Small and medium-sized enterprises have become an important part of my country's economic system, but there are still some obstacles to development, especially in terms of financing. Therefore, it is particularly important to solve the current problem of financing difficulties for small and medium-sized enterprises. Based on the current complex and ever-changing economic environment, this article comprehensively analyzes the financing problems of small and medium-sized enterprises and the reasons for these problems. At the same time, it proposes financing countermeasures that are beneficial to my country's small and medium-sized enterprises.
1. Current situation of financing of small and medium-sized enterprises in my country
(1) Low endogenous financing
Owned funds are the main source of funds for small and medium-sized enterprises, especially for enterprise establishment In the early days, investments above 90 or even 100 were made using own funds. However, internal financial resources are limited after all. Relying solely on endogenous financing will greatly restrict the development of enterprises and prevent them from developing and innovating high-tech technologies. This will ultimately lead to small and medium-sized enterprises having little internal accumulation and worrying about endogenous financing. There is more than enough but not enough power.
(2) Difficulties in bank loans
Bank loans are an important financing method for small and medium-sized enterprises. However, due to the small amount of single loan of small and medium-sized enterprises, the number of loans, and the cumbersome procedures, it is difficult for banks to The revenue contribution is not large. Therefore, banks focus on supporting natural monopoly industries and large state-owned enterprises, rather than lending to small and medium-sized enterprises. In addition, most small and medium-sized enterprises have fewer fixed assets, large changes in current assets, relatively few mortgageable assets, and low credit ratings. They set higher thresholds and cumbersome procedures for loans to small and medium-sized enterprises, resulting in loan conditions for small and medium-sized enterprises being lower than those for large enterprises. It must be harsh, and small and medium-sized enterprises not only cannot enjoy preferential interest rates, but also have to pay more floating interest than state-owned large and medium-sized enterprises for borrowing.
(3) The threshold for direct financing is high
At present, my country's securities and property rights transactions are single and the types of transactions are too scarce, which forces us to pay attention to the development of the capital market. In terms of equity financing, although the GEM was opened in 2009 to provide direct financing channels for small and medium-sized enterprises, it has been profitable for two consecutive years, with a cumulative net profit of not less than 10 million yuan in the last two years and continued growth. Access barriers still restrict most small and medium-sized enterprises from direct financing through capital markets such as GEM. For bond financing, due to the existence of financial risks and strict control over the issuance scale, it is difficult for small and medium-sized enterprises to obtain approval from relevant government departments for issuing bonds, and investors generally have concerns about the development prospects of small and medium-sized enterprises and lack purchasing confidence, resulting in It is also difficult for small and medium-sized enterprises to complete the only issuance quota.
2. Strategies to deal with financing difficulties of small and medium-sized enterprises
(1) The enterprise’s own development
1. Improve the internal management of the enterprise and improve the level of enterprise management
If small and medium-sized enterprises want to win the trust and support of banks, they must raise awareness, strengthen corporate governance, establish and improve various rules and regulations, improve the internal management level of the enterprise, improve the internal control system of the enterprise, and establish a good corporate image. In operation and management, market analysis, project selection, capital operation, standardized operation, and honesty and trustworthiness are all important. In terms of the financial system, it is necessary to strengthen the internal financial management system and self-discipline to ensure that the company's various economic activities and financial revenue and expenditure must be carried out within the scope permitted by national laws, regulations and rules, improve the transparency of the company's financial status, and ensure that The authenticity and legality of accounting information to obtain bank loans for financing.
2. Strengthen the credit construction of enterprises themselves
Good credit relationships are important for improving the financing situation of small and medium-sized enterprises, enhancing the overall quality and comprehensive competitiveness of small and medium-sized enterprises, resisting credit risks, and promoting the health of small and medium-sized enterprises. development is of great significance. Small and medium-sized enterprises should strictly manage the production and operation of the enterprise, carefully prepare the enterprise's financial planning and budget, fulfill their borrowing responsibilities, optimize the enterprise's limited funds for self-use, and ensure that the loan is returned as scheduled. At the same time, small and medium-sized enterprises must also strengthen their credit awareness and cultivate the credit quality of entrepreneurs. When applying for a loan from a bank, you need to fully consider your own risk tolerance and loan repayment ability, proactively provide various risk guarantees to the bank, and establish a good bank-enterprise relationship.
(2) Self-improvement in banks
1. Strengthen the bank’s financing service system for small and medium-sized enterprises
The GDP of small and medium-sized enterprises has increased on average in the past ten years. Fast 30 has increasingly become an important part of the national economy. To maintain sustained and rapid business growth, banks must include small businesses as important service targets. As long as risks are properly controlled, small businesses can become an important profit growth point for banks. Financial institutions should actively change their service attitude, promptly adjust their financial service system for small and medium-sized enterprises according to market demand, and strengthen their support for small and medium-sized enterprises. At the same time, commercial banks should conduct necessary segmentation of the small and medium-sized enterprise financing market, formulate credit evaluation, business processes, and risk control systems that are consistent with the financing characteristics of small and medium-sized enterprises. Credit support for companies in good condition.
