中小企业融资难相关分析-the small and medium-sized enterprises Financing problems related to analysis
05-12, 2014
First, small and medium-sized enterprises financing status中小企业融资难现状
Reform and opening up, china for 30 years of small and medium-sized enterprises obtained a rapid development of enterprises, 99% of the small and medium-sized enterprises of our country more than 60% GDP contribution, tax over 50%, provides 70% of import and export trade and 80% of urban jobs. Small and medium-sized enterprises in our country is also an important power of independent innovation, 66% of invention patent , 82% of new product development of small and medium-sized enterprises ,from small and medium-sized enterprises has become the economic prosperity , expanding employment , adjusting structure, promote innovation and new industries of important strength.From 80 years since the outbreak of the international financial crisis, the implementation of the positive fiscal policy and loser monetary policy , but no small and medium-sized enterprises from the proactive fiscal policy and moderate looser monetary policy benefit directly , for instance, of the new 2008 225 million small loan only more than previous year , but rose 1.4% only the loans increased 14.9%, 09 year three months of national credit increased 48 trillion , including loans to small and medium-sized enterprises increased amount only less than 5% .Current , loan financing difficult has become the bottleneck of restricting the development of small and medium-sized enterprises and small and medium-sized enterprise production and management faced difficulties, according to the state statistical bureau of statistics and letter until the and of 2008 in the small and medium-sized enterprises of production or collapse closed accounts for about 7.5%,the urban employment, this situation is not only more difficult economic recovery, influence and directly affect the growth and development of people’s livelihood ,stable target .In this sense ,the international financial crisis under the impact of China’s economy could not really low, the key is out of small and medium-sized enterprises vitality can be fully recovered.
改革开放30年来，我国的中小企业得到了迅速的发展，占企业总数的99%中小企业对我们国家GDP贡献超过了60%，税收超过了50%，提供了70%的进出口贸易和80%的城镇就业岗位。中小企业同样是我们国家自主创新的一个重要力量，66%的发明专利，82%饿新产品开发都来自于中小企业，中小企业已经成为繁荣经济、扩大就业、调整产业结构、推动创新和形成新的产业的重要的力量。自08年国际金融危机爆发以来，我国实施了积极的财政政策和宽松的货币政策，但广大中小企业至今没有从积极的财政政策和适度宽松的货币政策中直接受益，例如08年全国新增小企业贷款只有225亿，比上年只增长了1.4%，可是全国的贷款增加了14.9%，09年头三个月全国的信贷规模总量增加了4.8万亿，其中给中小企业贷款增加的额度只占不到5%。目前融资难、贷款难已经成为制约中小企业发展的瓶颈，中小企业生产经营面临着严峻的困难，据国家统计局和工信部统计到08年底，全国中小企业中歇业停产或者倒闭的大约占7.5%，城镇就业更加困难，保稳定的发展目标。从这个意义上说，国际金融危机冲击下的我国经济能否真正走出低谷，关键是广大中小企业的活力能否得到完全恢复。
Second, the sme financing reason analysis 中小企业融资难原因分析
Sme loans and financing is a cosmopolitan should say, see, both from China, and mechanism of medium and small and medium-sized enterprises, there are three main reasons: first, the medium and small and medium-sized enterprises, small and medium-sized enterprises generally weak awareness of honesty, similar to a few of the common phenomenon, may report on tax on some, less ugly statements in Banks, this intersection, some may form good-looking, such loans point is reliable became a problem. But this approach is very adverse instead of enterprises, the development of small and medium-sized enterprises are not healthy, we imagine, if several departments with all those together, the first this enterprise is not sincere, he will have a foothold. We manufacture and export-oriented smes in human resources, technology, capital, market environment faced financial crisis, there was a huge pressure, the development of it is the root cause of the scientific and technological content of the enterprise, the innovation ability of high enough to enter the market is weak, the low threshold, the fierce competition in the market will increase, these are not good for the development of small and medium-sized enterprises. Second, from the bank, for small and medium-sized enterprise credit conditions stricter, because we are most Bands, it is also considered commercial bank, the risk of their own profits. To the end of 2008, the small bad loans is higher than that of the entire banking industry relies low come m&a, solving some problems, bur the loans of the small and medium-sized enterprises, like a big problem, once, countries will still enterprises, especially those small problems, once the bankruptcy, nobody tube, so the loan quality cannot guaranteed, so in this management system, to reduce the risks, the bank will demand of small and medium-sized enterprises in providing enough after pawn dare loan. Another bank from the operation cost of small and medium-sized enterprises, do loans will pay more manpower, so also does not want to extend loans to small and medium-sized enterprises, A bank operating costs, the half is labor cost, small and medium-sized enterprises especially do small, very high labor workload, but it is the benefit of different times. Third, the sme financing channel is too narrow and small and medium-sized enterprises in the capital markets have direct financing ways of securities market, including small plate and gem, And private equity funds, industrial investment funds, venture investment funds, risk investment funds, and the bond