中小企业融资现状问题及对策(英文版)

可编辑ResearchesOnTheProblemsAndSolutionsOfSMEFinancingStatusQuoAbstract:ThemediumandsmallenterpriseplaysanirreplaceableroleinChina'snationaleconomy,butharshfinancingenvironmentseriouslyrestrictsandevenendangersthesurvivalanddevelopmentofmediumandsmallenterprises.First,thisarticleintroducesthestatusandcharacteristicsofSMEfinancing.Second,analyzesthechannelsandthedifficultiesofSMEfinancinginourcountry.Finally,comesupwithsomemeasurestoeasedifficultiesofSMEfinancing.Inthisarticle,theresearchontheproblemsandsolutionsofSMEfinancingstatusquohasacertainsignificaneeandguidingvalue.Keywords:SME,Financing,TheAnalysisOfCountermeasures1.ThestatusquoofChina'sSMEThedevelopmentandcurrentsituationofSMENomatterindevelopedcountriesorindevelopingcountries,thesmallandmedium-sizedenterpriseistheimportantsupportofnationaleconomyinthedevelopmentofacountry.Smallandmedium-sized1enterprisesplayanirreplaceableroleinimprovingthenationaleconomicproduction,promotingtheprogressofscieneeandtechnology,increasingemployment,expandingexports,etc.AfterChinacarriedoutreformandopenpolicy,ournationalsmallandmedium-sizedenterpriseshavedevelopedveryquickly,andthecontributionrateofthemtonationaleconomyhaveraisedconstantly.AsofMay2011,thenumberofsmallandmedium-sizedenterprisesinChinahasmorethan40million,andhastakenupmorethan99%ofallenterprises.Totalimportsandexportsofsmallandmedium-sizedenterpriseshaveaccountedfor69%.Thegrossindustrialoutputvalue,salesincome,taxesofSMEhaverespectivelyaccountedfor60%ofthetotal,57%and50%.Smallandmedium-sizedenterprisesmostlyengageinthosejobsinthethirdindustry,whichareclosetothemarket,closetotheuser.Theyareactiveinthemostcompetitiveareasofthemarket.SMEisthemainbodyofmarketeconomyandthemicrofoundationofmarketsystem.Becausethecostofentrepreneurshipandmanagementofsmallandmediumenterprisesarerelativelylow,andtheresilienceoftheSMEmarketisstrong,SMEisthemainplacetoemployment.Smallandmedium-sizedenterpriseshaveprovidednearly80%ofjobsforthesocietynowadays.ThemaincharacteristicsofSMEAtpresent,smallandmedium-sizedenterprisesinourcountryaremainlyprivateenterprises,andhavealreadyformedthesituationofstate-ownedenterprisesandprivateenterprisesintwoformscoexist.Asforindustrialenterprises,forexample,state-ownedenterpriseshaveaccountedforonly15%ofthetotal,privateenterpriseshaveaccountedfor85%.ThedevelopmentofSMEismainlyconcentratedonthelabor-intensiveindustries.TheemploymentcapacityandemploymentinvestmentelasticityofSMEaresignificantlyhigherthanlargeenterprises.Accordingtostatistics,intermsofresettlementworkers,SMEisnearlydoublehigherthanlargeenterprises.Chinaisalargecountry,thedistributionofSMEindifferentregionsisextremelyuneven.Accordingtostatistics,thenumberofsmallandmedium-sizedenterprisesineasternandcentraleachaccountsfor42%ofthetotalinChinaandthewestaccountsfor15%.Thissuggeststhatintheenterprisescale,theaverageoutputvalueofsmallandmedium-sizedenterprisesineasternislargerthanthecentralandwestern.Intheprocessofreform,comparedwithlargeenterprises,smallandmedium-sizedenterprisesareoftentheexperimentalzoneandthebreakthrough.Variousresultsofthereformofsmallandmedium-sizedenterprisescanprovidesomeusefulexperiencesforthereformpracticeoflargeenterprises.2.ThechannelsanddifficultiesofSMEfinancinginourcountry2.1ThemajorfinancingwaysofSMEAtpresent,thefinancingchannelofsmallandmedium-sizedenterprisesisrelativelynarrow.Theownerinvestment,internalfinancingandbankloanarethemainfinancingchannelsofsmallandmedium-sizedenterprises.However,mostoffinancingchannelsblocked,smallandmedium-sizedenterprisesdonothavemuchpracticalsignificanee.Accordingtothesourcesofcorporatefunding,corporatefinancecanbedividedintoendogenousandexogenousfinancingtwomajortypesoffinancing.ThreemainfinancingchannelsofSMEThreemainfinancingchannelsofSMEEndogenousfinancingEquityfinancinganddebtfinancingaretwowaysoftheendogenousfinancing.Thecapitalformationofendogenousfinancinghasshowtheprimitiveness,autonomyandothercharacteristics.Endogenousfinancingistheindispensableimportantcomponentofthesurvivalanddevelopmentofsmallandmedium-sizedenterprises.However,smallandmedium-sizedenterprisesgeneralhaveinsufficientfunds,andtheselfaccumulationislimited.ExogenousfinancingExogenousFinancingreferstotheuseofcorporatefundstoexternalfinancingmainlyindirectfinancingandindirectfinancingintwoways.Asweknow,stock,enterprisebondandtheloantobankarethreekindsofmainfinancingwaysoftheenterpriseoutside,alsoaretheintrinsicfoundationofcapitalmarketstructure.However,thedifficultyofobtainingexternalfinancingisalwaysoneoftheproblemsthatrestrictthedevelopmentofMES.TherelationbetweenthetwomajortypesoffinancingAsChinesesmallandmedium-sizedenterprisesaredevelopingfromthestageofstartingtogrowing,steadofcontinuetodependingoninternalfinancing,smallandmedium-sizedenterprisesstarttolookforexogenousfinancing.Since1949,indirectfinancingsystemhasplayedthedominatingroleinourfinancingsystem,soitisveryimportanttothedevelopmentofsmallandmedium-sizedenterprises.TheproblemsofSMEfinancingThecapitalrequirementsareexpectedtoincreaserapidlywiththecontinuousdevelopmentofthesmallandmedium-sizedenterprisesscale.Fromthepointofcapitalrequirements,comparedwithlargeenterprises,thedemandforasingleenterprisefundisnotlarge.However,thereisadifficultyinfinancinginsmallandmedium-sizedenterprisesofourcountry,lackofcapitalhasgreatlylimitedthedevelopmentofsmallandmedium-sizedenterprisesofourcountry.Mainlydisplaysin:TheproblemsofSMEfinancingIthasbecomeincreasinglydifficulttoobtainbankloans.Enterprisescalelimitsthefinancingfromcapitalmarket.Lackofcreditandthecreditreportingsystemisnotperfect.Theirownproblems.Thedevelopmentofthecreditguaranteeandthesmallloan.Figure2:ThefiveproblemsofSMEfinancing.Ithasbecomeincreasinglydifficulttoobtainbankloans.Ithasbecomehardforbanks,evenhealthyones,tofindfinance;largecompanieswithhealthycashflowshavealsobeencutofffromallbuttheshortest-termfinancing.Duetothesmallandmedium-sizedenterpriseisdifficulttomeetthemortgageguaranteeconditionsofbankloansandtheloanriskisbigger,theenthusiasmofbanklendingisgenerallynothigh.Accordingtoincompletestatistics,smallandmedium-sizedenterprisescanobtainloansfromthebankaccountforonly8%ofthetotalcredit.Enterprisescalelimitsthefinancingfromcapitalmarket.Atpresent,ourcountrycapitalmarketisstillveryimperfect,mostenterprises,especiallysmallandmedium-sizedenterprisesaredifficulttoobtainfundsthroughdirectfinancingchannels.Limitedbythescale,managingexperienceandlevel,smallandmedium-sizedenterprisescannotobtainbankloanandtheseabove-mentioneddirectlyaffectfinancingcapacity.