Legal subjectivity:

Small and medium-sized enterprises play an important role in China's economic development. However, due to their own characteristics and the imperfect development of China's financial system, financing difficulties have always been a bottleneck restricting the development of small and medium-sized enterprises and an important factor hindering their rapid development. Therefore, analyzing and studying the financing status of small and medium-sized enterprises in China and helping them find effective financing ways will help small and medium-sized enterprises to rationally use financial financing means and solve their financing problems. The following financing methods are for reference. I. Bank Financing Bank loans are the most conventional and lowest-cost financing means. Direct bank loans generally require enterprises to provide relevant counter-guarantee measures, which can be credit, guarantee, mortgage, pledge, lien, etc., but the most common, easy and feasible methods are fixed assets mortgage, right pledge and guarantee company guarantee. Therefore, small and medium-sized enterprises have to combine their own characteristics, sort out their own on-and off-balance-sheet resources and find a suitable method. Common methods are: 1. Fixed assets mortgage loan. Banks generally use different discount rationing loan lines according to different fixed assets. Machinery and equipment are generally allocated with loans at a discount of 1-3. At present, most banks have not adopted equipment mortgage loans because it is difficult to dispose of equipment when risks arise; Land and commercial facade are generally 5% off with loans; Loans for houses and office buildings are at a maximum discount of 3%. For some enterprises with large scale, stable cash flow and heavy assets, some banks have launched the sequential mortgage business for the needs of business competition, that is, they have mortgaged the mortgaged assets again and registered the mortgage, which has greatly improved borrowing capacity. In order to improve the financing amount of fixed assets mortgage, enterprises can mortgage fixed assets to guarantee companies, and the guarantee companies can guarantee loans to banks. The amount of secured loans can generally reach or exceed the assessed value of fixed assets. For example, if an enterprise applies for a loan from a bank with its own commercial door, the estimated value of the commercial facade is 1 million yuan, and the enterprise can generally obtain a loan amount of 5 million yuan through direct bank loans; However, if you apply for a loan from a bank through a guarantee company, you can get a bank loan amount of 1 million yuan to 15 million yuan or more. If the assets owned by the enterprise have a stable cash flow (including but not limited to fee income, rental income and other operating income) as the repayment source, and the related operating assets are expanded, rebuilt and decorated, the operating assets can be used as loan collateral and the accounts receivable related to operating income can be used as pledge to apply for a relatively long loan from the bank, which is commonly called operating property loan. Operating property loans can generally apply for higher loan amount, longer loan term (3-8 years) and flexible repayment methods (monthly interest payment, one-time repayment of principal at maturity, or repayment of principal by installments and monthly interest payment, etc.). 2. Transfer of rights and pledge of loans. (1) Transfer of rights. Also known as factoring business. Enterprises will transfer the accounts receivable generated after selling goods or providing services to banks, which will provide financial services for accounts receivable loans and accounts receivable management. This kind of loan needs to provide accounts receivable with two elements: first, accounts receivable are accounts receivable of large enterprises recognized by banks; Second, large enterprises need to confirm the transfer of accounts receivable creditor's rights. This kind of financing is often used for upstream and downstream customers in the industrial chain. (2) Pledge of accounts receivable or invoice financing. After the enterprise sells the goods and issues an invoice, it can use the generated accounts receivable as pledge, register the pledge and apply for a short-term loan from the bank. When a bank handles this kind of loan, if it can't receive the money after the accounts receivable expire, the loan enterprise needs to buy back the invoice and repay the corresponding principal and interest, so this kind of loan is relatively inflexible. At present, some guarantee companies use invoices as collateral. When the accounts receivable are not recovered, the loan term can be extended to one year or longer by replacing invoices and accounts receivable. (3) Discount financing of bills of exchange. Enterprises obtain loans from banks by fully endorsing and transferring their bank acceptance bills. At present, banks generally discount bank acceptance bills, but it is difficult to discount commercial acceptance bills issued by enterprises. 3. Movable property pledge loan. At present, more than 6% of the total assets of small and medium-sized enterprises in China are movable property such as accounts receivable and inventory. How to make movable property play the role of financing is difficult to promote in most banks at present, mainly because the supervision of movable property is not in place. However, if logistics supervision enterprises are introduced to supervise movable property, loans can be processed after signing a supervision agreement on commodity financing pledge. 4. Credit loan. (1) Domestic letter of credit financing. At present, some domestic banks have carried out domestic L/C loan business, that is, for trade-oriented enterprises, they can apply to the host bank to open a domestic L/C, issue a payment commitment to the seller, and promise to fulfill the payment responsibility to the seller when the documents meet the terms stipulated in the L/C. This is also a popular financing method at present. (2) M&A loans. For high-quality customers who meet the national industrial policy and bank credit policy, have high industrial or strategic relevance between the acquirer and the target enterprise, and the M&A transaction is legal and compliant, they can apply for M&A loans from the bank to pay the price of the M&A transaction. (3) Joint loan and joint guarantee. This is the most common credit loan model developed by banks, which is mainly aimed at customers in markets, associations and parks, initiated by their management committees and associations, and applied for short-term loans from banks with 3-7 customers who know and trust each other as the main body of joint guarantee and joint loan. Different banks have different regulations in this kind of business, mainly in the proportion of margin, loan amount and loan subject requirements. Usually, the loan amount is controlled within 5 million yuan for a single household. 