market, etc. But since the sept.25, 2008, the small plate market, securities issued after huachang chemical and closed the door, just recently IPO to restart the IPO. But gem is “ten years”, good sword, people until now only be vivivdly portrayed. Although with gem listing conditions, but a lot of small and medium-sized enterprises to financing, for many enterprises, it is still a luxury. In overseas, small and medium-sized enterprises in the process of growing only rely on bank loan financing, many times is a venture investment risk or the help of small and medium-sized enterprises in China, however, can grow in the basic of financing Shenzhen has 3,000 venture company, with a registered capital of 6,000 billion, but no company is willing to startup investment enterprise. The company is more mature, can the fancy of the securities market and gem.
Third, the sme financing difficulty in solving the problem 中小企业融资难解决之道
(a) From the Angle of the government 从政府角度
1.The government should relax market access control, reducing barriers, let more smaller Bands, small and medium-sized enterprises in service for the strategic positioning og those small Banks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more than a hundred villages and towns of the bank, bank established to improve the bottleneck of the economic investment county, including improving agriculture development of small and medium-sized enterprises and support will play a very important role. For existing five state-owned Banks. Should be encouraged to develop their own businesses for the financing of the specialized agencies, relax its has branches and encourage them in the land, and county, township, even closer to provide financial services and more convenient.
2.The government should help Banks to establish a credit system, further reducing their information cost, in our country, the central bank since 1998 enterprise credit system construction was started by the specialized agencies, collection and storage, sorting, analysis, and use of enterprise credit information, to guard against credit risks, maintain stable financial marker, In 2006, the central bank and small and medium-sized enterprises credit system to establish the credit system, hope to cover those and financial institutions have no credit relations of small and medium-sized enterprises. Of course, the credit system is not only by the government, and now has some network company, for example, try to use labara. Com in online transaction information into small and medium-sized enterprises credit index, the index of credit, if out of the bank to further reduce the cost of information..
3. The government should several of bank risk compensation, the local interest risk compensation mechanism and policy, just compensation fund is to solve the sme financing way, and cannot be fundamentally solved. As to the end, fujian province of bad loans is small loans 6071%, but the average level of banking, is a two percent, while a few risk compensation, just to 0.8 percent, only a small part, So many of bank risk compensation. As all of the loans to small and medium-sized enterprises, then according to the bank loans, reduce its tax, business tax, income tax reduction, Countries can help enterprises to improve bank interest, risk and return, If the loan losses, the government formed by risk compensation fund to patch up it, this makes bif business loans and small and medium-sized enterprises loan to achieve the balance is the basic yields.
4.The government should actively promote the multi-level capital market system, in order to better satisfy all kinds of small and medium-sized enterprises include the financing needs of enterprise. Different types of small and medium-sized enterprises, the development stage is endless and same, determines the sme financing needs is not the same, So small and medium-sized enterprises, groups of differentiation determines the diversified financing needs, then satisfy sme financing demand also needs the various forms of financing mode, such as bank loans, bonds, equity financing, etc.200to 4 years in Shenzhen stock exchange medium plate, founded bu promoting capital, technology, management, and the effective factors of high quality as cultivating board, also to promote the upgrading of industrial structure is playing a positive role.In October 2009, gem officially launched. Founded board will provide for independent innovation, promoting effective supervision mechanism of small and medium-sized enterprises in the new development stage. But for more than for small and medium-sized enterprises are listed to solve this kind of condition, enterprise’s equity financing, stock transfer to a valid the over-the-counter marker, In 2006, China launched fei joint-stock company listing for trading of securities companies entering the pilot work, Besides the government should vigorously promote the development of the bond market, bond financing for small and medium enterprises to provide more convenient, in the developed countries, the bond market is the main financing, financing, in the United States, for example, 2008, the company bonds is circulation stock circulation of 5 times, with the United States, Europe and other countries and regions in the bond market, also has the big development space.
