浅谈后金融危机时代中小企业如何走出融资困境

Financing difficulties of SMEs in China has always plagued the survival and development of important issues, and financing costs continue to increase, not enough support bank lending, financing environment continues to deteriorate and the serious gap between supply and demand of funds, etc., is always SMEs Among the problems encountered financing. In recent years, the Chinese government attaches great importance to the problem of financing small and medium enterprises, in-depth research on the basis of timely introduction of a series of measures have achieved the desired results. However, history has experienced the most severe international financial crisis, China's survival and development of SMEs experiencing the most difficult course of several years. In the post-crisis era, the complex and changing international and domestic situation, resulting in a long time to achieve sustainable development impact of SME financing difficulties become more prominent. Timely help SMEs out of the post-crisis era of financing difficulties, has become very urgent and important task.

融资难始终是困扰着我国中小企业生存与发展的重要问题之一，而融资成本的不断提高、银行信贷的支持力度不够、融资环境的持续恶化及资金供需的严重脱节等，始终是中小企业在融资当中所遇到的难题。近年来，我国政府高度重视中小企业融资难问题，在深入调研的基础上及时出台了一系列措施，也取得了理想的成果。然而，经历了历史上最为严重的国际金融危机，我国的中小企业经历着生存和发展历程中最为困难的几年。在后金融危机时代，复杂而多变的国际和国内形势，造成长期以来影响中小企业实现可持续发展的融资难问题变得更为突出。及时帮助中小企业走出后金融危机时代的融资困境，已成为当前十分紧迫和重要的一项任务。

First, the post-crisis era financing difficulties faced by SMEs in China

一、后金融危机时代我国中小企业面临的融资困境 http://ukthesis.org/jr

(A) is obviously inadequate endogenous financing

The so-called endogenous financing, mainly refers to the enterprises in the business activities in which the funds generated, that is, internal financing, is the enterprise an important source of long-term financing. China's SMEs are generally from the 1980s began to slowly start up and development of SMEs due to their own capital accumulation is also difficult to support the further development of enterprises, and because the long-standing tradition of the role of human factors, in the small cooperation between enterprises is also due to the lack of trust between each other and improve the institutional arrangements and appeared unable to coordinate the multiple relationships between the interests of investors, resulting funders funding is very limited.

所谓内源性融资，主要是指企业在经营活动当中所产生的资金，也就是企业内部的融通资金，是企业进行长期融资的重要来源之一。我国的中小企业一般都是从20世纪80年代才开始慢慢起步和发展起来的，中小企业由于自身资本积累还难以支持企业的进一步发展，同时因为长期以来传统人文因素所起的作用，在中小企业的合作上也由于缺乏相互之间信任与完善的制度安排而出现了无法协调好多个出资人之间的利益关系，从而造成出资者的资金投入十分有限。 

(Two) direct financing higher threshold

Major direct financing channels for SMEs is equity and debt financing, venture capital and asset securitization. Although the country's capital market has begun to have a scale, but its development is still very immature, in order to enter the capital market, barriers to entry are relatively high. Most small and medium business scale and management capabilities is also difficult to meet listing requirements. Currently, SMEs can get credit funds also appears to a single species, and our venture capital industry is not mature, in the exploratory stage, there are various problems. Asset securitization investors also exist over a single bank securitization wishes not strong enough, there is also relevant legal issues such as the financial system is not perfect.

(Three) indirect financing channels narrow

There are indirect financing corporate bank loans and other loans from financial institutions and so on. Among them, the banking sector lending is a worldwide first indirect financing channels. However, according to China's current situation, the vast majority of commercial bank lending flows among some large enterprises, SMEs if it is to obtain loans from financial institutions, it is simply impossible to do.

Second, the post-crisis era financing opportunities faced by SMEs in China

(A) loose fiscal policy opportunities

Since the 2008 financial crisis, a series of financial support SMEs healthy development continuing to adopt favorable policies and measures: People's Bank of China increased the amount of labor-intensive SMEs, microfinance, increasing the size of the financial institution's credit; reduced small and medium financial institutions of RMB deposit reserve ratio; implemented a proactive fiscal policy and moderately loose monetary policy; fully liberalized restrictions on lending programs; support commercial financial institutions to increase credit support for SMEs; by the central bank to cut again small and medium financial institutions deposit reserve ratio, and also cut the central bank refinancing and rediscount rates.

