Especially for a large number of high-tech start-ups, what is most lacking is not short-term loans, but medium-and long-term loans and equity investment, but this kind of capital cannot be obtained from the formal financial system.
Second, the financing difficulties of large enterprises have eased, but the financing of small and medium-sized enterprises is still very difficult. In the current financial system, most financial institutions are mainly oriented to large enterprises, while the development of small and medium-sized financial institutions mainly serving small and medium-sized enterprises lags behind, and the scope and types of services are difficult to meet the needs of the development of small and medium-sized enterprises.
Extended data:
Factors of financing difficulties for small and medium-sized enterprises;
environmental factor
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 to effectively avoid the deeper harm caused by the financial crisis. This macro-control makes the loans of small and medium-sized enterprises hurt first. The internal reorganization of financial institutions has reduced the credit scale of banks, especially for small and medium-sized enterprises.
(2) Lack of financial institutions suitable for SMEs. In state-owned commercial banks, the scale discrimination against small and medium-sized enterprises still exists, and big banks are reluctant to invest in small and medium-sized enterprises from the perspective 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 credit guarantee system
The credit guarantee system of small and medium-sized enterprises 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 against by ownership, so they can only bear the risk of secured loans alone and cannot form a sharing mechanism with cooperative banks.
Because the risk dispersion and loss sharing compensation system of guarantee have not yet formed, the amplification function 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 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) with its low entry threshold and strict operation will help potential small and medium-sized enterprises to obtain financing opportunities, the GEM market in China is still in its infancy, and there are still some shortcomings, which may relatively alleviate the financing problem.
In terms of bond financing, the development of corporate bond market 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, 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 economic legal system, which is one of the symbols of China's real realization of market economy and an important step for China 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.
Own factor
Small and medium-sized enterprises' 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 limits the value of these collateral.
3. SMEs lack talents
Most small and medium-sized enterprises in China are private enterprises. The quality of enterprise leaders is not high, and they lack modern management concepts and leadership. However, the development of enterprises requires managers to show foresight and advanced financing ideas, plan reasonable financing methods for enterprises, and raise funds at lower financing costs to meet the needs of enterprise development.
At the same time, the overall quality of employees in small and medium-sized enterprises is low, and their ability to retain talents is weak, which makes enterprises inject less fresh blood, and advanced concepts and technologies are difficult to apply to enterprises, which restricts the development of enterprises.
Baidu encyclopedia-financing
Baidu Encyclopedia-SME Financing