According to relevant data, up to now, there are about 42 million SMEs in China, accounting for 99.8% of the total number of enterprises. There are 4.6 million small and medium-sized enterprises registered in industry and commerce and 38 million individual and private enterprises. The value of final products and services created by small and medium-sized enterprises accounts for about 60% of the gross domestic product, and the goods produced account for 60% of the total social sales, and the tax paid has exceeded half of the total, providing about 80% of urban jobs in the country. Small and medium-sized enterprises, including private enterprises, have become the main channels to expand employment. It provides about 75% jobs in cities and towns, not only resettles a large number of laid-off workers in cities and towns, but also absorbs a large number of rural surplus labor, effectively solving the problem of transfer and employment of rural surplus labor, alleviating the contradiction between labor supply and demand, thus ensuring social stability and economic development. Small and medium-sized enterprises are becoming the main force of innovation in China.

Small and medium-sized enterprises, especially small and medium-sized private enterprises, have encountered many problems while developing rapidly. Among them, the shortage of funds and narrow financing channels have become important factors restricting the development of SMEs.

At present, the financing channels for SMEs are very narrow. Except for a few large well-known enterprises, SMEs generally have limited borrowing capacity. At present, there are only three financing channels for enterprises: applying for loans from banks, issuing corporate bonds and issuing stocks for direct financing. The government regards the shareholding system reform of state-owned enterprises as a basic measure for the reform of state-owned enterprises, especially large and medium-sized state-owned enterprises that are related to the control of state-owned economy. It is difficult for small and medium-sized enterprises to issue corporate bonds and stock listing financing. On the other hand, it is difficult for SMEs to issue corporate bonds because of financial risks. Judging from the current situation, the funds of small and medium-sized enterprises mainly rely on their own funds and bank loans. In fact, it is also difficult for SMEs to obtain loans from banks.

Judging from the current situation, small and medium-sized enterprises have not yet established an external market financing system, which is basically internal financing and snowballing, making it difficult for enterprises to form large-scale production. The capital contradiction faced by small and medium-sized enterprises is very prominent. Many profitable enterprises have become an important "bottleneck" restricting private enterprises because it is difficult to raise the necessary funds and cannot give full play to their capabilities.

In order to promote the rapid development of small and medium-sized enterprises, especially small and medium-sized private enterprises, it is necessary to establish a perfect financing system, and the most fundamental thing is to establish an external financing system, that is, a market financing system.

Second, establish and improve a multi-level financing system for SMEs.

Over the years, state-owned commercial banks have mainly served large and medium-sized state-owned enterprises, and it is difficult for small and medium-sized enterprises to get credit support from state-owned commercial banks. We must change the guiding ideology that state-owned commercial banks mainly support large and medium-sized state-owned enterprises, and invest loans in small and medium-sized enterprises that are in line with national industrial policies and have good benefits. Increase the credit input to high-tech small and medium-sized enterprises, actively provide credit, settlement and information services for small and medium-sized enterprises, guide small and medium-sized enterprises to improve their management and improve product quality and technical level. Focus on supporting the development of small and medium-sized enterprises with high technology content, high added value of products and market potential, and encourage technological transformation and innovation of small and medium-sized enterprises. Give full play to the role of city commercial banks and urban and rural credit cooperatives to provide more services for private small and medium-sized enterprises.

Small and medium-sized enterprises use bank loans to develop themselves, no matter from the overall scale or the number of loans from individual enterprises. The fundamental reason is that there is no real credit relationship between SMEs and banks. Banks think that SME loans are inefficient and risky, and set strict conditions for SME loans. Mainly the loan needs 100% mortgage and guarantee, and the loan procedures are very complicated. It is difficult for small and medium-sized enterprises to find a suitable guarantor. Therefore, banks want to give loans to enterprises but dare not, and enterprises want to use bank loans but do not use them. According to statistics, the loan frequency of small and medium-sized enterprises is five times that of large and medium-sized enterprises, the average loan amount is about 5% of that of large and medium-sized enterprises, and the loan management cost of small and medium-sized enterprises is five times that of large and medium-sized enterprises. In the credit business, small and medium-sized enterprises owe serious interest, with a high proportion of non-performing assets, and evade debts during restructuring. This is also an important reason why it is difficult for small and medium-sized enterprises to borrow money.

