The difficulty of financing for small and medium-sized enterprises is due to the general lack of their own funds. In terms of internal financing, most small and medium-sized enterprises in China are in a very difficult position. If they can't turn to external financing, let alone expand their enterprises, it will be a problem to maintain their production and operation.
I. External environmental factors
1, government factors
The social nature of China determines the degree to which the government attaches importance to state-owned enterprises. For a long time, the state's support policy has been inclined to large enterprises, but the support for small and medium-sized enterprises is not enough, which is the historical reason for the financing difficulties of small and medium-sized enterprises. Large enterprises can easily obtain funds in the capital market and money market, but the financing threshold of small and medium-sized enterprises has increased a lot accordingly, and small and medium-sized enterprises must pay higher costs to obtain loans.
2. Financial institution factors
(1) The operating mechanism of banking financial institutions restricts the financing of small and medium-sized enterprises. Under the impact of the financial crisis, governments all over the world have adopted the principle of prudence in order to effectively avoid the deeper harm caused by the financial crisis. This kind of macro-control makes SMEs bear the brunt of loans. The internal reorganization of China's financial institutions has caused banks to shrink the scale of credit, especially for small and medium-sized enterprises? Cherish the loan? .
(2) Lack of financial institutions suitable for SMEs. In state-owned commercial banks, the scale discrimination of small and medium-sized enterprises still exists, and big banks are reluctant to invest in small and medium-sized enterprises for the sake of cost saving. Although city commercial banks, credit cooperatives and local commercial banks have become the leading banks to support the development of small and medium-sized enterprises, the financial strength of these financial institutions can not fully meet the needs of small and medium-sized enterprises, which ultimately restricts the development of local small and medium-sized enterprises.
3. Elements of the credit guarantee system
The credit guarantee system of small and medium-sized enterprises in China is not perfect, there are few institutions providing loan guarantee for small and medium-sized enterprises, and the types and quantity of guarantee funds are far from meeting the demand. Private guarantee institutions are discriminated by ownership, so they can only bear the risk of secured loans alone, and cannot form a * * * commitment mechanism with cooperative banks. Because the risk of guarantee is dispersed and the compensation system of loss sharing has not yet been formed, the amplification of guarantee funds and the credit ability of guarantee institutions are greatly restricted.
4. Direct financing factors
The direct external financing of enterprises is mainly through equity financing by issuing stocks and bond financing by issuing corporate bonds. As far as equity financing is concerned, the threshold for listing is too high, which makes it impossible for most small and medium-sized enterprises to solve urgently needed funds in this way. Although the launch of the Growth Enterprise Market (GEM) has the characteristics of low entry threshold and strict operation, which helps potential small and medium-sized enterprises to obtain financing opportunities, GEM is still in its infancy in China, and there are still some shortcomings, which may relatively alleviate the financing problem. As far as bond financing is concerned, the development of corporate bond market in China lags far behind the development of stock market and bank credit market, and small and medium-sized enterprises often fail to meet the requirements of bond issuance quota. Therefore, it is almost impossible for SMEs to raise funds through bonds.
5, legal system factors
The survival and development of small and medium-sized enterprises have always lacked effective legal protection. Although a few laws in China, such as Company Law and Partnership Enterprise Law, have certain norms for SMEs, they have little protection for financing such as loans, guarantees and listing of SMEs. The Law on the Promotion of Small and Medium-sized Enterprises promulgated in 2003 has a milestone significance in the history of China's economic legal system. It is one of the symbols of China's real market economy and an important step to realize economic democratization. However, the Law on the Promotion of Small and Medium-sized Enterprises also has limitations, and the legal protection system for small and medium-sized enterprises needs to be improved.
Second, SMEs' own factors
1, small and medium-sized quality of enterprise is low, and its credit status is poor.
The quality of small and medium-sized enterprises in China is generally not high, and a considerable part of them are urban and rural enterprises. Enterprises' weak technological innovation ability, lack of competitiveness and high market risk make banks and other financial institutions afraid to grant loans to them. Small and medium-sized enterprises are mostly private enterprises or partnership enterprises, with backward management level, high operational risk, poor credit concept, imperfect financial system and opaque information, which makes financial institutions unable to grasp the loan risk of small and medium-sized enterprises and increases the lending risk.
2. SMEs lack collateral.
No matter what enterprises require loans or guarantees, they need collateral to provide guarantees. The only collateral of small and medium-sized enterprises is their limited and low-value land, real estate and machinery and equipment, and their scale also restricts the value of these collateral.
How to finance small and medium-sized enterprises? What are the ways? 1. Comprehensive credit.
In other words, banks grant certain credit lines to some enterprises with good operating conditions and reliable credit, and enterprises can recycle them within the validity period and credit line.
