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How to effectively improve the financing situation of small and medium-sized enterprises has become a key issue for their development.

First, China's small and medium-sized enterprises financing problems

China's small and medium-sized enterprises generally have financing difficulties, which are manifested in the following three aspects:

(A) poor financing channels

From the perspective of endogenous financing, the present situation of small and medium-sized enterprises in China is not satisfactory. First, the distribution of small and medium-sized enterprises is insufficient and their awareness of self-accumulation is poor. Second, the current tax system makes SMEs have no tax burden. Third, the depreciation expense is too low to meet the needs of the enterprise's fixed assets renewal and transformation. Fourth, the source of its own funds is limited, and it is difficult for funds to support the rapid development of enterprises. From the perspective of external financing, SMEs can choose three channels: bank loans, open capital market financing and private financing, but at present, the external financing channels of SMEs in China are not smooth.

(B) unfair financing structure

Mainly manifested in: (1) The development of China's small and medium-sized enterprises mainly depends on their own accumulation, heavily depends on internal financing, and the proportion of external financing is small. The single financing structure greatly restricts the rapid development and growth of enterprises. In exogenous financing, SMEs can only apply for loans from banks, mainly bank loans; (2) In terms of financing with bank loans as the main channel, the loan form is generally mortgage or secured loan; (3) In terms of loan term, SMEs can only borrow short-term loans. If they apply for long-term loans for scientific and technological development by investing in fixed assets, they will often be rejected by banks.

(C) The financing cost is relatively high

The financing cost of an enterprise includes interest expenses and related financing expenses. Compared with large and medium-sized enterprises, small and medium-sized enterprises not only miss the preferential interest rate, but also pay more floating interest than large and medium-sized enterprises. At the same time, because banks often use mortgage or guarantee for loans to small and medium-sized enterprises, not only the procedures are complicated, but also in order to seek guarantee or mortgage, small and medium-sized enterprises have to pay guarantee fees, mortgage assets evaluation and other related expenses. The narrowness and obstruction of formal financing channels make many small and medium-sized enterprises have to borrow high-interest funds from the private sector in order to develop. All these make small and medium-sized enterprises at a disadvantage in the market competition.

Second, the causes of financing problems of SMEs in China

The author believes that the financing difficulties of small and medium-sized enterprises in China come from three aspects: enterprises themselves, banks and the government.

(A) the enterprise has a low credit rating and a weak sense of financing.

Low credit rating of small and medium-sized enterprises is a common phenomenon. Small and medium-sized enterprises have limited scale, lack of funds, low credit level, no complete enterprise plan, high bankruptcy rate and high default rate of loan repayment. Small and medium-sized enterprises are generally founded by people who are related by blood, and most of them implement family governance. Unclear property right structure, low operating efficiency of enterprises, difficult to open up new markets, unable to effectively avoid market risks, affecting the solvency of small and medium-sized enterprises, resulting in a decline in corporate performance. The primary goal of banks is to be safe, active and profitable. The high failure rate and high default rate of small and medium-sized enterprises make it difficult for banks to abide by the principles of safety and profitability, which leads to banks' reluctance to lend.

At the same time, small and medium-sized enterprises are insensitive to the improvement of the marketization of the financial system, lack of initiative awareness, lack of high-quality financial talents, unfamiliar with the financial market and financing tools, and do not know how to establish and publicize their financial image, thus restricting the possibility of opening up financing channels.

(B) The financial system is not perfect, and the information between banks and enterprises is asymmetric.

1. The lack of market-oriented interest rate adjustment mechanism has damaged the enthusiasm of banks for lending to SMEs. Judging from the situation abroad, the average interest rate of bank loans to SMEs is generally higher than the market average interest rate. American banks lend to small and medium-sized enterprises at higher interest rates than large enterprises.

