Since the reform and opening up, the private economy has achieved rapid development, gradually becoming an important part of China's socialist market economy and a useful supplement to the public sector of the economy, and has made great contributions in increasing the gross national product, activating the market economy, increasing state taxes and solving employment problems. Lin Yifu and Li Yongjun pointed out that China's labor force is relatively abundant and capital is relatively scarce, which makes labor-intensive SMEs the most dynamic part of China's enterprise organizations for a long time.
However, financing difficulty has become a serious problem for the further development of SMEs? Bottleneck? Solving the financing problem of small and medium-sized enterprises is an important condition for their development.
Second, the reasons for financing difficulties of private enterprises
Capital is the source and motive force of enterprise's life, the premise of enterprise's survival and the foundation of its development. At present, the financing channels of enterprises mainly include internal financing (such as activating internal stock assets, using retained earnings and paying taxes and profits) and external financing (such as lending to financial institutions, issuing securities, attracting foreign investment, leasing commercial credit, project financing, leveraged buyout financing, etc.). However, under the current economic environment in China, the poor financing channels and limited financing scope of private enterprises have become an important factor restricting the development of private enterprises. The reasons for this problem mainly include the following three aspects:
(A) the relevant theoretical explanation of financing difficulties of private enterprises
1. Information asymmetry theory
The theory of information asymmetry refers to that one of the two parties in a transaction has relevant information but the other does not, or one party has more relevant information than the other, thus adversely affecting the decision-making of the party at an information disadvantage. Academic circles have reached a consensus that the information asymmetry between banks and enterprises is an important reason for the financing difficulties of small and medium-sized enterprises, and some scholars even think that it is necessary to analyze and solve this problem? Bull nose? . Because the size of an enterprise is positively related to its information availability, the smaller the enterprise, the more difficult it is to obtain information about it. Especially because most small and medium-sized enterprises have the personal characteristics of operators, what is their evaluation? Soft? Information makes it difficult to form a smooth information transfer between small and medium-sized enterprises and banks. Asymmetric information will lead to adverse selection and moral hazard, which will make commercial banks that pursue the unity of profitability, liquidity and safety treat the financing needs of small and medium-sized enterprises cautiously, and even force financial institutions to ignore the reasonable loan needs of those healthy growing small and medium-sized enterprises.
2. Credit rationing theory
Credit rationing is a typical phenomenon in the credit market. It refers to the lender's assessment based on risk and income, not relying entirely on the interest rate mechanism but often attaching various loan conditions, and realizing the completion of credit transactions through rationing. Zhang pointed out that under the condition of asymmetric information, banks, as rational individuals, would rather reject some lenders' applications at a relatively low interest rate, that is, implement credit rationing, than satisfy all borrowers' applications at a higher interest rate. The articles by Stiglitz and Weiss are classic documents. They believe that adverse selection and moral hazard caused by information asymmetry force banks to adopt credit rationing instead of raising interest rates to balance supply and demand. They also proved that credit rationing can exist as a long-term equilibrium phenomenon.
(B) the limitations of their own conditions of private enterprises
Kang Yuqing believes that China's private enterprises started late and their own development is still in an immature stage. Mainly manifested in the small scale of operation, the company's operation mainly depends on the limited capital accumulated by individuals; Lack of high-quality comprehensive talents, enterprise innovation consciousness is not enough; The management is not standardized, the financial system is opaque, and there is no effective supervision mechanism within the enterprise; The credit concept is weak, the credit foundation is lacking, and interest arrears, debts and non-performing loans are more common. These imperfections undoubtedly make the people
Commercial enterprises have increased the difficulty of financing and narrowed the scope of financing.
Li Na believes that as far as SMEs themselves are concerned, on the one hand, SMEs generally have poor self-accumulation ability and weak self-accumulation awareness. Small and medium-sized enterprises have unstable internal organizational relations and poor economies of scale, which are common in the process of internal profit distribution. Pay more attention to consumption than accumulation? Small and medium-sized enterprises rarely consider using their own funds to supplement their working capital from the perspective of their own development. On the other hand, the heavy burden of small and medium-sized enterprises weakens their internal financing ability. In terms of tax policy, the actual tax burden of SMEs is heavy, and various fees increase the burden on SMEs.
Gao Wandong believes that the shortcomings of SMEs include the high risk cost of financing for SMEs; Small and medium-sized enterprises have weak credit concept and low overall credit level; Small and medium-sized enterprises have weak credit concept and low overall credit level.
(C) the reasons for the financing difficulties of private enterprises in China
Although there are many financing channels for enterprises, the financing channels available to private enterprises are limited. In addition to internal financing, they mainly rely on loans from financial institutions. However, at present, the credit funds provided by financial institutions to private enterprises (especially small and medium-sized private enterprises) are very small.
Undoubtedly, the main reason for the difficulty in financing private enterprises is that the private economy is a useful supplement to the public sector of the economy and has made indelible contributions to the growth of GDP, the activity of the market economy and the growth of national tax revenue. However, the contribution of private enterprises to the development of national economy is extremely disproportionate to their financial resources. At present, for private enterprises in the period of scale expansion, financing has become a bottleneck factor restricting their development and growth. The main reasons are as follows:
1. The domestic financial market system is imperfect and the financing channels of private enterprises are narrow.
China's existing credit system lacks the hierarchy and diversity required by the market economy. One of the important defects is that it relies too much on indirect financing, and indirect financing relies too much on banks. . From the perspective of direct financing, the entry of private enterprises into the stock and bond markets is restricted by the form of ownership. The entry threshold of Shenzhen SME Board, which was launched in May 2004, is still high, while the industrial funds and venture capital in China are still in the initial stage. Therefore, private enterprises, whether working capital or investment in fixed assets, basically rely on indirect financing from financial institutions (mainly banks). When the state-owned banks determined their credit plans, most of the credit lines were given to state-owned enterprises. It is not only difficult for private enterprises to obtain loan support from state-owned banks, but also the use cost of loans is higher under the same conditions.
