I think the difficulty in financing small and medium-sized enterprises is a long-standing systemic problem, and there are many reasons. From an enterprise's perspective, there are three key constraints:

First, it is small in scale and has little accumulation, making it difficult to provide effective mortgage and pledge guarantees;

Second, the financial system is not standardized. , information transparency is poor, and it is difficult to objectively judge credit status;

The third is a general lack of core competitiveness, unstable performance, and difficult to evaluate development prospects. There are also practical difficulties in providing financing to SMEs from the perspective of banks:

1. Due to poor direct financing channels and diversified financing platforms have not yet been fully opened to SMEs, most SMEs have The demand for funds depends on bank credit, and financing pressure is concentrated in the banking system;

2. The risk compensation mechanism is imperfect, small and medium-sized enterprises have high operating costs and high risks, which are borne by banks alone, making banks cautious in lending;< /p>

3. Due to the relatively strict pre-tax write-off policy for bad assets, coupled with strict operational accountability and performance appraisal, banks’ enthusiasm for developing financial services for small and medium-sized enterprises has been affected in the face of evaluation pressure from investors and regulatory agencies. .

For small and medium-sized enterprise financing, I recommend going to Mingde to learn about it. Beijing Mingde Tiansheng Investment Management Center (referred to as "Mingde Tiansheng") is a professional investment institution with private equity investment as its core business. Mingde Tiansheng is composed of listed company executives and securities brokers who are well versed in China's capital market, corporate strategy and management consultants with rich practical experience, senior investment and financing, legal, financial experts and people with certain government resource backgrounds*** Tongchuang is focused on private equity investment and strategic investment banking services for companies to be listed.

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