It is about 1 ~ 1.5 percentage points. At present, the regulations of the Bank of China on interest rates and fees are fixed, and the scope of free floating is very limited. This mechanism is not conducive to financial institutions to lend to SMEs. Restricting the fees charged by financial institutions for financial services and products will dampen the enthusiasm of financial institutions to investigate and collect information about SMEs, thus affecting the provision of loans and other financial services to SMEs.

2. The imperfect credit guarantee system makes it difficult for SMEs to seek guarantee. Since 1999, the pilot credit guarantee system for small and medium-sized enterprises in China has many problems, such as few guarantee institutions, insufficient guarantee funds and complicated guarantee procedures. Moreover, many guarantee institutions implement membership system, and small and medium-sized enterprises need to pay a certain margin to become members, which increases the financing cost of enterprises and increases the difficulty of guarantee. For the protection of their own interests, banks are more cautious about secured loans for SMEs. At the same time, banks have strict requirements for collateral. At present, domestic banks generally tend to mortgage real estate and other real estate. Most small and medium-sized enterprises are limited by the scale of operation, with less fixed assets and insufficient collateral such as land and houses, so it is generally difficult to provide collateral that meets the bank standards.

3. Information asymmetry between banks and enterprises and unfavorable choice of banks. Many small and medium-sized enterprises often try their best to achieve the purpose of financing, even at the expense of fraud. This will not only lead to moral hazard that harms the interests of banks and investors, but also further damage the social credibility of enterprises themselves. Therefore, if banks want to provide loans to small and medium-sized enterprises, only by increasing the input of human resources can the quality of information collection and analysis be improved, otherwise the loan default rate of banks will be high. At the same time, due to the small demand for funds and debts of SMEs, financial institutions have to choose not to lend to SMEs in order to avoid their own business risks and reduce operating costs.

(3) The government's support is not enough and the policies are not matched.

The government plays an important role in financing small and medium-sized enterprises. The United States, Japan, Spain and other countries have set up special government departments and policy financial institutions to provide financial assistance for the development of small and medium-sized enterprises. In China, for a long time, the government has been giving special support to large and medium-sized state-owned enterprises in capital, taxation, market development, talents, technology and information, which has caused the uncertainty of the market competition environment and different competition conditions for small and medium-sized enterprises. At the same time, due to policy reasons, SMEs in China are basically unable to conduct direct financing. Shenzhen Stock Exchange requires listed companies to have a registered capital of more than 50 million yuan, which makes it difficult for small-scale enterprises with good growth efficiency to enter the securities market. At the same time, in the bond market, by? Scale control, centralized management, hierarchical approval? It is also difficult for SMEs to raise funds by issuing bonds, so there is basically no direct financing channel.

China's SME Promotion Law, which was implemented in 2003, of course provides protection and support for the development and financing of SMEs in the form of legal provisions. However, the law is still relatively principled in content, lacking specific preferential policies and measures and corresponding supporting laws and regulations, which ultimately leads to the failure of many governments to support small and medium-sized enterprises.

Third, China's SME financing countermeasures and suggestions

(A) improve the financing environment for SMEs and broaden financing channels.

First of all, SMEs should pay attention to improving the financing environment. If small and medium-sized enterprises want to really solve the problem of financing difficulties, they must first pass the credit barrier and obtain capital by credit. Small and medium-sized enterprises must strengthen the construction of their own credit system, standardize the corporate governance structure, improve the financial governance system and raise their credit awareness, which is the fundamental solution to the financing difficulties.

Second, SMEs should broaden financing channels. It is necessary to jump out of the misunderstanding of relying solely on indirect financing by banks and combine direct financing with indirect financing while giving full play to the role of indirect financing by banks. The author thinks that the establishment of SME development fund is an important way to solve the financing problem of SMEs, such as the establishment of SME mutual fund, which is funded by member enterprises. As long as members pay a certain membership fee, they can apply for a loan that is several times the membership fee. In addition, SMEs can also solve the financing problem through private financing. Private financing includes introducing new shareholders to increase capital and taking the invested projects as the carrier.