2. Credit guarantee loan
When the enterprise cannot provide the guarantee measures acceptable to the bank, such as mortgage, pledge or third-party credit guarantor, the guarantee company can solve these problems.
3. Buyer's loan
If an enterprise has a reliable market for its products, but its own capital is insufficient and its financial management foundation is poor, and it is difficult to provide collateral or seek third-party guarantee, the bank can provide loan support to the buyers of its products according to the sales contract.
4. Joint cooperative loans in different places
Some small and medium-sized enterprises sell a wide range of products, or provide supporting parts for some large enterprises, or are loose subsidiaries of enterprise groups. In the process of producing cooperative products, it is necessary to supplement production funds. You can find a lead bank to provide loans to the group company in a unified way, and then the group company will provide the necessary funds to the cooperative enterprise, and the local bank will cooperate with the contract supervision.
5. Project development loans
Some high-tech small and medium-sized enterprises can apply for project development loans from banks if they have major scientific and technological achievements transformation projects. The initial investment is relatively large and their own funds are unbearable.
6. Export loans
For enterprises that produce export products, banks can provide packaged loans according to export contracts or credit visas provided by importers.
7. Loans guaranteed by natural persons
In August, 2002, China Industrial and Commercial Bank took the lead in launching the secured loan business for natural persons. In the future, when domestic institutions of China Industrial and Commercial Bank handle the credit business of small and medium-sized enterprises with a term of less than 3 years, natural persons can provide property guarantee and bear the liability for compensation.
8. Personal entrusted loans
Personal entrusted loan refers to a loan that is entrusted by an individual to provide funds and issued, supervised, used and assisted by a commercial bank according to the loan object, purpose, amount, term and interest rate determined by the client.
9. Loans secured by intangible assets
According to the relevant provisions of the Guarantee Law of People's Republic of China (PRC), intangible assets such as trademark exclusive right, patent right and property right in copyright that can be transferred according to law can be used as loan collateral.
10. Discounted bill financing
One advantage of this financing method is that banks do not lend money according to the asset size of enterprises, but according to market conditions (sales contracts).
How to deal with financing difficulties of small and medium-sized enterprises? Under the background of slow economic growth, difficult and expensive financing for enterprises, how to raise the funds needed for enterprise development has become a top priority for enterprises. Enterprise financial personnel should not only make a difference in enterprise financing, but also make full use of their professional advantages.
? Know yourself and know yourself, and fight every battle? . In bank financial management, knowing yourself and knowing yourself is to know the operation, financial situation and development plan of the enterprise, and knowing yourself and knowing yourself is to know the main financial indicators and standard values concerned by bank rating and credit granting. On this basis, through communication with the bank, the enterprise financing report was prepared according to the requirements of the bank, and the bank credit approval was successfully passed, breaking through the financing obstacles and realizing the sustainable development goal of the enterprise.
Specific to the actual operation, confidante? It is to measure whether the enterprise can raise funds from the bank and the amount of financing without adjusting the statements. Limited by knowledge, experience and other factors. Confidante? Become the financial personnel of many small and medium-sized enterprises? Short board? With little or no knowledge of the financial indicators of bank credit approval, we can imagine the result of rashly providing financing information. Therefore, before making a financing plan, an enterprise may, according to the Interim Measures for the Management of Working Capital Loans promulgated by the CBRC? New working capital loan amount? The calculation formula calculates the new working capital loan amount without adjusting the statement. If the calculated amount is less than the amount that the enterprise needs to finance, the statement should be adjusted appropriately to increase the amount of new loans of the enterprise.
? Know each other? That is, on the basis of a certain loan amount agreed by the bank, the financing report is prepared according to the standard value (empirical value) of the main financial indicators of the enterprise in the process of bank credit granting. Can it be used in the Interim Measures for Handling Working Capital Loans issued by CBRC? New working capital loan amount? Deduce the scale of sales revenue, and then deduce the amount of sales cost, accounts receivable and accounts payable, inventory and other items according to the approved standard values (empirical values) of major financial indicators, so as to prepare financial statements that meet the requirements of banks.
Matters needing attention in specific practical treatment
1, bank financing, where is the effort? Watch? Outside. We must maintain good and smooth communication with banks, and high-quality statements are only the basis for successful cooperation between banks and enterprises;
2, overall planning, financial statements and sales, production, procurement and other information convergence, to avoid one thing and one thing;
3. Know yourself and yourself, be familiar with the approval process and standards of bank rating credit, treat each other honestly and negotiate on an equal footing;
4. Use financial software to establish a complete set of bank financial accounts, improve the quality of financial statements, speed up the response, and increase the credibility of bank financial statements;
5. Pay attention to details and strictly control the quality of financing materials.
Articles related to SME financing:
1. SME financing example
2. Analysis of SMEs' lending capacity
3. Analysis of financing channels for SMEs.
4. Measures to solve the financing difficulties of SMEs