First of all, a healthy financing system for private small and medium-sized enterprises is conducive to the effective allocation of funds, the reform of China's financial system and the improvement and development of the financial market. Second, the most important purpose of establishing a perfect and effective financing system for private small and medium-sized enterprises is to promote the development of the real economy-private small and medium-sized enterprises, which will play a strategic role in promoting China's economic construction and expanding employment. Thirdly, most high-tech enterprises belong to private small and medium-sized enterprises. Solving the financing problem of private small and medium-sized enterprises will promote China's scientific and technological progress and competitiveness.
Analysis on the financing status and characteristics of private small and medium-sized enterprises in China
(A) the financing status of private SMEs in China
1. Financing channels and methods
Choosing appropriate financing channels and financing methods is the premise of enterprise financing. The choice of financing channels and financing methods of enterprises is subject to the economic system and fund management policies, and is closely related to the form of property rights and organization of enterprises. From a realistic point of view, China's private small and medium-sized enterprises mainly have the following sources of funds.
1) Enterprise's own funds. The founder's own funds and the funds of family members and relatives are not only the main sources of funds for the initial stage of the enterprise, but also the main financial support for the development of the enterprise.
2) Funds of financial institutions. Refers to the funds provided by various banks and non-bank financial institutions to enterprises, including bank credit funds and funds from other financial institutions. Non-bank financial institutions are sponsored by governments at all levels and other organizations, such as technology investment companies, leasing companies and insurance companies. Although its financial strength is not as good as that of commercial banks and its financing amount is limited, its capital supply mode is flexible and convenient, which can be used as a source channel for enterprises to replenish capital.
3) Capital market financing. At present, private small and medium-sized enterprises can not directly enter the capital market for financing, but there are many indirect ways to choose. First of all, you can take the form of becoming a subsidiary or holding company of a large enterprise, and enter the capital market to obtain funds with the help of the strength of a large enterprise, but this method has certain limitations; Second, establishment is a business led by government finance and jointly funded by large enterprises, banks or other financial institutions.
Investment funds or venture capital funds; Third, set up a technology development company or an industry holding company.
Enter the capital market through them.
4) Commercial credit financing. Commercial credit is the credit generated in commodity trading. Except commercial guarantee, most commercial credits are directly related to specific commodity transactions. However, commercial credit based on direct commodity trading is an important source of short-term liquidity for enterprises. It can only solve the money demand of enterprises, but can't solve the source of venture capital of private small and medium-sized enterprises, and can't solve the financing problem of service industry.
5. Private funds. Private financing is the most primitive financing method for private small and medium-sized enterprises, which is characterized by the lack of the most basic legal protection and can only be carried out among individuals who have close mutual understanding and good credit relations. Private financing has always been the main financing method for individual investment and entrepreneurship, and it is also the most basic source of original capital and venture capital for private small and medium-sized enterprises, especially under the condition of vigorously developing private economy.
(B) financing characteristics of private SMEs in China
1. Domestic Financing Characteristics of Private SMEs in China
The financing of private small and medium-sized enterprises in China mainly depends on endogenous financing, with narrow financing channels, high proportion of endogenous financing and low proportion of exogenous financing, especially for small enterprises with small scale and single products. The proportion of internal financing of private small and medium-sized enterprises in China is very high, but the internal funds can not meet the development needs of enterprises, that is, the lack of internal financing and self-owned funds makes a large number of private small and medium-sized enterprises disappear soon after their establishment.
2. The external financing characteristics of private SMEs in China.
1) The scale of indirect financing for private SMEs is low.
At present, the indirect financing conditions of private small and medium-sized enterprises in China are not conducive to the improvement of their indirect financing scale, and indirect financing is difficult. At present, the main financing institutions of private small and medium-sized enterprises in China are city commercial banks, urban and rural credit cooperatives and private banks.
Well, in addition to these three financial institutions, local private small and medium-sized enterprise guarantee companies have been established in major cities in the past two years, and the guarantee companies have not yet played a major role. Private small and medium-sized enterprises receive less credit support. Loans from state-owned commercial banks to private small and medium-sized enterprises account for a low proportion of loans from financial institutions. Although state-owned commercial banks have strengthened their financing services for private small and medium-sized enterprises in recent years,
However, most private small and medium-sized enterprises lack the necessary asset mortgage or loan burden.
Therefore, it is difficult for private SMEs to obtain credit support from the formal financial system.
2) Guaranteed loans and mortgage loans have become the main ways for private small and medium-sized enterprises to lend.
In order to reduce banks' non-performing assets and prevent financial risks, commercial banks (including various small and medium-sized financial institutions) have generally implemented mortgage and guarantee systems since 1998, and pure credit loans have been rare. In recent years, in most areas of China, mortgage and secured loans have been fully promoted, and the proportion of mortgage loans will be further increased.
3) The proportion of corporate loans is relatively low, and natural person loans have become a new way for private SMEs to lend.
Due to the low entry threshold of enterprise legal persons and the lack of certain social credit and social and economic foundation, some banks began to adjust their loan direction when looking for a way out of funds, and decided to further reduce loans to enterprise legal persons, especially private small and medium-sized enterprises, and increase loans to infrastructure and natural persons. Natural person loans are mortgaged by personal property, and most of them are mortgaged by urban residents' houses, while the production funds and living funds of individual and private entrepreneurs are mixed, so this part of loans can be regarded as private SME loans to a certain extent.
4) Private SMEs have poor direct financing channels.
China's capital market developed late, and the existing securities management principles and standards require the existing scale and return on investment of enterprises, excluding private small and medium-sized enterprises from the capital market. Statistics show that by the end of April 2008, there were11listed companies in Shanghai and Shenzhen stock markets, and private SMEs accounted for about 9%. The bond market is basically closed to private small and medium-sized enterprises. The Measures for Issuing Bonds stipulates that the net assets of joint-stock companies that issue corporate bonds are not less than 30 million yuan, and the net assets of limited liability companies are not less than 60 million yuan, and they must be guaranteed by strong and reputable units. These rigid regulations make it difficult for private small and medium-sized enterprises to directly finance.
5) The scope of direct financing is limited, and financial institutions are still the main financing channels for private SMEs.
Due to the immaturity and limited capacity of China's capital market, there are strict restrictions on enterprises entering the capital market. The issuance of bonds is strictly restricted, which requires more credit rating, asset evaluation and sometimes mortgage or guarantee. Private small and medium-sized enterprises cannot issue bonds. Listing financing is also difficult. Most private small and medium-sized enterprises cannot meet the requirements of listing on the main board because of their small scale and limited capital. The second board market convenient for small and medium-sized high-tech enterprises to go public has not yet been established, and a large number of private small and medium-sized enterprises have been rejected by the securities market. Therefore, direct financing based on bond and stock financing is very limited. On the other hand, the main source of funds for private small and medium-sized enterprises is still the credit of financial institutions, but there are also differences between different places. Because most local enterprises in the eastern region are private enterprises, private funds are abundant, the proportion of enterprises' own funds is high, and there are more funds from the private sector, so their dependence on bank credit is relatively small. Although the restructuring scale of private small and medium-sized enterprises in the central and western regions has expanded in recent years, due to the weak enterprise foundation, the proportion of self-owned funds is still low, and the income level of urban and rural residents is not high, the social idle funds are less, and they rely heavily on banks.