Solution: Establish a perfect and multi-level financing system for SMEs.

(A) Bank financing is still the main channel for external financing of SMEs. 1, the change of loan concept and object of large commercial banks. 2. The loans of large commercial banks should be inclined to small and medium-sized enterprises.

(2) Establish and develop small and medium-sized cooperative banks or cooperative financial organizations that directly serve small and medium-sized enterprises. 1. City commercial banks or community banks should give more support to the development of small and medium-sized enterprises and private enterprises. 2. Rural credit cooperatives should issue more small loans. 3. Give play to the role of village banks. 4. Rural mutual funds cooperatives. 5. Give play to the role of small loan companies. 6. Allow personal loans. 7. Give play to the role of financial leasing and pawn. 8. Allow financial institutions such as the bid committee and the lottery committee to exist, and make them sunny and standardized.

(three) when conditions are ripe, encourage and support small and medium-sized enterprises to list on the GEM or small and medium-sized board. You can also issue joint bonds for small and medium-sized enterprises.

Third, establish and improve the financing guarantee system for SMEs.

To solve the problem of small and medium-sized enterprises' loan difficulty, the most important thing at present is to establish a perfect financing credit guarantee system for small and medium-sized enterprises. These include credit investigation system, credit rating system and credit guarantee system for small and medium-sized enterprises.

(A) SME credit information system

For many years, banks did not know enough about SMEs, did not trust enough and did not have enough information, so they did not dare to lend to SMEs. We think it is necessary to establish a credit system for small and medium-sized enterprises. So that banks can systematically, comprehensively, fully and timely understand and master all kinds of information of enterprises, analyze them and make decisions on whether to lend.

Shanghai opened the Shanghai Joint Credit Information System in March 2002. It is reported that at this stage, this credit information system will collect information reflecting the credit status of enterprises from different angles, including enterprise registration information, annual inspection grade, product compliance information, tax grade information, performance evaluation information of state-owned assets, import and export customs declaration records, credit financing records and industry statistical analysis information provided by government functional departments. Partners include Shanghai Administration for Industry and Commerce, Shanghai Bureau of Quality and Technical Supervision, Shanghai Bureau of Statistics, Shanghai State-owned Assets Supervision and Administration Office, Shanghai Customs, Shanghai Branch of China People's Bank, etc. , covering almost all enterprises with operating records in Shanghai, with more than 480,000 storage units. In addition, the joint credit information system also collects some enterprise credit information by itself, such as the personal credit information of major enterprise operators, the operating financial information of listed companies, and the information of enterprises accepting rewards and punishments disclosed by the media, so as to ensure that the credit information is fair and reliable. This is the first joint enterprise credit information collection system in China, and it is also the largest comprehensive enterprise credit information collection system with the most comprehensive information collection span in Shanghai. Responsible for the daily operation of the joint credit information system of Shanghai enterprises is the first authoritative credit information agency in China-Shanghai Credit Information Co., Ltd., which was established on 1999. On July 1 day, 2000, it was also the company that took the lead in building the "Shanghai Personal Credit Joint Credit Database" and released the first personal credit report in China.

The launch of Shanghai United Enterprise Credit Information System indicates that the original situation of scattered enterprise credit information and inconvenient inquiry will be fundamentally improved. At the same time, this move is also conducive to further improving the investment and financing environment in Shanghai and standardizing the economic behavior of enterprises and individuals. Shanghai is an international metropolis. Promoting the construction of credit system and establishing a complete social credit system will help prevent financial risks, reduce the total cost of social transactions, safeguard the legitimate rights and interests of enterprises, and make honesty and trustworthiness become the conscious behavior of enterprises, institutions and individuals in Shanghai to engage in economic and social activities. Provide sufficient and reliable information for bank loans. At the same time, it also creates conditions for government departments to strengthen enterprise credit management, establish and improve the incentive mechanism of trustworthiness and disciplinary mechanism of dishonesty. The launch and opening of Shanghai's enterprise credit information system marks the initial formation of a regional enterprise credit information system, which should be promoted by the government, operated by the market, and gradually established in other regions. When conditions are ripe, a national enterprise credit information system in line with international practices should be gradually established.

