ten ways for enterprises to raise funds: bank loans, private company loans, state-owned company loans, investment company loans, mortgage loans, personal entrusted loans, bill loans, cooperative loans in different places, credit loans and rural credit cooperatives loans. Theoretical thinking on raising funds for small and medium-sized enterprises

Small and medium-sized enterprises are the basic units of the national economy, and their development directly affects the quality and efficiency of economic operation. The essence of improving the financing of small and medium-sized enterprises is to enable small and medium-sized enterprises that can use funds efficiently to obtain funds smoothly, so as to optimize the resources of the whole society. (A) the necessity of financing for small and medium-sized enterprises under market economy conditions. Small and medium-sized enterprises are a relatively unique fund-raising group. From the perspective of capital demand, first, small and medium-sized enterprises generally lack development funds. Although the capital demand of individual enterprises is not large, due to its large number and wide distribution, the overall capital demand of small and medium-sized enterprises is large. Second, there are still a large number of uneconomical areas in the economic field, and small and medium-sized enterprises have unique advantages in technological innovation and strong vitality, and their demand for funds is also growing rapidly. Third, small and medium-sized enterprises have played an increasingly important role in creating social wealth and activating the market economy, and because of their flexible mechanisms, their funds are used efficiently.

from the perspective of capital supply, firstly, the sources of effective funds for SMEs are relatively limited, and the capital supply often cannot meet the needs of SMEs. Second, small and medium-sized enterprises have few assets and limited debt capacity. At the same time, due to the influence of business environment, it is risky to finance them, and it is difficult to concentrate social funds on small and medium-sized enterprises. Third, traditional financial institutions such as banks and open capital markets, which dominate the capital supply, mainly provide financing for large and medium-sized enterprises that are more mature and stable than small and medium-sized enterprises. Small and medium-sized enterprises (SMEs) have few ways to obtain funds through market means, and they are faced with the difficulty of raising funds.

SMEs are eager for funds, but the supply of funds in the market is very limited, and the contradiction between supply and demand of funds is prominent, which limits the rapid and healthy development of SMEs. Therefore, it is of great practical significance and necessary to solve the financing problem of SMEs.

(II) Improving the financing situation of small and medium-sized enterprises is of great significance to economic and social development. Small and medium-sized enterprises are an important pillar of economic development and social stability in both developed and developing countries. The number of small and medium-sized enterprises in 21 APEC countries and regions accounts for 97%-99.7% of their total enterprises, 55%-78% of the total employment, more than 5% of GDP, and 4%-6% of exports. Germany regards small and medium-sized enterprises as the "important economic pillar" of the country, while Japan thinks that "without the development of small and medium-sized enterprises, there will be no prosperity in Japan", and the American government even calls them "the backbone of the American economy". According to China's situation, there are more than 1 million small and medium-sized enterprises registered in industrial and commercial registration, accounting for 99% of the total registered enterprises in the country. The total industrial output value, sales revenue, realized profits and taxes and total exports of small and medium-sized enterprises in the production field have accounted for about 6%, 57%, 4% and 6% of the country respectively. Small and medium-sized enterprises in the circulation field account for more than 9% of the national retail outlets, and they also provide about 75% of urban employment. Small and medium-sized enterprises play a crucial role in promoting the rapid and stable development of China's economy, absorbing surplus labor and improving people's living standards. Improving the financing situation of small and medium-sized enterprises and promoting their benign development are of great strategic significance.

1. Promote rapid economic growth

Small and medium-sized enterprises of various forms of ownership actively participate in market competition, which greatly improves market efficiency and promotes sustained and rapid economic growth. The rapid development of small and medium-sized enterprises ensures the continuous improvement of the overall quality of the national economy. From 1979 to 23, China's economy maintained an average annual growth rate of 9.5%, while the growth rate of non-state-owned economy dominated by small and medium-sized enterprises reached more than 3%.

2. Create more employment opportunities

With the development of industrialization, large enterprises tend to replace labor with capital, and small and medium-sized enterprises become the main absorbers of new labor. According to a survey conducted by the Ministry of Labor in 66 cities in China at the end of 22, 65.2% of the laid-off workers in state-owned enterprises have been re-employed in individual and private enterprises. Small and medium-sized enterprises play the role of employment stabilizer with their unique flexibility.

3. Relieve the contradiction between urban and rural development

The slow development of agriculture and rural areas has restricted the development of the national economy to some extent. Township enterprises with small and medium-sized enterprises as the main body have played an important role in alleviating development contradictions. Firstly, it promoted farmers to increase their income. According to statistics, the wages provided by township enterprises increased from 438 billion yuan in 1996 to 82 billion yuan in 22, with an average annual growth rate of 9%. The proportion of wage income earned by farmers from township enterprises in farmers' per capita net income rose from 29.86% in 1996 to 34.4% in 22, of which the income increased from township enterprises accounted for about the net increase in 22. Secondly, it provides a channel for the transfer of rural surplus labor. By the end of 22, the number of employees in township enterprises had reached 133 million, accounting for 26.8% of the country's rural labor force, greatly alleviating the contradiction between large population and small land. Second, the analysis of the financing status of small and medium-sized enterprises