(b) From the bank angle 从银行角度
If rely on the existing in the banking financial products and sme loans, to solve the difficulty in financing smes is impossible, we cannot change the present situation of small and medium-sized enterprises, so we would change our bank credit, financial innovation is imminent. Currently banking is through the organization, risk management technical innovation, innovation, and security collateral product innovation so as to change the status of financing for smes.
1. Guarantee mortgage innovation, Collateral shortage is small and medium-sized enterprise biggest soft rib, they could not buy a heap of the house and then prepare for security, it is not realistic to high-tdch enterprise, as the core of assets should be their intellectual property righs, the patent righ and one on the market in technology, creative team, is the blood to support its development, as well as several pieces of the mortgaged property, bur all need money to lend, bank, The small and medium-sized enterprises, such an jiangsu cooperatives experiment widely warehouse inventory impawn, through a mortgage loan product, Tianjing coastal rural commercial bank actively carry out enterprise sharehoulding pledge loan., benjing bank recently launched intellectual property as a pledge from the bank for a loan.
2. Credit rating innovating, Big Bnaks do business of time, usually see a balance sheet, an income statement and a cash flow statement, small and medium-sized enterprises have even thes three tables are not high, the bank information costs, zhejiang tyrone arisen, commercial Banks, they look for innovative water meter, customs declaration form, large, large, reduce cost, still can make small loans to earn enough money. Like Shenzhen development bank, by focusing on their
Opponent’s credit transaction, the authenticity of the enterprise, chooses a new of enterprises credit rating. For enterprises in the ctedit rating method for enterprises itself, the credit rating weight only 15%. Pay more attention to the authenticity of the trading counterparty and downstream of the raw material supply semi-finished products or services or transportation or logistics can be easier to choose good credit are true of the enterprise, trade background to provide enough good service, mobilize various financial tools, in the process of enterprise development, shenfazhan also created the profits.
3. Business process innovation. Our country commercial bank, the bank is mostly official in the house, wait for a loan to customers approval for a month , three months, such a kind of management, such an examination result is impossible to small and medium-sized enterprise financial services, it is impossible to improve the financing difficulties of small and medium-sized enterprises. Banks to reduce threshold the other is to simplify the process, reduce link, establish examination mechanism, so as to adapt to the credit factory. The bank is factory, small and medium-sized enterprises is raw material, into the line after the marketing, sales, and service, with approval, and customer maintenance and post-loan management, obtain loans. But Banks are not a person guard line and batch production. Through the way of examination and approval procedures simplified. Through this process to make sure that the smes credit approval from the cycle over the past 2, 3 months, shorten to 3, 5 days now.
4.Strengthening the training of personnel. After construction in mechanism to have a group of people to do it, and do it well, it is to strengthen the training of the staff, further strengthen the sme, small business loans and high-tech smes job training and the loan of communication, increasing the entire product r&d efforts, with the strain of new incentive and restraint measures to professional team and the new service.
(c) From the Angle of enterprises 从企业自身角度
1, Enternises should strengthen management improve quality. To correctly understand the situation, face, establish the risk by management effectiveness and development idea, must pay more attention to technical innovation, technological innovation, pay attention to the new product development, improve quality and brand construction and development of new products, improve the product quality improvement, and win the market.. Reducing energy consumption, to increase, increasing earning. Increasing market development ability, reduce” products, accounts, receivable” two nbre, accelerate the capital turnover. Through the development way, not only by the expansion of production of production, but improve the quality of the industrial sector realize rapid growth.