2. The credit system is not perfect, and private enterprises lack guarantee institutions for financing.
Information asymmetry and moral hazard are one of the main reasons why banks are unwilling to lend to private enterprises. Because of information asymmetry, in order to avoid adverse selection, the bank's strategy is to put forward non-price conditions or strengthen guarantees. However, at present, the credit system of private enterprises in China has not been generally established, the credit evaluation mechanism is not perfect, and the guarantee companies and various fund systems are not perfect. Therefore, the lack of institutional guarantee for private enterprises has become a key factor restricting them from applying for loans from financial institutions.
3. The overall quality needs to be improved, and the basic financing conditions of private enterprises are not complete.
In the transition stage of market economy, most private enterprises lack the basic financing conditions suitable for the existing financial system, which are embodied in the following aspects: First, the governance structure of private enterprises is not standardized. Although all the private enterprises have gone through enterprise restructuring, most of the enterprise restructuring is a mere formality, and when financing equity capital, they often fall into internal disputes, making external capital afraid to enter or unable to enter. Second, private enterprises have high operational risks. Private enterprises have a short operating period and a high probability of withdrawing from the market. A considerable number of private enterprises are still in the initial stage or growth stage, and the business risks of enterprises often outweigh the benefits. This does not meet the basic requirements of bank security, liquidity and profitability. Third, the industrial and product structure is unreasonable. Financial institutions said that many private enterprises have family management, lack of scientific basis for product development and market research, and lack of ability to resist market risks. Once they encounter market fluctuations, loans from the financial sector will be more risky.
What are the four keys to private enterprise financing, and enterprise quality? Success is fundamental?
The first thing to emphasize is? What are the characteristics of private enterprises? problem If private enterprises have serious financial and operational problems, they are not eligible for financing.
Yu Zanwen, chief financial officer of Baogong Logistics, said that system and mechanism are the premise of enterprise vitality. Vigor? To win? Trust? And then what? Financing? What will eventually happen? Service? And then what? Benefit? . For debt financing, he thinks it's just enterprises looking for bank loans? Icing on the cake? , not for the enterprise? Send charcoal in the snow? . What if your own career isn't? Cam? Don't ask for a bank loan, lay a good foundation for the enterprise first.
Wang Chaoxi, chief financial officer of an enterprise, said that at present, some private enterprises always put? Dysplasia? Blame it on? Policy? The reason is not objective. Under the same policy environment, many private enterprises with large scale, perfect mechanism and excellent operation have become the leaders of some industries today.
He also said that the first step of enterprise financing is what is the purpose of financing? Goodwill? Yes If the financing motive is unhealthy, just want to? Circle money? And then what? Cheat money? Even if it attracts some capital investment, it can't survive because investors (or banks) are not always fools.
Who is the financial expert? Wise choice?
Experts and scholars remind small and medium-sized private enterprises that it is a good idea to hire a knowledgeable financial expert as an enterprise consultant in the early stage of financing development. Smart move? .
Yu Zanwen said that there are many reasons for the financing difficulties of private enterprises. Is the enterprise's cognitive level of capital too low? For example, if you don't know the operating rules of capital operation during financing and how to deal with banks or investors, you may lose financing opportunities in vain. Therefore, it is very important to have a knowledgeable financial person to recommend the investment value of an enterprise to investors. Moreover, Wang Chaoxi introduced that financial experts can also be used as an important way for private enterprises to absorb private funds.
Financing partners want it? Like-minded?
What are the equity financing? Like-minded? Our financing partner is an important prerequisite for enterprise development.
Yu Zanwen believes that pre-judgment is an important step for private enterprises to carry out financing. Pre-judgment is mainly divided into two aspects, one is the judgment of project financing risk investment, and the other is the judgment of the values of partners and investment partners, both of which need financing partners? Like-minded? .
So-called? Like-minded? , mainly refers to the financing cooperation between the two parties? Is it fair? 、? Honesty? 、? Promise? And then what? Problem communication? Whether the identity of the aspect is consistent. Find the same target? Partner? Sometimes it is more important than simply discussing the investment prospects of the project.
What should the financing options be? Is it appropriate?
At present, the financing channels of private enterprises mainly come from three aspects, namely, society, banks and enterprises themselves. Yu Zanwen said that the private economy must choose investors? Is it appropriate? .
Wang Chaoxi believes that the nature of enterprises is no longer important in the current capital market financing, and the scale of enterprises is the decisive factor in financing. ? Capital will always follow profits. Now, whether it is social private capital, business or banks, what are the main considerations for capital investment? Profit margin? And then what? Risk? So, enterprises of different scales have different capital scales? Different rates of return? . Large capital naturally seeks great development, and private enterprises currently in small and medium scale should absorb more small and medium-sized financing.
So, if private enterprises pay attention to financing options? Is it appropriate? , will greatly improve the financing efficiency of enterprises.