With the increasing market-oriented reform and the continuous improvement of opening up, small and medium-sized enterprises are playing an increasingly important role in China's economic and social development. However, at present, the development of small and medium-sized enterprises is restricted by many aspects, among which the difficulty in raising funds is the main factor. This is because China's existing banking system mainly serves state-owned enterprises and large enterprises. Due to the imperfect credit guarantee institutions and the lack of relevant policy systems, state-owned banks can't fully meet the financing needs of small and medium-sized enterprises in terms of their own mechanisms and operating costs. At the same time, there are not many private financial institutions for small and medium-sized enterprises in China at this stage, and the financing channels for small and medium-sized enterprises are limited, so it is difficult to effectively raise funds. The "bottleneck" of funds has affected the development of small and medium-sized enterprises to some extent.

(1) The main financing methods for SMEs at present

Different enterprises will have different capital needs, and the same enterprise will also have different types of capital needs. In the current market environment, SMEs generally obtain funds in two ways, namely, their own funds and external financing.

1. Main ways and present situation of self-owned funds of small and medium-sized enterprises

The self-owned funds of small and medium-sized enterprises are raised in a wide range, including: funds invested by owners and shareholders; Enterprises convert their savings (retained profits and depreciation) into investment funds; Money borrowed from relatives and friends. To sum up, there are mainly two aspects, namely, accumulation of funds and precipitation of funds. Self-owned funds mainly rely on the accumulation of enterprises themselves, and the scale of funds is limited, which can not meet the needs of development well.

2. Main ways and present situation of external financing for SMEs

External financing for SMEs mainly absorbs idle funds from other economic entities, including direct financing and indirect financing. Direct financing includes two ways: equity financing and corporate bond financing. At present, it is mainly venture capital, other forms of private equity capital investment and "second board market". The operation scale of small and medium-sized enterprises determines that they cannot enter China's stock market and bond market to raise funds, while China's industrial funds and venture capital funds are still in their infancy, and they cannot meet the capital needs of small and medium-sized enterprises. Therefore, at present, the financing of small and medium-sized enterprises in China, whether working capital or fixed assets investment, basically depends on the indirect financing of financial institutions. Indirect financing is to raise funds through financial intermediary as a credit medium, which mainly includes various short-term and medium-and long-term loans. Loans mainly include mortgage loans, secured loans and credit loans. But at present, China's financial market system is not perfect enough, which affects the indirect financing of small and medium-sized enterprises.

in addition, the government's financial support is also an important part of the source of funds for SMEs.

(II) Problems in SME financing

In recent years, with the rapid economic growth in China, a prominent hot issue in the economic field is the difficulty in SME financing, which is a headache for many SME managers. In the face of the current underdeveloped financial market in China, from the overall analysis, the problems that cause financing difficulties for small and medium-sized enterprises mainly include the following aspects:

1. The policy and market environment are not conducive to financing activities for small and medium-sized enterprises.

the fund-raising activities of small and medium-sized enterprises are bound to be influenced and restricted by the fund-raising environment, which plays an important role in promoting or intervening the fund-raising activities of small and medium-sized enterprises. The biggest problem encountered by small and medium-sized enterprises in the process of financing is the information asymmetry between banks and enterprises, and the possibility of information asymmetry in credit of small and medium-sized enterprises is more than that of large enterprises.

from the perspective of financial policy, although the state has promulgated some new policies, such as requiring the head offices of state-owned commercial banks to set up credit departments for small and medium-sized enterprises, and the head office of the People's Bank of China has promulgated a credit policy that favors small and medium-sized enterprises, it has not yet formed a complete financial policy system to support the development of small and medium-sized enterprises, which still restricts and affects the financing and loans of small and medium-sized enterprises.

judging from the setting of financial institutions, China's current financial system is basically matched with the state-owned economy dominated by large enterprises, and there is a lack of small and medium-sized commercial banks specializing in serving small and medium-sized enterprises.

judging from the performance of social intermediary's guarantee function, there are some problems in the action mechanism of the guarantee institution itself, lacking measures to deal with guarantee risks and losses, and the coordination and cooperation of all aspects are not close enough, which affects the normal performance of the guarantee function.

judging from the operation and management of commercial banks, there is a contradiction between its conservatism principle and the high-risk characteristics of small and medium-sized enterprises. First of all, a considerable number of small and medium-sized enterprises are still in the initial stage, and the business risks of enterprises often outweigh the benefits; Secondly, the cost of bank loans to small and medium-sized enterprises is higher than that of large enterprises. The loan amount of small and medium-sized enterprises is not high, but the issuance procedures and business links are indispensable, and the cost and income of banks are not proportional.