2. Expand service areas and accelerate the development and utilization of financial products
Banks should separate small business financial services from general corporate business and conduct separate cost and profit accounting , the entry point of supporting and serving small businesses will be to develop new products that can not only meet the financial needs of small businesses, but also meet the risk control requirements of banks, and timely launch financing varieties and products that meet the various needs of small and medium-sized enterprises in different industries and sizes. Financial services projects improve the efficiency of providing relevant information consulting services and credit services to small and medium-sized enterprises.
3. Relax mortgage loan conditions and appropriately expand loan mortgage rates
Compared with large enterprises, small and medium-sized enterprises are very scarce in the physical assets they can provide for mortgage. Their core Assets are intellectual property. In this regard, commercial banks should appropriately relax the scope of collateral when asking small and medium-sized enterprises to provide collateral. Not only fixed assets such as land, buildings, and machinery and equipment can be used as collateral, but also intellectual property rights such as trademark rights, patent rights, and copyrights, as well as inventory, Liquid assets such as accounts receivable and commercial paper can also serve as collateral. At the same time, the mortgage auction market and intermediaries should also be improved to reduce mortgage costs and mortgage procedures.
(3) Effective support from the government
1. Build a credit guarantee system for small and medium-sized enterprises
Establishing an effective credit guarantee institution will help to build a relationship between banks and A guarantee platform between enterprises to solve the loan guarantee problem. At present, my country's credit guarantee institutions generally include four types: commercial guarantee, mutual guarantee, policy guarantee and hybrid guarantee. The basic idea for developing the credit guarantee system for small and medium-sized enterprises in my country is to adhere to the principle of combining commercial operation with policy compensation, further improve the legal environment of the credit guarantee industry, clearly strengthen industry supervision, and vigorously develop guarantee companies with local independent legal persons. , and accelerate the construction of the re-guarantee system at the national and provincial levels. In fact, the credit guarantee system is a credit intermediary institution created to resolve asymmetric information between transaction parties. It guarantees the performance of debts and protects creditors from realizing their claims based on a certain amount of funds. It provides loans to small and medium-sized enterprises through credit guarantee methods. It is difficult for financial institutions to relieve their worries.
2. Refine the classification of small and medium-sized enterprises.
Further clarify and refine the classification of small and medium-sized enterprises. According to the national "Notice on Issuing Interim Provisions on Standards for Small and Medium-sized Enterprises", it can be seen that the country has a relatively clear classification of medium-sized enterprises, but there is no detailed classification of small enterprises and micro-enterprises, which may lead to the government's strict classification of small and medium-sized enterprises. The preferential policies are enjoyed by medium-sized enterprises, while small and micro enterprises do not receive many benefits. In order to avoid supporting small and medium-sized enterprises, many banks have made it difficult for many small enterprises to enjoy the preferential policies for small business loans. It can be seen that the clear division of medium, small and micro enterprises is very important. This is related to the ability of various types of enterprises to truly enjoy relevant national treatment, and is also related to the efficiency of the implementation of relevant national preferential policies.
3. Strengthen capital market financing
A complete, multi-level capital market is the best choice to meet the equity financing needs of small and medium-sized enterprises. The establishment of a multi-level capital market, especially the establishment of A small and medium-sized capital market system that is proportional to small and medium-sized enterprises is the key to solving the capital gap of small and medium-sized enterprises.
This system should include at least three levels: the second board market, the regional small capital market, and the venture capital market. The second board market mainly solves the financing problems of small and medium-sized enterprises in the middle and late stages of entrepreneurship; the regional small capital market mainly provides financing services for small and medium-sized enterprises that cannot meet the qualification standards of the second board market; the venture capital market specializes in providing financing services to small and medium-sized enterprises in the early stages of entrepreneurship. Medium-term SMEs provide private equity capital. Only by improving the financing channels of the capital market can we promote the diversification of financing for small and medium-sized enterprises.
References:
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[2] Hua Aimei. Discussion on the government’s work in financing small and medium-sized enterprises [J]. Accounting Newsletter, 2010(6).
[3] Nie Xiaohong, Lei Jinghua . Analysis of current situation and countermeasures of financing of small and medium-sized enterprises [J]. Accounting Newsletter, 2010(9).
[4] Wang Changwei, Li Shaoxia. Discussion on financing difficulties of small and medium-sized enterprises in my country under the new situation [J]. Journal of Shandong Technology and Business University, 2010.