Keywords: standby loan; Financing channels; Financing strategy; Risk; credit rating
First, SME financing status and problems
Small and medium-sized enterprises lack financial support, and financing is quite difficult, especially non-state-owned small and medium-sized enterprises. The shortage of funds and the inability to give full play to production capacity have become one of the main problems restricting the development of small and medium-sized enterprises. There are many reasons for this: financial institutions are reluctant to lend, afraid of lending, and refuse to lend; The current laws, regulations and policy guidance of listing financing, bond issuance and trust financing are incomplete (the entry threshold of the newly launched SME board is still high, and most SMEs are still difficult to enter); There are few venture capital institutions and small scale; The regional capital market is imperfect, the financial support ability is insufficient, the investment channels are too few, and the credit guarantee has just started, which makes enterprises lack an effective fund replenishment mechanism. At the same time, the state strengthened macro-control, tightened monetary policy, commercial banks strengthened financial risk prevention, and the interest rate control in the RMB market was not completely liberalized, which also seriously affected the financing problem of SMEs. Therefore, the long-standing problem of "financing difficulty" has not been fundamentally solved. According to statistics, more than 90% of SMEs' funds come from internal fund-raising, relatives and friends, and various abnormal channels (such as private high-interest loans and fund pools). ), which not only increases the operating costs of enterprises, but also disrupts the normal financial order.
Second, the new form of financing strategies for SMEs
(A) the establishment of SME trade associations or alliances
This kind of association or alliance should be mutually supportive, which can not only provide information for small and medium-sized enterprises in the association or alliance, but also provide places and conditions for small and medium-sized enterprises to exchange talents, technology, management and funds. Small and medium-sized enterprises in associations or alliances should strengthen mutual assistance and cooperation. Enterprises with abundant funds can provide financial support for other enterprises, and technologically advanced enterprises can provide technical guidance for other enterprises and provide loan guarantees to each other. This can solve the financing difficulties of some small and medium-sized enterprises within the association or alliance. Moreover, this kind of union or alliance laid the foundation for its future development as a group company or affiliated company.
(B) to create new ways of direct financing
Direct financing has the advantages of obtaining external ownership financing without repayment, improving the asset-liability structure of enterprises and effectively allocating social resources. It is an important way to solve the financing difficulties and single financing channels of small and medium-sized enterprises. The first is the shareholding system reform of SMEs. Joint-stock cooperative system absorbs the advantages of joint-stock system and cooperative system, which is more suitable for the specific situation of small and medium-sized enterprises at present. It has played an important role in attracting idle funds from the society by means of assets verification, joint venture, issuing shares after confirming equity rights, and expanding shares. The second is to develop venture capital funds. Venture capital fund is an investment fund that invests in a certain industry in the form of long-term equity investment, especially in emerging industries in the initial stage, with the goal of pursuing long-term benefits of enterprise growth. The most direct beneficiaries of such funds are emerging small and medium-sized enterprises engaged in high technology, and one of their functions is to gather thousands of scattered small and medium-sized venture capital funds to form a certain scale of venture capital. The establishment of venture capital fund is helpful to accelerate the industrialization of high and new technology, and it is a direct investment method with the characteristics of regional small and medium-sized scientific and technological enterprises. The third is to develop multi-level capital markets.
The classified query of periodical articles is in the periodical library. China can provide trading places for local small enterprises in the second board market and local OTC market with low transaction costs and loose access outside the Shanghai and Shenzhen Stock Exchanges.
(C) expanding indirect financing channels
According to the characteristics of production, operation and capital flow of small and medium-sized enterprises, flexible and diverse settlement tools are introduced to smooth the way of remittance and provide convenient and fast settlement tools for small and medium-sized enterprises. Increase collection and acceptance, bill acceptance and discount business for small and medium-sized enterprises as soon as possible. In addition, we should also take advantage of the numerous outlets and large amount of information of financial institutions to provide information services such as market opportunities, economic policies, management and investment decision consultation for small and medium-sized enterprises. In addition, we can also expand the financing channels of small and medium-sized enterprises in other aspects, expand their sources of funds, give active and lasting support and inclination in policies, and gradually realize their real "national treatment" with large and medium-sized enterprises in financing.