2. The insufficient development of small and medium-sized enterprises affects fund-raising activities.

SMEs themselves have some defects and deficiencies, which have affected their fund-raising activities. First, small and medium-sized enterprises have few assets, limited debt capacity and low credit rating. Due to less fixed assets, high debt ratio and low debt capacity, there is generally a lack of sufficient real estate as credit collateral, and it is difficult to find powerful large enterprises as guarantors, most of which do not meet the conditions of bank loans. In addition, the operating mechanism of small and medium-sized enterprises is more flexible, the phenomenon of multi-head account opening is more common, the financial management system is not perfect, the financial report is arbitrary, the authenticity is poor, and the transparency is not high. Banks are unable to grasp the market information of small and medium-sized enterprises, and there are a lot of bad faith behaviors of small and medium-sized enterprises in reality, which affect the credit evaluation of small and medium-sized enterprises. Second, small and medium-sized enterprises are easily affected by the business environment, with large variables and high risks. The entry threshold of small and medium-sized enterprises is low, and there are generally "serious injuries" such as irregular governance structure, extensive management and backward technical level. Although their flexibility in market-oriented operation is high, their operating stability is poor and their ability to resist risks is weak, which makes it difficult to attract investors' attention and make external equity capital dare not enter or cannot be introduced. Third, small and medium-sized enterprises' capital demand is small and frequent at one time, which increases the financing cost and cost. Small and medium-sized enterprises are small in scale, famous for their diversification in scale and quantity and small batches. The demand for funds is small and frequent, and the corresponding requirements for financing are small, wide-ranging, short in borrowing period, with strong timeliness and frequent lending behavior. However, many commercial banks, especially state-owned commercial banks, have failed to keep up with the needs of the development and change of the economic situation, and lack the necessary understanding and sufficient attention to small and medium-sized enterprises. They think that investing funds in small and medium-sized enterprises is risky, costly, and has a large workload and little effect, which makes it difficult for many small and medium-sized enterprises to obtain credit funds from state-owned banks. The cost of loans is generally too high, which makes small and medium-sized enterprises overwhelmed.

3. There is a lack of financing channels for SMEs in the capital market.

the capital market is an important place for SMEs to raise funds. However, China's capital market is underdeveloped, a multi-level market system has not been formed, and the direct financing channels for SMEs are not smooth. First of all, China lacks an active private capital market. Practice has proved that the private capital market is one of the indispensable places for small and medium-sized enterprises to raise funds, but China's financial policy lacks protection for the private capital market, which greatly restricts the raising of private capital or its entry into the financial field. Secondly, there is a lack of equity market for small and medium-sized enterprises. SME financing includes not only bank loans, but also equity investment and bond investment. The securities market is an important part of the market economy, which has the functions of raising funds from the society, promoting the flow of property rights and optimizing the allocation of resources. However, at present, the laws, regulations and policy orientation of listing and issuing bonds are unfavorable to small and medium-sized enterprises. Small and medium-sized enterprises lack the support of listing conditions and policy environment, and it is difficult to raise funds through the securities market, and it is not easy to obtain funds through bonds and equity financing channels. Narrow direct financing channels are the key to the financing difficulties of small and medium-sized enterprises.

4. Ownership discrimination affects the financing of SMEs.

with the process of establishing a market economy system and the advancement of the reform of state-owned enterprises, most small and medium-sized enterprises in China are non-public enterprises at present. In terms of economic development policy orientation, the state-owned economy has received more attention and support. At the same time, China's economic, fiscal and financial policies are mainly formulated according to the ownership type, scale and industry characteristics. Influenced by accumulated factors for many years, state-owned enterprises have greatly surpassed other ownership enterprises in terms of financial support. Most social resources have flowed to large and medium-sized state-owned enterprises through the "tangible hand" of the government, and most of the loans from banks are also lent to state-owned enterprises. On the issue of financing, SMEs and state-owned enterprises are far from standing on the same starting line. Iii. countermeasures and suggestions to improve the financing situation of small and medium-sized enterprises

capital is the blood of the operation of small and medium-sized enterprises and the necessary condition to ensure normal production and operation. If small and medium-sized enterprises want to win in the competition, they must have sufficient funds as a guarantee.

recently, IFC published its first survey report on small and medium-sized enterprises in China after conducting a field survey of more than 2 private operators, relevant industry associations and government departments in four cities across the country, including Shunde. The report points out that the key factor restricting the development of small and medium-sized enterprises in China at present is whether they can obtain financing, especially long-term financing. At the same time, it is suggested that China government should make the market more open and create an equal competition stage for all enterprises.

It can be seen that the core issue of the development of small and medium-sized enterprises is financing. To solve this problem, both the government and the whole society need to attach great importance to it, take effective measures to improve the financial market and create a good financing environment, and also need enterprises to strengthen their own construction, improve their operating mechanism, increase transparency and attract investors' attention.

(1) Policy environment and market environment

The healthy development of small and medium-sized enterprises can not be separated from the strong support of the government. To fundamentally solve the financing problem of small and medium-sized enterprises, the government should first give private small and medium-sized enterprises and large and medium-sized state-owned enterprises an equal competitive environment, earnestly implement the policy of * * * developing with multiple ownership economies, and clean up and abolish policies and regulations that discriminate against the development of individual and private economies. For both traditional small and medium-sized enterprises and high-tech small and medium-sized enterprises,