(2) Establish a sound credit rating system for SMEs.

Establish a credit rating system for small and medium-sized enterprises, a credit rating system for enterprise representatives and an overall credit rating system for enterprises, strengthen the credit concept of enterprises, and determine loans or guarantees by credit rating. For enterprises with high credit rating, preferential loan conditions can be implemented, and even unsecured and guaranteed credit loans can be given. For enterprises with poor credit, loans are not allowed or loan conditions are improved, or counter-guarantee measures must be taken.

(C) establish a sound credit guarantee system

Guarantee refers to the commitment guarantee made on specific matters. The essence of guarantee is the risk prevention and decomposition of the parties, and it is an intermediary (or service) economic activity with the development of commodity exchange and commercial credit.

Financing guarantee, that is, the credit guarantee of lending activities, is a variety of legal measures and means agreed by the guarantee institution based on certain property in financing activities to ensure the performance of debts and the realization of creditor's rights. Simply put, it is the guarantee made by the guarantee institution for the debtor to finance the creditor.

It is very necessary for China to carry out financing guarantee business for small and medium-sized enterprises and establish a perfect financing guarantee system;

1. Providing financing guarantee for small and medium-sized enterprises can provide a relatively fair financing environment for small and medium-sized enterprises, solve the historical problem of difficult loan guarantee, activate small and medium-sized enterprises, especially small and medium-sized private enterprises, ease the social employment pressure, create more tax incentives and prosper the market economy. SME financing guarantee plays a role of "escort" for SME financing.

2. Developing SME financing guarantee business can disperse bank risks and optimize the quality of bank assets. With the advancement of commercial reform of banks, commercial banks pay more and more attention to asset quality and the security of credit funds. In the market economy environment, the security of credit funds and industrial policies (such as promoting the industrialization, commercialization and internationalization of high-tech achievements; Support the development of small and medium-sized enterprises. ), risks will happen at any time, which commercial banks are unwilling to see and bear. Through financing guarantee, there is an additional risk taker, which relatively reduces the credit risk and management cost of banks, and provides opportunities and conditions for commercial banks to adjust their credit structure, revitalize their credit assets and provide more funds to support the development of small and medium-sized enterprises.

3. Developing SME financing guarantee business is an important supporting measure for investment system reform. In the Opinions on Further Reforming Financial Services for Small and Medium-sized Enterprises, the central bank demanded: "Banks should actively communicate with relevant departments and social organizations, and use various forms such as mutual insurance, joint insurance, loan insurance, multi-channel fund-raising and the establishment of loan guarantee funds to solve the problem of loan guarantee for small and medium-sized enterprises."

4. SME financing guarantee is the adhesive to promote scientific and technological progress and realize the combination of science and technology and economy. Many small and medium-sized enterprises in China are high-tech enterprises. They have a positive enterprising spirit and develop various high-tech projects. However, due to lack of funds, it was either abandoned halfway or shelved. Increasing loan support for enterprises through financing guarantee for small and medium-sized enterprises will promote the development of private high-tech enterprises in China.

The development of China's guarantee industry not only shows the trend of specialization, but also shows the trend of diversification. The trend of diversification is first manifested in the diversification of the sources of funds of guarantee institutions, with government investment or mainly government investment, joint-stock system, self-run enterprises, private mutual assistance and other forms simultaneously. Secondly, the organizational forms are diversified. According to the current situation, it can be divided into three types: institutions funded and managed by government departments, institutions established by enterprise groups, and institutions funded by the government, enterprises participating in shares or joining clubs. The main forms are guarantee fund, limited liability company, membership mutual fund and legal person institution. In the past one or two years, a number of guarantee institutions have emerged to serve private enterprises, that is, the source of funds is usually a bottom fund allocated by the government free of charge. Some private enterprises are selected as members to subscribe for different proportions of guarantee funds, and at the same time they are eligible to enjoy the corresponding amount of guarantee services. Diversification of guarantee institutions and sources of funds is a good thing, and it is also the development direction of China's guarantee industry. However, in the early stage of the development of China's guarantee industry, it is better to give priority to policy guarantees and relatively concentrate guarantee institutions. In view of the diversification of the sources of funds, organizational forms and market demands of China's guarantee institutions, the relevant state departments should formulate corresponding industry management rules as soon as possible to classify different types of guarantee institutions, so as to prevent the chaos that may be caused by rushing headlong into action and lack of management.

