As a part of the world economy, China's economy is inevitably affected by the international financial crisis and faces severe challenges. As a major energy province in Shanxi, small and medium-sized enterprises and private economy have encountered unprecedented difficulties. According to the investigation by the Provincial Small and Medium-sized Enterprises Bureau, the small and medium-sized enterprises in our province are facing the "three mountains" of market uncertainty, obviously increased risks, serious shortage of funds and great impact of emerging industries.
How to help small and medium-sized enterprises cross these "three big mountains"? How to solve the worldwide problem of "financing difficulties for SMEs"? The law of depression effect in economic theory can be used for reference. In the process of economic development, people have extended the natural phenomenon of "water flows downwards" to a new economic concept called "depression effect". Theoretically, the "depression effect" is to use comparative advantages to create an ideal economic, social and humanistic environment that is more attractive to all kinds of production factors, thus forming a unique competitive advantage, attracting foreign resources to converge and flow to the region, making up for the structural defects of local resources and promoting the rapid economic and social development of the region.
Financing difficulties of small and medium-sized enterprises are a common phenomenon. In any economy, no matter what stage of development, there are always some small and medium-sized enterprises facing financial problems and financing difficulties, which is an inevitable "growth worry" for small and medium-sized enterprises. Because small and medium-sized enterprises are small in scale, with little self-owned capital, less mortgaged assets, weak anti-risk ability and low credit rating, banks are unwilling to take risks when lending, resulting in "financing difficulties". The most difficult thing for SMEs is financing, and the biggest bottleneck for the development of SMEs is financing. A veteran in the financial sector called this problem a "dead knot"-SMEs need funds most, but they don't have the financing conditions. Without financing, they cannot develop. Without development, it is still difficult to borrow money from banks.
How can small and medium-sized enterprises get rid of "growing pains" as soon as possible and see the world through the storm in the international financial crisis? Jinzhong city takes the construction of all-round financial ecological environment as the starting point, makes every effort to build a "credit highland", cultivates a "financial depression" and tries its best to solve the financing problem of small and medium-sized enterprises. They reached the following understanding: investment and development environment are increasingly becoming the main factors that determine the flow of capital, talents and other factors, and become the first productive force of economic development; A good financial ecological environment is a huge intangible asset, which will bring huge business opportunities to the local economy. They issued the Opinions on Strengthening the Construction of Financial Ecological Environment, striving to establish a long-term mechanism for maintaining the financial ecological environment in three years, and form a good financial ecological environment that is built, owned, guaranteed and enjoyed by * * *. They regard paying off debts according to law, introducing joint-stock banks, activating private capital and optimizing credit structure as the main points of all-round financial ecological environment construction. By solving the financing difficulties of small and medium-sized enterprises, they strive to seize the opportunity in the "rise of Central China" and continue to write the new glory of Shanxi merchants' hometown.
The solution is always more difficult than the reality. As long as the government and enterprises unite as one, we can overcome difficulties and further strengthen our belief in overcoming the international financial crisis. You know, "If winter comes, can spring be far behind?"
-Focus on the 7th SME Financing Forum.
Zhou Zhengqing: The capital market makes enterprises more explosive.
Zhou Zhengqing, former member of the National People's Congress Standing Committee (NPCSC) and deputy director of the Finance and Economic Committee, said that under the current macroeconomic background at home and abroad, scientific and technological innovation is becoming the most important driving force for the sustainable development of China's economy. Serving scientific and technological innovation and serving small and medium-sized enterprises is the key to improve the efficiency of resource allocation, including the capital market, and to develop more effectively according to the real economy. Practice has proved that the use of financial means and market development mechanism through the capital market can effectively promote the development of all high-tech enterprises and support superior enterprises to become stronger and bigger.
Zhou Zhengqing said that through peer-to-peer support for high-tech enterprises, the capital market can cultivate a group of enterprises with international competitiveness and high innovation ability, and set a benchmark for industrial transformation. Its continuous explosive power will inspire and lead more China enterprises to become leaders in scientific and technological innovation.
Zhou Zhengqing believes that the capital market can also play a peer-to-peer effect, because after all, only a few small and medium-sized scientific and technological enterprises can be listed, but their listing effect can promote the development of various financial support means such as venture capital, innovation of bank credit tools specifically for small and medium-sized enterprises and high-tech enterprises, and also stimulate the enthusiasm of the whole society for scientific and technological innovation and entrepreneurship, thus effectively promoting the adjustment of production methods and economic structure.