2. The enterprises should strengthen the construction of credit system. Establish the standard of management system, establish she transparent reliable statements, the accumulation of enterprise credit system.
Reform and opening up, china for 30 years of small and medium-sized enterprises obtained a rapid development of enterprises, 99% of the small and medium-sized enterprises of our country more than 60% GDP contribution, tax over 50%, provides 70% of import and export trade and 80% of urban jobs. Small and medium-sized enterprises in our country is also an important power of independent innovation, 66% of invention patent , 82% of new product development of small and medium-sized enterprises ,from small and medium-sized enterprises has become the economic prosperity , expanding employment , adjusting structure, promote innovation and new industries of important strength.From 80 years since the outbreak of the international financial crisis, the implementation of the positive fiscal policy and loser monetary policy , but no small and medium-sized enterprises from the proactive fiscal policy and moderate looser monetary policy benefit directly , for instance, of the new 2008 225 million small loan only more than previous year , but rose 1.4% only the loans increased 14.9%, 09 year three months of national credit increased 48 trillion , including loans to small and medium-sized enterprises increased amount only less than 5% .Current , loan financing difficult has become the bottleneck of restricting the development of small and medium-sized enterprises and small and medium-sized enterprise production and management faced difficulties, according to the state statistical bureau of statistics and letter until the and of 2008 in the small and medium-sized enterprises of production or collapse closed accounts for about 7.5%,the urban employment, this situation is not only more difficult economic recovery, influence and directly affect the growth and development of people’s livelihood ,stable target .In this sense ,the international financial crisis under the impact of China’s economy could not really low, the key is out of small and medium-sized enterprises vitality can be fully recovered.
改革开放30年来，我国的中小企业得到了迅速的发展，占企业总数的99%中小企业对我们国家GDP贡献超过了60%，税收超过了50%，提供了70%的进出口贸易和80%的城镇就业岗位。中小企业同样是我们国家自主创新的一个重要力量，66%的发明专利，82%饿新产品开发都来自于中小企业，中小企业已经成为繁荣经济、扩大就业、调整产业结构、推动创新和形成新的产业的重要的力量。自08年国际金融危机爆发以来，我国实施了积极的财政政策和宽松的货币政策，但广大中小企业至今没有从积极的财政政策和适度宽松的货币政策中直接受益，例如08年全国新增小企业贷款只有225亿，比上年只增长了1.4%，可是全国的贷款增加了14.9%，09年头三个月全国的信贷规模总量增加了4.8万亿，其中给中小企业贷款增加的额度只占不到5%。目前融资难、贷款难已经成为制约中小企业发展的瓶颈，中小企业生产经营面临着严峻的困难，据国家统计局和工信部统计到08年底，全国中小企业中歇业停产或者倒闭的大约占7.5%，城镇就业更加困难，保稳定的发展目标。从这个意义上说，国际金融危机冲击下的我国经济能否真正走出低谷，关键是广大中小企业的活力能否得到完全恢复。
Second, the sme financing reason analysis 中小企业融资难原因分析
Sme loans and financing is a cosmopolitan should say, see, both from China, and mechanism of medium and small and medium-sized enterprises, there are three main reasons: first, the medium and small and medium-sized enterprises, small and medium-sized enterprises generally weak awareness of honesty, similar to a few of the common phenomenon, may report on tax on some, less ugly statements in Banks, this intersection, some may form good-looking, such loans point is reliable became a problem. But this approach is very adverse instead of enterprises, the development of small and medium-sized enterprises are not healthy, we imagine, if several departments with all those together, the first this enterprise is not sincere, he will have a foothold. We manufacture and export-oriented smes in human resources, technology, capital, market environment faced financial crisis, there was a huge pressure, the development of it is the root cause of the scientific and technological content of the enterprise, the innovation ability of high enough to enter the market is weak, the low threshold, the fierce competition in the market will increase, these are not good for the development of small and medium-sized enterprises. Second, from the bank, for small and medium-sized enterprise credit conditions stricter, because we are most Bands, it is also considered commercial bank, the risk of their own profits. To the end of 2008, the small bad loans is higher than that of the entire banking industry relies low come m&a, solving some problems, bur the loans of the small and medium-sized enterprises, like a big problem, once, countries will still enterprises, especially those small problems, once the bankruptcy, nobody tube, so the loan quality cannot guaranteed, so in this management system, to reduce the risks, the bank will demand of small and medium-sized enterprises in providing enough after pawn dare loan. Another bank from the operation cost of small and medium-sized enterprises, do loans will pay more manpower, so also does not want to extend loans to small and medium-sized enterprises, A bank operating costs, the half is labor cost, small and medium-sized enterprises especially do small, very high labor workload, but it is the benefit of different times. Third, the sme financing channel is too narrow and small and medium-sized enterprises in the capital markets have direct financing ways of securities market, including small plate and gem, And private equity funds, industrial investment funds, venture investment funds, risk investment