China must establish a perfect financing guarantee system for small and medium-sized enterprises, and the financing guarantee business must develop in the direction of standardization and legalization. The effective operation of financing guarantee for small and medium-sized enterprises should be backed by government support and based on the cooperation of financial institutions, and the guarantee legal system and re-guarantee system should be established.

1. In the process of establishing the financing guarantee system, we should give full play to the special role of the government.

Guarantee business is different from insurance business. Insurance business can accurately calculate the probability of risk loss through statistical methods, so as to determine the premium to make up for risk loss and operating costs, and then obtain profits. Guarantee companies are different, because the amount of guarantee projects is different, the term is different, and the implementation degree of counter-guarantee measures is difficult to determine, which leads to the great discreteness of guarantee projects and the inability to accurately calculate the guarantee rate. So the guarantee business is very risky. Before 1990s, some foreign financial institutions also carried out commercial loan guarantee, but 1992, a world-famous Swedish credit guarantee company went bankrupt due to loan guarantee, which shocked the world. Since then, countries have basically stopped commercial loan guarantees. Judging from the current situation, the financing guarantee of small and medium-sized enterprises in China is still a policy business, and the risks and benefits of this business do not match. To ensure the smooth development of this business, it is inseparable from the strong support of the government. At present, the security funds should mainly come from the government's financial funds. The State Economic and Trade Commission pointed out in its opinion that "the primary purpose of SME credit guarantee institutions is not to make profits, and their guarantee funds and business funds are mainly based on government budget and asset allocation, supplemented by guarantee fee income", which better reflects that guarantee institutions are "policy-oriented" institutions. The government should give macro guidance to guarantee institutions and guarantee enterprises and strengthen management. However, in order to prevent the guarantee institution from becoming the "cashier" of the government, the ultimate responsibility should still be borne by the government. We should adopt the way of "policy fund, market operation and corporate management" to avoid and prevent excessive administrative intervention as much as possible.

2. Establish a risk compensation mechanism for guarantee institutions.

The guarantee institution shall establish a risk reserve system, and gradually withdraw the reserve according to the business progress, so as to offset the compensatory expenses and make up for the bad debt losses. The guarantee industry is a high-risk industry, and it is impossible to maintain the survival and development of guarantee institutions only by charging a small amount of guarantee fees. If the guarantee institution bears the risk of guarantee failure and is affected by the reduction of funds, its business will inevitably shrink, which will affect the survival of the guarantee institution. There should be a good compensation mechanism. For policy guarantee institutions, the finance should give some economic compensation. If the compensation period exceeds two years, and the debtor is really unable to repay, or the debtor is unable to repay the debt due to other factors, the guarantee institution shall apply, and after the approval of the competent department, the compensation funds written off shall be compensated in full or according to a certain proportion. Financial contribution makes up part of the losses of guarantee institutions for guarantee institutions, which seems to increase financial expenditure. In fact, the commercial operation of guarantee institutions supports the development of small and medium-sized enterprises, which can improve the efficiency of many enterprises and increase more financial income. Therefore, the guarantee institution can calculate this account clearly, how much will be paid each year to the end of the year, and how much government revenue will be increased by the government, so as to determine the supplementary amount of the guarantee fund and provide a basis for the rigidity of the guarantee fund in the future budget.