(Two) tax policy change opportunities

In response to the global financial crisis on the economic development of adverse effects arising from the State timely introduction of VAT transformation reform, VAT from production to consumption-based. From 2009 to carry out, to maintain the current rate of VAT in the same circumstances, to allow all of the country's value-added tax general taxpayer can deduct the purchase of equipment for its new VAT contained, and the yield of small-scale taxpayers levy Unified reduced to 3%. Since then, a number of countries have also further improve the labor-intensive mechanical and electrical products and other products are affected relatively large export tax rebate rate, resulting in tax support and encourage SMEs to further continuous development.

Third, the post-crisis era the main reasons of financing of SMEs

(A) Information obvious asymmetry

The so-called asymmetric information, that is, one party has relevant information, while the other is the lack of relevant information. Information asymmetry between the parties in the transaction distribution, information superiority will have a party for that party information disadvantage cause harm. Regardless of how SMEs caused by asymmetric information and moral hazard problem is more serious than large enterprises. Because relatively large enterprises, SMEs, not only small, but start time is not long enough, and the lack of a credit history record, its financial condition and future prospects are difficult to make judgments, and information disclosure mechanism is not perfect, the financial system is also not up to standard. Commercial banks and the lack of effective information among SMEs, resulting in SME financing difficulties.

(Two) the lack of collateral and guarantees

SMEs in their relatively small size, they are mostly indirect financing faces the problem of insufficient collateral. Although the "Property Law" to define the scope of the collateral has been extended to accounts receivable and intellectual resources such part of the property, but the major banks and enterprises to accept collateral security is still biased in favor of land and real estate are also able to successfully sell and value relatively stable security. The lack of collateral and guarantees for loans led to the SMEs in the face more challenges.

(Three) the presence affect interest rates and Fees

For high-risk borrowers, should be charged a higher interest rate, thereby preventing the occurrence of the risk, which is the risk of financial institutions to prevent the financing of conventional path. Compared with larger enterprises, SMEs have a relatively low proportion of fixed assets only, and insufficient collateral, its internal financial systems are often inadequate perfect, can not pass credit checks this off. If the majority of loans to SMEs, they have some of the funds received as a risk compensation, however, there may be adverse outcome of sexual selection, which is caused by high interest rates low risk, income is not high, but good prospects for the development of SMEs tend to being squeezed out of high-risk SME financing market.

(Four) market system flawed

China's current stage of the capital markets and the development of the bond market is not perfect, for the company's stock market has a very strict limit conditions. The size of listed companies also set a relatively high barriers to entry, such harsh conditions listed in the invisible to the vast majority of SMEs in exclusion from the outside, leading to small and medium enterprises can not get support from the capital markets.

Fourth, to solve the financing problem of SMEs after the financial crisis Suggestions

(A) formulate and improve relevant laws and regulations of SME financing

China was in 2003 adopted the "SME Promotion Law," the Ministry of SME development issues specific laws, marking China in promoting the development of SMEs has embarked on a standardized and legal track, and all the standardization management, we must also necessary rules for protection. Today, the government in promoting SME development a top priority is to focus placed on the regulatory and institutional construction, security and policy coordination through institutional and other measures to prevent bottlenecks in the financing of SMEs to create a better environmental conditions. We must pay close attention to improve the SME laws and regulations, to enable SMEs to gradually legalize the management of the track. In such laws and regulations which shall include the establishment of financial institutions how SMEs and SME financing measures and other requirements under the law to create a good financing environment for SMEs financing truly law.

 

    (Two) through the company's own perfect ability to raise financing

How to implement a fundamental solution to the problem of financing SMEs, it must strengthen its own management, improve its ability to resist risks. To do this, you must do the following three things: The first is to regulate the governance structure of SMEs, so establish a sound internal management system, management system specification and operation is regulated, to make it easier for SMEs to win its operation and management of financial institutions level, the recognition of sustainable development to successfully obtain loan financing. The second is to establish and improve the financial management system. By regulating the financial system, thus contributing to strengthen the company's financial management, and enhance the authenticity of financial information and financial management, satisfaction, and enhance the ability of financing for SMEs. Finally, to establish the concept of credit for SMEs. SMEs should be done in good faith, and continuously improve their credit standards, financial information, so as to prevent malicious evasion bank debt and interest owed behavior, in order to establish a harmonious relationship between banks, the financing of enterprises to create favorable conditions.