Zhou Zhengqing also believes that although the financial authorities have adopted a moderately loose monetary policy, it is not enough for small and medium-sized enterprises to increase the total supply of funds. In addition to the capital market, we must also find ways to truly implement the increased funds to small and medium-sized enterprises. Therefore, we must find ways to mobilize the enthusiasm of many commercial banks and financial institutions. Zhou Zhengqing suggested that in order to truly support SMEs, we must deepen reform, change ideas, truly solve problems from the management system and operational mechanism, promptly revise rules and regulations that are not conducive to supporting the development of SMEs, and formulate new regulations, new assessment standards and new incentive measures to encourage the increase of loans for SMEs, so as to really mobilize everyone's enthusiasm for supporting SMEs.
Zhou Daojiong: It's timely to launch GEM.
Zhou Daojiong, former chairman of China Securities Regulatory Commission and chairman of PECC China Finance Committee, believes that the launch of GEM is timely, which is of great significance to supporting the stability and development of small and medium-sized enterprises, especially high-tech enterprises, and also reflects the implementation of major measures introduced by the central authorities and the State Council. As for stock index futures, we should not "give up eating because of choking", but choose the right time to launch it, which will play a certain role in stabilizing the capital market and preventing risks.
In addition, Zhou Daojiong believes that the outbreak of the subprime mortgage crisis in the United States has prompted people to think more deeply about the relationship between the virtual economy and the real economy. Now people talk a lot about the negative effects of virtual economy. To look at this problem comprehensively, as far as China is concerned, it is necessary to fully realize the risks existing in the virtual economy, and to study the positive role of China in developing the virtual economy, so as to better serve the real economy.
Chen Yaoxian: "4 trillion" may aggravate the financing difficulties of SMEs.
The financing difficulty of small and medium-sized enterprises is a long-term unsolved problem, and even the more it is discussed, the more difficult it is. Chen Yaoxian, chairman of China Securities Depository and Clearing Corporation, believes that a breakthrough should be found in the market, otherwise any measures taken in the future will be useless, and loosening monetary policy and increasing short-term investment by banks may not solve the problem. He explained that at present, about 58%-60% of the deposits of all financial institutions are placed on medium and long-term loans, and the funds of large enterprises and medium-sized enterprises have also encountered difficulties. At this time, SMEs will not get the money.
Chen Yaoxian believes that the state's investment of 4 trillion yuan may cause further financing difficulties for SMEs. After 4 trillion investment, it will start investment and increase exports, so the effect may come soon. Although it can create data for GDP, it still can't solve the financing problem of SMEs. Therefore, it is possible that after investment, energy, raw materials and electricity, including money, will be tight, further increasing the difficulty of financing for SMEs.
Chen Yaoxian concluded that in the face of the financial crisis, China should seize the opportunity, use market means, vigorously carry out capital financing, and solve the financing channels for enterprise growth and small and medium-sized enterprises, which is the best countermeasure to fight the financial tsunami.
Tu Guangshao: Strive to build a financing bridge for small and medium-sized enterprises.
At present, the willingness and voice of financing for SMEs are very high, and the financial industry wants to support the development of SMEs. However, why is the docking between finance and small and medium-sized enterprises not satisfactory, and it is still so difficult for small and medium-sized enterprises to raise funds for so many years? Tu Guangshao, member of the Standing Committee of Shanghai Municipal Committee and deputy mayor, believes that this involves how to better bridge the gap between financial markets, financial services and small and medium-sized enterprises, so that the financing vehicles can run smoothly on this bridge. Therefore, four bridges must be built between them.
The first is the bridge of credit support. The second is to build a bridge for equity investment. The third is to build a bridge for bond financing. The fourth is the bridge of stock financing. Tu Guangshao believes that stock financing plays a fundamental supporting role in the construction of the whole financing system, and it is necessary to speed up the construction of a multi-level capital market system on the existing basis. The listing of small and medium-sized enterprises through the capital market is beneficial to the corporate governance structure of small and medium-sized enterprises, at the same time, it increases the support of capital, further expands credit, promotes equity investment, and gives private equity investment and VC a better exit channel. Therefore, the construction of multi-level market system will improve the financing foundation of small and medium-sized enterprises and further broaden the financing channels.
Xu Zongheng: Capital market injects vitality into SMEs.
Xu Zongheng, Mayor of Shenzhen, said in his speech at the forum that it is of far-reaching significance to hold the Seventh SME Financing Forum against the background of the global financial tsunami and the obvious slowdown of domestic economic growth. Whether China's economy can turn a crisis into an opportunity in this crisis and continue to maintain a good momentum of sustained, stable and rapid growth depends largely on the development of small and medium-sized enterprises, especially innovative small and medium-sized enterprises. Therefore, it is more important and urgent to further broaden and smooth the financing channels for SMEs.