3. Establish the system of deposit and re-deposit.

Risk prevention, control, decomposition and resolution and risk compensation mechanism are important links for the normal operation of guarantee institutions. China is a developing country, the development of small and medium-sized enterprises is not smooth sailing, and its own risks are great. If it is unsustainable to rely solely on the risk compensation fund of guarantee institutions, it should be supported by the government or jointly supported by the government, banks and enterprises to establish risk guarantee funds and re-guarantee funds to support the development of small and medium-sized enterprises and the normal operation and development of guarantee institutions. In this regard, Japan's credit preservation system and South Korea's credit guarantee fund system are worth learning.

Fourth, strengthen the financing risk management of SMEs.

Strengthening the risk management of small and medium-sized enterprises is an important problem to be solved urgently.

(A) to establish and improve the corporate governance structure

At present, many small and medium-sized enterprises, especially small and medium-sized private enterprises, are family-run enterprises, and the modern corporate governance structure has not yet been established. There are not only problems of tax evasion and non-payment of debts, but also conditions for listing in the mainland and Hong Kong. That is to say, small and medium-sized enterprises should first turn themselves into companies, standardize their management and establish a sound corporate governance structure according to the requirements of modern corporate system, so as to lay a good foundation and create the necessary conditions for financing themselves through creditor's rights or equity. It is very important to establish a real corporate governance structure. To set up a shareholders' meeting, the general manager should be appointed by the board of directors, and the board of directors should have independent directors, non-equity directors and external directors, so as to truly play the role of the board of directors. In addition to the board system, the general meeting system and the general manager appointment system, there are other rules and regulations. Corporate governance structure also includes incentive and restraint mechanisms.

(B) to strengthen financial management

At present, there are still many small and medium-sized enterprises that have not yet established a sound financial accounting system. Some enterprises still follow the original system of state-owned enterprises or collective enterprises, and some enterprises don't even have perfect financial accounting accounts. Without a sound financial accounting system, it is not conducive to cost accounting, capital utilization, asset-liability management and financial forecasting of enterprises. It is also not conducive to social financing. We should establish and improve the enterprise financial accounting system according to the relevant provisions of the state. An enterprise that is changed into a joint-stock company shall establish and improve its financial and accounting system. Establish and improve the internal financing management mechanism of enterprises. Improve the accounting system of small and medium-sized enterprises and strengthen the supervision and management of financial accounting.

(3) Strengthen information disclosure

Small and medium-sized enterprises must strengthen information disclosure if they want to be listed on the exchange or Hong Kong. How to enhance the transparency of enterprise financial consultation and improve the confidence of investors is a problem that must be taken seriously. At present, the domestic stock market is in a downturn, although there are many reasons, but it has a certain relationship with the untrue, untimely, insufficient and imperfect disclosure of investment information. For example, the widespread related party transactions in China make listed companies use related party transactions to adjust their profits, which makes the profit indicators seriously inaccurate; Another example is the black-box operation in asset restructuring, the failure to disclose relevant information in time leads to sharp fluctuations in stock prices, and the use of insider information to manipulate the stock market. Small and medium-sized enterprises should avoid this warning when they go public. Small and medium-sized enterprises are small in scale and high in risk. If they want to list on the mainland or overseas, they must strictly abide by the listing rules, disclose information in time and accurately, and gain the understanding and trust of investors. Only in this way can they effectively control the capital market and serve the development of enterprises.

(D) to establish a corporate culture with integrity as the core

The development of enterprises in China and the success of entrepreneurs in China must attach importance to the construction of corporate culture. Corporate culture is actually a kind of enterprise spirit and strength, including thoughts, morals, concepts and codes of conduct. The development of enterprises depends not only on material civilization but also on spiritual civilization. Whether an enterprise can have a good corporate culture is an important factor of its success and an important symbol of its unity and progress. Successful enterprises have a strong corporate culture. Chinese enterprises are in the process of transition from the old system to the new system, and the so-called "corporate culture fault" has appeared. In the past, we had a set of management culture, some of which were excellent, and some were traditional cultures formed under the planned economy, which could not meet the needs of the market economy. In the process of enterprise's transition to market economy, some people still don't know what market economy culture is, and think that cheating is market economy culture. In fact, the core of market economy culture is justice, fairness, openness and honesty.