funds, and the bond market, etc. But since the sept.25, 2008, the small plate market, securities issued after huachang chemical and closed the door, just recently IPO to restart the IPO. But gem is “ten years”, good sword, people until now only be vivivdly portrayed. Although with gem listing conditions, but a lot of small and medium-sized enterprises to financing, for many enterprises, it is still a luxury. In overseas, small and medium-sized enterprises in the process of growing only rely on bank loan financing, many times is a venture investment risk or the help of small and medium-sized enterprises in China, however, can grow in the basic of financing Shenzhen has 3,000 venture company, with a registered capital of 6,000 billion, but no company is willing to startup investment enterprise. The company is more mature, can the fancy of the securities market and gem.
Third, the sme financing difficulty in solving the problem 中小企业融资难解决之道
(a) From the Angle of the government 从政府角度
1.The government should relax market access control, reducing barriers, let more smaller Bands, small and medium-sized enterprises in service for the strategic positioning og those small Banks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more than a hundred villages and towns of the bank, bank established to improve the bottleneck of the economic investment county, including improving agriculture development of small and medium-sized enterprises and support will play a very important role. For existing five state-owned Banks. Should be encouraged to develop their own businesses for the financing of the specialized agencies, relax its has branches and encourage them in the land, and county, township, even closer to provide financial services and more convenient.
2.The government should help Banks to establish a credit system, further reducing their information cost, in our country, the central bank since 1998 enterprise credit system construction was started by the specialized agencies, collection and storage, sorting, analysis, and use of enterprise credit information, to guard against credit risks, maintain stable financial marker, In 2006, the central bank and small and medium-sized enterprises credit system to establish the credit system, hope to cover those and financial institutions have no credit relations of small and medium-sized enterprises. Of course, the credit system is not only by the government, and now has some network company, for example, try to use labara. Com in online transaction information into small and medium-sized enterprises credit index, the index of credit, if out of the bank to further reduce the cost of information..
3. The government should several of bank risk compensation, the local interest risk compensation mechanism and policy, just compensation fund is to solve the sme financing way, and cannot be fundamentally solved. As to the end, fujian province of bad loans is small loans 6071%, but the average level of banking, is a two percent, while a few risk compensation, just to 0.8 percent, only a small part, So many of bank risk compensation. As all of the loans to small and medium-sized enterprises, then according to the bank loans, reduce its tax, business tax, income tax reduction, Countries can help enterprises to improve bank interest, risk and return, If the loan losses, the government formed by risk compensation fund to patch up it, this makes bif business loans and small and medium-sized enterprises loan to achieve the balance is the basic yields.
4.The government should actively promote the multi-level capital market system, in order to better satisfy all kinds of small and medium-sized enterprises include the financing needs of enterprise. Different types of small and medium-sized enterprises, the development stage is endless and same, determines the sme financing needs is not the same, So small and medium-sized enterprises, groups of differentiation determines the diversified financing needs, then satisfy sme financing demand also needs the various forms of financing mode, such as bank loans, bonds, equity financing, etc.200to 4 years in Shenzhen stock exchange medium plate, founded bu promoting capital, technology, management, and the effective factors of high quality as cultivating board, also to promote the upgrading of industrial structure is playing a positive role.In October 2009, gem officially launched. Founded board will provide for independent innovation, promoting effective supervision mechanism of small and medium-sized enterprises in the new development stage. But for more than for small and medium-sized enterprises are listed to solve this kind of condition, enterprise’s equity financing, stock transfer to a valid the over-the-counter marker, In 2006, China launched fei joint-stock company listing for trading of securities companies entering the pilot work, Besides the government should vigorously promote the development of the bond market, bond financing for small and medium enterprises to provide more convenient, in the developed countries, the bond market is the main financing, financing, in the United States, for example, 2008, the company bonds is circulation stock circulation of 5 times, with the United States, Europe and other countries and regions in the bond market, also has the big development space.