(3)Smallandmedium-sizedenterpriseslackofcreditandthecreditreportingsystemisnotperfect.Duetotheinformationasymmetryinthecreditfinancemarket,factorslikelowcreditwillandinsufficientcreditbecomemajorreasonsconstrainingthescaleofSMEfinancing.Ourcountry'sexperienceincreditsystemconstructionindicatesthatcreditinformationsharingproblemshavebecomethebottleneckofChina'sfurtherconstructingcorporatecreditsystem.Thedevelopmentofthecreditguaranteeandthesmallloancompanyisnonstandard.Inrecentyears,theguaranteecompanyandthesmallloancompanyaredevelopingrapidly,whichthemainclientsaresmallandmedium-sizedenterprises.However,theoverallscaleoftheseinstitutionsissmall,strengthisweak,resistriskabilityisnotstrong,businessmanagementisnotstandardandthefinancingcostishigher.Asforsmallandmedium-sizedenterprises,theirfinancingthroughthecreditguaranteeandthesmallloancompanybecomehelplesschoice.Theirownproblems.Thesmallandmedium-sizedenterpriseitselfalsohassomeproblemsanddeficiencies:first,somedefectsexistintheadministrationsystem.Secondly,Chinesesmallandmedium-sizedenterpriseoneselfisintegratedabilityislow,andcompetitionabilityisnotstrong.Thirdly,industrypersonnelqualityisnothigh.Themanagementproblemofthebusinessenterpriseonlyisresolvedbyenterprisegovernorthemselves.3.ThecountermeasurestoresolvethedifficultiesofSMEfinancing3.1TofurtherimprovethesupportofSMEfinanciallawsandregulationsChina'ssmallandmedium-sizedenterpriseownershipstructureismorecomplex,itisnotgoodforthefasterdevelopmentofSME.WiththeimplementationofSMEPromotionLaw,theSMEsubjectlegalsystemwillbeperfected.Inshort,theimplementationofSMEPromotionLawwillgreatlybenefitthedevelopmentofSMEinChina.Atthesametime,inordertoprovidelegalprotectionforSMEfinancing,theauthoritiesshouldfurtherimprovethesupportofSMEfinanciallawsandregulations.TostrengthentheconstructionofSMEcreditsystemConstructionofcreditinformationsystemisofimportantsignificanceforresolvingthedifficultiesofSMEfinancing.InpresentChina,thelawaboutcreditinvestigatingisabsentandtheconstructionofcreditinvestigatingmodelisveryimportant.Intheconstructionofthesmallandmedium-sizedenterprisecreditsystem,thegovernmentshouldnotblindlyemphasizetheroleofbanks,andshouldmobilizetheenthusiasmandobligationsofbanks,enterprisesandrelateddepartments.Therefore,theestablishmentofcreditsystemshouldbeledbythegovernment,banksasthemainbody,andliaisewithotherdepartmentstobuildtogether.TofurtherimproveSMEfinancialsupportsystemThegovernmentshouldhavebeenpositivelytakingallkindsofmeasurestoimprovethefinancialsupportsystemandpromotethetechnologyinnovationofsmallandmedium-sizedenterprises.Ourfinancialsupportpoliciesarebeingimproved,asoundcreditguaranteesysteminstalledandmarketaccesseasedforthebenefitofSMEdevelopment.Forexample,thegovernmentshouldencouragecommercialbankstodevelopfinancialproductstoadapttothedevelopmentofsmallandmedium-sizedenterprises.Inshort,theestablishmentofanefficientfinancialsupportsystemisofsignificanceforthedevelopmentandinnovationofthoseenterprisesandfortheeconomicdevelopment.References:[1]XUQin,XUXiangXiang.SMEfinancingsituationandcountermeasures-basedinHubeiprovince,Shandongprovince,andSMEquestionnairecomparativeanalysis[J]ContemporaryEconomic,2012,24:48-49.[2]ZHOULingLan.Thestatus,problemsandcountermeasuresofSMEfinancinginZhejiangProvince[J].Economist,2006,02:274-275.ZONGSong,LIXiaoJun.SMEfinancingproblemsandcountermeasures-.Summaryresearches[J]EconomicResearchGuide,2012,01:66-68.LIYi.ThestatusquoandrecommendationsofChina'sSMEfinancing[J].Cooperationintheeconomicandtechnological,2012,03:66-67.HANYuDa,TANGZhiGang,KEXiaoWei.ThesituationsandcountermeasuresofSMEfinancing-BasedontheWenzhouarea[J]ZhejiangFinancial,2010,09:41-43.GUANWeiQi,HUYuJie.ThesituationsandcountermeasuresofSMEfinancinginGansuprovince[J].HebeiAgriculturalSciences,2010,12:131-133.