(B) Improve the financial system related to SME financing

First of all, we should establish a sound policy financial system for SMEs. Financial institutions should continue to broaden financing channels for SMEs and create a fair financing environment. At present, the People's Bank of China encourages trading banks to adopt a variety of loans to support the development of small and medium-sized enterprises, and also encourages private capital to enter the financial sector. Some state-owned trading banks have begun to actively operate small loans for small and medium-sized enterprises. In the future, it is possible to set up community banks suitable for the development of small and medium-sized enterprises to solve the financing difficulties of small and medium-sized enterprises.

The second is to relax market control and gradually promote the marketization of interest rates. At present, the restrictions on the floating range of loan interest rate of trading banks have been relaxed, and the final loan interest rate level is determined by the trading banks themselves, and they have promised to charge a fair fee for the convenient services they provide, so as to promote the trading banks to continuously increase the credit supply to small and medium-sized enterprises according to the principles of income and risk, realize the fairness and optimization of resource allocation, and fundamentally solve the financing difficulties of small and medium-sized enterprises.

The third is to establish and improve the financing credit evaluation system and credit guarantee system for SMEs. It is an effective means to win the trust of financial institutions and guarantee institutions and obtain project funds by establishing a rating system for small and medium-sized enterprises, judging the credit credibility of loans based on credit rating and providing credit information of enterprises to banks and other institutions. At the same time, we should establish and improve the credit guarantee system for small and medium-sized enterprises. We should establish a multi-level credit guarantee system, including government guarantee institutions, non-governmental trade guarantee institutions and inter-enterprise mutual guarantee institutions.

The fourth is to improve the capital market structure and establish a multi-level market system. Introduce a new market for direct financing of small and medium-sized enterprises, and appropriately lower the threshold for the issuance and listing of small and medium-sized enterprises in new markets.

(3) Increase financing support for small and medium-sized enterprises.

The financing of small and medium-sized enterprises has its particularity and cannot be separated from the support of the government. Many countries and regions in the world have given special support to the financing of small and medium-sized enterprises, and formed a relatively perfect government organization support, legal guarantee system and financial support system for the development of small and medium-sized enterprises, which has provided strong support for the development of small and medium-sized enterprises. Financial assistance and tax incentives are common practices for governments around the world to support and protect small and medium-sized enterprises.

In recent years, many local governments have formulated some supporting policies to solve the financing problem of small and medium-sized enterprises, which is worth learning. For example, in August 2007, the Sichuan provincial government issued the Opinions on Doing a Good Job in SME Financing, encouraging financial institutions to try out revolving loans, chattel pledge, trade financing, accounts receivable financing, equipment mortgage loans, innovative loans and future income rights pledge loans; Actively promote mortgage loans and mortgage loans for real estate and shops, and strive to develop trademark rights, patent rights, copyright pledge loans and joint guarantee loans to meet the financing needs of individual operators and private entrepreneurs; Clearly encourage small and medium-sized enterprises to raise funds from the society according to law and change the format of over-reliance on bank funds; The national policy of exempting qualified credit guarantee institutions of small and medium-sized enterprises from business tax for three years.

For another example, the Fujian Provincial Government recently issued "Several Opinions on Further Supporting the Financing of Small and Medium-sized Enterprises (Trial)". From 2008 onwards, within three years, the guarantee institutions that provide financing guarantees for small and medium-sized industrial enterprises will be paid at an annual rate of 8? Proportional compensation; Guarantee institutions that provide financing guarantee for small and medium-sized trading enterprises have an annual guarantee amount of 5? Proportional compensation. The establishment of provincial venture capital guidance fund, with an annual arrangement of 30 million yuan, is mainly used to fund the establishment of venture capital service platform and organize the introduction of venture capital from outside the province and abroad. Fair use of small and medium-sized financial institutions to re-loan, re-loan to support agriculture and other monetary policy means to improve the credit input capacity of financial institutions to small and medium-sized enterprises such as industry, agriculture and commerce.

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