(b) From the bank angle 从银行角度
If rely on the existing in the banking financial products and sme loans, to solve the difficulty in financing smes is impossible, we cannot change the present situation of small and medium-sized enterprises, so we would change our bank credit, financial innovation is imminent. Currently banking is through the organization, risk management technical innovation, innovation, and security collateral product innovation so as to change the status of financing for smes.
1. Guarantee mortgage innovation, Collateral shortage is small and medium-sized enterprise biggest soft rib, they could not buy a heap of the house and then prepare for security, it is not realistic to high-tdch enterprise, as the core of assets should be their intellectual property righs, the patent righ and one on the market in technology, creative team, is the blood to support its development, as well as several pieces of the mortgaged property, bur all need money to lend, bank, The small and medium-sized enterprises, such an jiangsu cooperatives experiment widely warehouse inventory impawn, through a mortgage loan product, Tianjing coastal rural commercial bank actively carry out enterprise sharehoulding pledge loan., benjing bank recently launched intellectual property as a pledge from the bank for a loan.
2. Credit rating innovating, Big Bnaks do business of time, usually see a balance sheet, an income statement and a cash flow statement, small and medium-sized enterprises have even thes three tables are not high, the bank information costs, zhejiang tyrone arisen, commercial Banks, they look for innovative water meter, customs declaration form, large, large, reduce cost, still can make small loans to earn enough money. Like Shenzhen development bank, by focusing on their
Opponent’s credit transaction, the authenticity of the enterprise, chooses a new of enterprises credit rating. For enterprises in the ctedit rating method for enterprises itself, the credit rating weight only 15%. Pay more attention to the authenticity of the trading counterparty and downstream of the raw material supply semi-finished products or services or transportation or logistics can be easier to choose good credit are true of the enterprise, trade background to provide enough good service, mobilize various financial tools, in the process of enterprise development, shenfazhan also created the profits.
3. Business process innovation. Our country commercial bank, the bank is mostly official in the house, wait for a loan to customers approval for a month , three months, such a kind of management, such an examination result is impossible to small and medium-sized enterprise financial services, it is impossible to improve the financing difficulties of small and medium-sized enterprises. Banks to reduce threshold the other is to simplify the process, reduce link, establish examination mechanism, so as to adapt to the credit factory. The bank is factory, small and medium-sized enterprises is raw material, into the line after the marketing, sales, and service, with approval, and customer maintenance and post-loan management, obtain loans. But Banks are not a person guard line and batch production. Through the way of examination and approval procedures simplified. Through this process to make sure that the smes credit approval from the cycle over the past 2, 3 months, shorten to 3, 5 days now.
4.Strengthening the training of personnel. After construction in mechanism to have a group of people to do it, and do it well, it is to strengthen the training of the staff, further strengthen the sme, small business loans and high-tech smes job training and the loan of communication, increasing the entire product r&d efforts, with the strain of new incentive and restraint measures to professional team and the new service.
(c) From the Angle of enterprises 从企业自身角度
1, Enternises should strengthen management improve quality. To correctly understand the situation, face, establish the risk by management effectiveness and development idea, must pay more attention to technical innovation, technological innovation, pay attention to the new product development, improve quality and brand construction and development of new products, improve the product quality improvement, and win the market.. Reducing energy consumption, to increase, increasing earning. Increasing market development ability, reduce” products, accounts, receivable” two nbre, accelerate the capital turnover. Through the development way, not only by the expansion of production of production, but improve the quality of the industrial sector realize rapid growth.
2. The enterprises should strengthen the construction of credit system. Establish the standard of management system, establish she transparent reliable statements, the accumulation of enterprise credit system.
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