second set bond 7 Zhongguancun high tech SMEs collective bond is still in the preparatory stage. To sum up, China's small and medium enterprises want to get financing through the capital market, which is not easy.
For indirect financing channels, the indirect financing channel of SMEs in China is narrow and the transition depends on the bank. However, based on the loan security consideration, commercial banks which have stepped on the road of commercialization can provide loans to enterprises and they are more likely to implement "credit rationing" to general small and medium-sized enterprises. Corresponding to multi level economy, the financial institutions system is also multi level. However, this correspondence in our country is in a fault and deficiency. In the current financial system, SME Service Center, the loan guarantee organization, loan guarantee fund, the small and medium-sized enterprise association and other small and medium-sized financial institutions like foreign countries have not been really established, which cause some obstacles to the financing of small and medium enterprises.
On the APEC SME summit held on December 8, 2011, Gu shengzu, the National People's Congress standing committee and vice chairman of China Democratic National Construction Association, pointed out that the real economy needs the support of mass small enterprises and the backbone large and medium-sized enterprises. Judging by the aftereffect of economic development, the real economy will depend on the technological small enterprises to improve its competitiveness. Because the country's innovation ability and updating product ability are very important, therefore solving the problem of financing difficulties of small and medium-sized enterprises is crucial.
4. The suggestions of the financial of small and medium enterprises
4.1 The ways of the financing
He puts forward some suggestions for this problem. The necessary of establishing a ⑨ [8] 尹珊珊, 谭正航. 金融危机背景下中小企业复苏与民间金融阳光化[J]. 时代金融, 2009,(11)
financial system perfectly match the small enterprises, and expanding the money supply by developing more private financial institutions, community Banks and small Banks. To meet the demands of small enterprises, at the same time should develop angel investment, venture capital, private equity investment, etc. ⑩The “new three board ” of small and mid-sized enterprise will be a great help for financing in relevant enterprises. In addition, multi-level guarantee system should be paid attention to.
4.2 The effective methods of the fnancing
Because of lacking reliable guarantee, many small and medium-sized enterprises find it difficult to get loans. The director of finance department of Standard Chartered Bank in northeast Asia and China Betty Ku expressed that for this part, with a comparatively perfect government guarantee policy in many foreign countries, some foreign experience is worth reference, we witnessed a lot of government providing guarantee to the enterprise in the 2008 economic crisis. Now there are many bonding and pretty loan companies. Given a national guarantee mechanism, the financing of small and medium-sized enterprises will be benefited a lot.
5 Conclusion
Generally speaking, after the investigations of more than two months, in financing process some small and medium-sized have no clear plan. They tend to go a blind way and hold a fluky psychology in financing, without a full survey of the investors leaving a chance for many obtrusive con investment intermediaries and companies. If the consequences happen to be serious, the enterprises would suffer a lot and normal development would be further affected. If the consequences are slight, the enterprises would waste a lot in labor and money.
⑩ [5]马静婷. 金融危机下我国中小企业融资模式选择影响因素分析[J]. 经济研究导刊, 2010,(08)
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[10]崔燕. 国内中小企业融资问题文献综述[J].知识经济,2010-03