(D) to build a sound legal protection system
The existing legal provisions for small and medium-sized enterprises are mainly "Regulations on collectively-owned enterprises in cities and towns" and "Law on Township Enterprises". These two laws and regulations are classified according to the nature of ownership and different organizational forms, lacking unified legislative standards and behavioral norms. In terms of financial credit, there is a lack of supporting protection laws and regulations for small and medium-sized enterprises. Drawing lessons from the experience of developed countries and regions, it is inseparable from legislative support to provide all aspects of policy and financial support for the development of small and medium-sized enterprises. Legal protection can be considered from the following aspects: laws to protect small and medium-sized enterprises, such as the Small Enterprise Law of the United States and the Small and Medium-sized Enterprise Law of Japan; Professional, regional or industrial laws, such as the Small Enterprise Technology Innovation and Development Law of the United States and the Small and Medium Enterprise Financial Fund Pool Law of Japan. Anti-monopoly laws, such as Sherman's anti-trust law in the United States and Germany's anti-unfair competition law. Accelerate the legislation of credit system for small and medium-sized enterprises. Relevant departments should be designated as soon as possible to organize the formulation of laws or regulations on SME loans. First of all, it is necessary to divide the classification standards of small and medium-sized enterprises and clarify the definition methods of small and medium-sized enterprises. Secondly, it is necessary to clarify the roles and functions of various financial institutions in the credit system of SMEs, and formulate specific loan management measures and incentive measures for SMEs. Thirdly, it is necessary to implement the financial channels, implementing agencies and management measures for the government to support loans to SMEs.
(V) Establish and improve the financing credit guarantee system for SMEs.
The government should guide intermediaries to establish enterprise economic files and legal representative credit files through scientific evaluation and demonstration, and establish and improve the enterprise credit system that meets the requirements of market economy. Revise the credit rating evaluation standard of state-owned commercial banks. At present, the credit rating of state-owned commercial banks in China is not conducive to small and medium-sized enterprises, which contains psychological discrimination against small and medium-sized enterprises. Practice has proved that comprehensive enterprise groups that blindly expand their business scale cannot adapt to market changes and produce more stable benefits and stronger credit than specialized small and medium-sized enterprises. Therefore, state-owned commercial banks should adjust their strategies in the evaluation of enterprise credit rating in time, change their emphasis on the scale of enterprise operation to the efficiency of enterprise operation, and cancel some discriminatory evaluation items. According to China's actual situation and the experience of other countries, China's SME loan guarantee system should be a SME credit guarantee system with government guarantee as the main factor and other forms of guarantee coexisting. Various forms of credit guarantee institutions can be established, and various channels can be opened to raise guarantee funds: the government, social intermediary organizations, enterprises and banks jointly establish a loan guarantee fund for small and medium-sized enterprises; Effectively improve intermediary services, simplify procedures and lower standards; Financial institutions may appropriately expand the mortgage scope of effective property.
(six) actively looking for venture capital funds
About 95% of SMEs in China have assets below100000 yuan. The small scale of enterprises leads to insufficient investment in expenses, and some achievements are put on hold because of lack of financial resources. Therefore, for those high-tech small and medium-sized enterprises with good development stage and good prospects, they should actively establish contact with domestic and foreign venture capital institutions to find venture capital funds. At the same time, small and medium-sized enterprises should improve their internal management system, standardize their production and operation, create a good image, strengthen information exchange and business communication, obtain information from various channels, including government departments, consulting companies, banks, etc., and actively communicate with domestic and foreign venture capital institutions to seek their support and help.
References:
[1] Yu Jianguo. WTO and the development strategy of small and medium-sized enterprises in China [J]. Macroeconomic research;
[2] Ma Youcai. Risks faced by small and medium-sized export enterprises after China's entry into WTO and their prevention [J]. International trade issues;
[3] Chen Honglei. Reflections on the reform of small and medium-sized state-owned foreign trade enterprises after China's entry into WTO [J]. Economist;
[4] Ye Lin: "Analysis of Financing Problems of Private SMEs in China", "Journal of Sichuan Education Institute".