Xu Zongheng introduced that since 2008, under the severe economic situation at home and abroad, Shenzhen's economy has maintained sustained, rapid and healthy development. From June 5438 to September, the city's GDP reached 56165438+76 million yuan, a year-on-year increase of 1 1.5%, and the economic growth showed a good trend of recovery. It is estimated that the annual growth rate is about 12%. This is because Shenzhen's economy has strong ability to resist risks, promoted industrial transformation earlier, and grew a large number of innovative small and medium-sized enterprises with independent intellectual property rights and market competitiveness. One of the important factors is that after years of efforts, Shenzhen has formed a financial innovation support system for small and medium-sized innovative enterprises with the capital market as the core and link. In this way, we will promote the innovation of venture capital, angel investment, mergers and acquisitions, credit guarantee, science and technology credit, science and technology insurance and other related financial tools and means, and form a scientific and technological innovation investment and financing service system required by innovative small and medium-sized enterprises at different stages of development.
Chen: Dialectically understand the function of capital market.
In the current financial crisis, the huge leverage of the capital market has had a devastating impact on the virtual economy in the absence of effective supervision, and it has quickly spread to the real economy, making some people "talk about it." Chen believes that the capital market is a powerful "double-edged sword". While experiencing the tremendous destructive power of the financial crisis, we should also be soberly aware that under effective supervision conditions, the capital market has a great impetus to the development of the real economy. Chen said that the overall situation of listed companies and institutions in China is good, and China is fully qualified and capable to further play the role of the capital market in the whole system and create a better environment for the survival, growth and development of small and medium-sized enterprises, especially high-tech start-ups in China.
Chen believes that the outbreak of the global financial crisis once again proves that the risk of the capital market ranks first among all kinds of risk markets, so stability is the primary task of the current capital market, but how to achieve the stability of the capital market is a consideration of the wisdom and ability of the government and regulatory agencies. The continuous release of tolerable risks in the capital market is precisely the process that the overall security of China's financial system must go through. We can't hope to promote the development of the capital market after controlling all risks, but we should constantly improve the risk control mechanism in the process of development.
Li Yining: Set up a special adjustment fund to buy shares of high-quality companies.
Li Yining, a famous economist and vice chairman of the Economic Committee of China People's Political Consultative Conference, called for encouraging high-quality enterprises and investors to invest in small and medium-sized enterprises with potential. For those enterprises whose risks are controllable and ready to invest in small and medium-sized enterprises, the CBRC may relax the long-term restrictions according to the current situation. In order to develop the capital market, the government can learn from Hong Kong 1997' s experience in dealing with the Asian financial crisis, set up a special adjustment fund, choose the right time to buy the shares of high-quality listed companies, and do not transfer them within three years after the acquisition. In order to help small and medium-sized enterprises, the government should follow the principles of openness, fairness and justice, and should not exclude them. In addition, the Growth Enterprise Market should be launched in time to support the listing of small and medium-sized technology enterprises, but it must be prevented from using the Growth Enterprise Market for speculation.
When the capital market helps the development of small and medium-sized enterprises, the focus should be on helping them to be refined, strong, stable and big. Li Yining believes that it is very important for the country to increase investment in capital construction at present, but at the same time, we should bear in mind two points: First, capital construction investment is conducive to long-term development, but its role in expanding domestic demand in the short term is not obvious, because it can only be reflected by paying workers' wages; Second, consider taking part of the trillions of investment and directly injecting it into enterprises with good benefits as government investment.
Liu Jipeng: Seize the opportunity to start domestic demand before the crisis.
Is the current crisis a crisis or an opportunity for us? Different conclusions have different countermeasures, and different countermeasures will lead to different results. Liu Jipeng, a well-known economist and professor at China University of Political Science and Law, believes that the American crisis is a golden opportunity for China. Instead of always blaming the American subprime mortgage crisis, we should do the opposite, promote China's manufacturing industry and expand domestic demand.
Liu Jipeng believes that how to expand domestic demand should not only consider infrastructure, but also start private capital. Under the background of financial crisis, we should form a framework of financial investment and private investment, with small and broad. It is very important to start private capital, because it not only solves the source of funds, but more importantly, private investment is effective, so as to adjust the industrial structure of China's manufacturing industry and let capital flow to the places where it is most needed.
He gave two suggestions for financial development:
First, banks must be liberalized. To solve the financing problem of small and medium-sized enterprises, we must first break the monopoly of the bank organization system. Commercial banks all over the world are very familiar with local SMEs and their risks. They are willing to start capital if the banking system is liberalized. Liu Jipeng revealed that a report has been written recently, suggesting that the first batch of 500 shareholder banks should be established in the private sector.
The second is to establish a multi-level capital market system. Now is a good time to launch the New Third Board and OTC market, because there is not much financing in this market at present. In this context, it is necessary to bring the New Third Board into the regulatory system. With the technical support of Shenzhen Stock Exchange and the unified supervision of CSRC, GEM can be launched in due course. (Zhuang Shaowen Xiao Lin Xiu)