5. Standard factory building mortgage loan. In the era of industrialization, enterprises specialized in building industrial workshops have emerged. The standard workshops built by enterprises are generally universal, complementary and standardized, and they are sold to production-oriented small and medium-sized enterprises. After purchasing the workshops, small and medium-sized enterprises often have a shortage of liquidity, so some banks have launched mortgage loans for small and medium-sized enterprises that purchase the workshops in the park. Generally, small and medium-sized enterprises need to pay 3% down payment, and the longest repayment period can reach 7 years. Second, mezzanine financing mezzanine financing is a new financing mode, mainly equity+creditor's rights financing mode. The financing institutions adopting this method are mainly investment companies and private equity investment fund companies. This method can solve the problem that enterprises can obtain much-needed financial support without collateral and other counter-guarantee measures, that is, enterprises will transfer part of their equity, but will eventually buy back their equity and pay some future income. This kind of financing is more costly than bank financing. 3. Trust financing trust refers to the act that the trustor entrusts its property right to the trustee based on his trust in the trustee, and the trustee will manage or dispose of it in his own name for the benefit of the beneficiary or for a specific purpose according to the wishes of the trustor. In 28, trust companies launched the trust products for SMEs for the first time in China. Since then, trust financing has also become an important source of financing for SMEs. At present, there are two financing methods for small and medium-sized enterprises in domestic trust: one is that trust companies pool their funds in the form of trust contracts and directly provide loans to a single small and medium-sized enterprise; The second is to introduce the government and guarantee institutions to form a multi-party cooperation model of "politics, credit, enterprises and insurance". Recommended by the government, guaranteed by a guarantee company, a number of small and medium-sized enterprises with financing needs form a project loan package, and trust companies issue trust products, and the funds raised are invested in packaged small and medium-sized enterprises. Fourth, the financing lease mode is mainly based on the financing mode of small and medium-sized enterprises to obtain loans by purchasing new equipment or selling and repurchasing equipment, which can promote the technological upgrading and industrial upgrading of core equipment of small and medium-sized enterprises and optimize the financial structure of enterprises. The usual methods are: 1. Financing lease of newly purchased equipment. When an enterprise has no money to buy equipment, it can apply to the leasing company, which will buy new equipment from the equipment supplier and lease it to the enterprise for use. When the lease expires, the equipment will be owned by the enterprise. 2. Lease the self-owned equipment after it is sold. Small and medium-sized enterprises can sell their own equipment to the leasing company at a fair value, and then rent the equipment from the leasing company by means of financial leasing, so as to obtain funds for investing in the equipment. V. Asset management companies financing Asset management companies mainly buy and operate non-performing assets stripped by financial institutions. After disposing of non-performing assets, asset management companies have a lot of funds, but their business scope determines that their funds can only be used to buy non-performing assets and cannot be used to issue loans. A large number of idle funds need to find a way out, so disguised financing has become the way out for asset management companies to find benefits at present. The specific method is: SMEs can lend a loan to banks or microfinance companies first, and then the loan is acquired by asset management companies in the form of non-performing loans, thus realizing financing in disguise. VI. SMEs private placement bond SME private placement bond is a corporate bond issued by SMEs in a non-public way, with an agreement to repay the principal and interest within a certain period. Private placement bond is one of the most important innovations in the capital market. It is a highly market-oriented product that does not require administrative examination and approval. It is issued by filing, with no financial indicators required for the issuing enterprises, no mandatory credit rating and upgrading, and no special restrictions on the use of raised funds. The scale of bond issuance by a single enterprise is between 3 million yuan and 2 million yuan, and the issue interest rate is between 7% and 11%. It can be said that compared with other financing channels for small and medium-sized enterprises, private debt for small and medium-sized enterprises is more convenient, efficient and flexible. VII. Fund Financing In the United States, fund financing is the main channel for SMEs to obtain financing, and half of the funds for SMEs come from funds; In China, more than 9% of SME financing comes from bank loans, and fund financing is just emerging. However, private capital is rapidly entering the fund industry, and a large number of venture capital funds, venture capital funds and industrial investment funds have been set up, and small and medium-sized enterprises with high quality and good growth are sought. First, small and medium-sized enterprises can seek cooperation with the fund to obtain development funds; Second, for high-quality projects, fund companies can be set up to raise funds from specific targets to solve the source of project funds. Of course, it is difficult for SMEs to raise funds. On the one hand, the macro-financial policies and financing systems that SMEs are facing need to be improved, and they can't meet the capital needs necessary for the development of SMEs. On the other hand, because the credit quality of small and medium-sized enterprises is relatively poor compared with large enterprises, information asymmetry increases the difficulty of financing for small and medium-sized enterprises. To solve the financing problem of small and medium-sized enterprises, it is necessary to solve it separately according to the actual operation, upstream and downstream situation, credit situation, industry situation and project situation of small and medium-sized enterprises. Legal objectivity:

Law of the People's Republic of China on the Promotion of Small and Medium-sized Enterprises Article 3 The state takes the promotion of small and medium-sized enterprises as a long-term development strategy, adheres to the principle of equal rights, equal opportunities and equal rules for all kinds of enterprises, and implements the policy of actively supporting small and medium-sized enterprises, especially small and micro enterprises, strengthening guidance, improving services, standardizing according to law and safeguarding rights and interests, so as to create a favorable environment for their establishment and development. Article 4 Small and medium-sized enterprises shall operate in accordance with the law, abide by the laws and regulations of the state on labor and employment, production safety, occupational health, social security, resources and environment, quality standards, intellectual property rights, finance and taxation, follow the principle of good faith, standardize internal management, and improve the management level; Shall not harm the legitimate rights and interests of workers, and shall not harm the interests of the public.