Small and medium-sized enterprises have become an important part of China's economic system, but there are still some obstacles to their development, especially in financing. Therefore, it is particularly important to solve the financing problem of small and medium-sized enterprises at present. According to the current complicated and changeable economic environment, this paper comprehensively analyzes the problems existing in the financing of small and medium-sized enterprises and the reasons for these problems, and puts forward some financing countermeasures beneficial to small and medium-sized enterprises in China.

First, the financing status of SMEs in China

(a) Low endogenous financing

Self-owned funds are the main source of funds for small and medium-sized enterprises, especially in the early days of the establishment of enterprises, more than 90% or even 100% use their own funds. However, the internal financial resources of enterprises are limited after all, and relying solely on internal financing will greatly restrict the development of enterprises, making it impossible for enterprises to carry out high-tech development and innovation, which will eventually lead to less internal accumulation and insufficient internal financing for small and medium-sized enterprises.

(B) bank loans difficult

Bank loan is an important financing method for small and medium-sized enterprises. However, due to the small amount, large amount of loans and complicated procedures, it has little contribution to the bank's income. So banks focus on supporting natural monopoly industries and large state-owned enterprises, rather than lending to small and medium-sized enterprises. In addition, most small and medium-sized enterprises have few fixed assets, large changes in current assets, relatively few mortgaged assets and low credit rating, which sets a higher threshold and cumbersome procedures for loans to small and medium-sized enterprises, resulting in stricter loan conditions for small and medium-sized enterprises than large enterprises. Small and medium-sized enterprises not only do not enjoy preferential interest rates, but also have to pay more floating interest than large and medium-sized state-owned enterprises.

(C) High threshold for direct financing

At present, China's securities and property rights transactions are single and the types of transactions are too scarce, which makes us have to pay attention to the development of the capital market. In terms of equity financing, although the Growth Enterprise Market was opened in 2009, which provided direct financing channels for SMEs, its high entry barriers, such as profit for two consecutive years, accumulated net profit for the last two years not less than10 million yuan and sustained growth, still restricted most SMEs from directly financing through capital markets such as the Growth Enterprise Market. For bond financing, due to the existence of financial risks and the strict control of the issuance scale, it is difficult for SMEs to obtain approval from relevant government departments. Investors are generally worried about the development prospects of SMEs and lack confidence in buying, which makes it difficult for SMEs to complete their only issuance quota.

Second, SMEs financing difficulties coping strategies

(A) the development of the enterprise itself

1, improve the internal management of enterprises and improve the management level of enterprises.

In order to win the trust and support of banks, small and medium-sized enterprises must raise awareness, strengthen corporate governance, establish and improve various rules and regulations, improve the internal management level of enterprises, improve the internal control system of enterprises and establish a good corporate image. In terms of operation and management, market analysis, project selection, good capital operation, standardized operation, honesty and trustworthiness. In the financial system, it is necessary to strengthen the internal financial management system and self-discipline, ensure that all economic activities and financial revenues and expenditures of enterprises must be carried out within the scope permitted by national laws, regulations and rules, improve the transparency of the financial situation of enterprises, and ensure the authenticity and legitimacy of accounting information, so as to obtain bank loans for financing.

2. Strengthen the enterprise's own credit construction.

Good credit relationship is of great significance for improving the financing situation of small and medium-sized enterprises, enhancing their overall quality and comprehensive competitiveness, resisting credit risks and promoting their healthy development. Small and medium-sized enterprises should strictly manage the production and operation of enterprises, do a good job in enterprise financial planning and budget, fulfill the borrowing responsibility, make the limited funds of enterprises reach the optimal self-use and ensure the timely repayment of loans. At the same time, small and medium-sized enterprises must also strengthen their credit awareness and cultivate the credit quality of entrepreneurs. When applying for loans from banks, we need to fully consider our own risk tolerance and repayment ability, actively provide various risk guarantees for banks, and establish a good relationship between banks and enterprises.

(B) self-improvement of banks

1. Strengthen the financing service system of banks for small and medium-sized enterprises.

The GDP of small and medium-sized enterprises has increased at an average rate of 30% in the past ten years, and has increasingly become an important part of the national economy. In order to maintain the sustained and rapid growth of business, banks must take small enterprises as an important service object. As long as the risk is properly controlled, small enterprises can become an important profit growth point for banks. Financial institutions should actively change their service attitude, adjust the financial service system of small and medium-sized enterprises in a timely manner according to market demand, and enhance their support. At the same time, commercial banks should subdivide the financing market of small and medium-sized enterprises, formulate credit evaluation, business processes and risk control systems that meet the financing characteristics of small and medium-sized enterprises, establish management institutions dedicated to serving small and medium-sized enterprises, and increase credit support for enterprises with development potential and good operating conditions.

2. Expand the service field and accelerate the development and utilization of financial products.

Banks should separate the financial services of small enterprises from the general corporate business, conduct cost and profit accounting separately, focus on developing new products that can meet the financial needs of small enterprises and meet the requirements of bank risk control, and timely launch financing varieties and financial services that meet the diverse needs of small and medium-sized enterprises in different industries and sizes, so as to improve the efficiency of providing relevant information consulting services and credit services for small and medium-sized enterprises.

3. Relax the mortgage loan conditions and appropriately expand the loan mortgage rate.

Compared with large enterprises, the physical assets that SMEs can provide mortgage are very scarce, and their core assets are intellectual property rights. In this regard, commercial banks should appropriately relax the scope of collateral when allowing small and medium-sized enterprises to provide collateral. Not only fixed assets such as land, buildings, machinery and equipment can be used as collateral, but also intellectual property rights such as trademark exclusive right, patent right and copyright, as well as highly liquid assets such as inventory, accounts receivable and commercial paper. At the same time, we should also improve the mortgage auction market and intermediary institutions to reduce mortgage costs and procedures.

(c) Effective government support

1, to build a credit guarantee system for SMEs

Establishing an effective credit guarantee institution is helpful to build a guarantee platform between banks and enterprises and solve the problem of loan guarantee. At present, there are four main types of credit guarantee institutions in China: commercial guarantee, mutual guarantee, policy guarantee and mixed guarantee. The basic idea of developing the credit guarantee system of small and medium-sized enterprises in China is to adhere to the principle of combining commercial operation with policy compensation, further improve the legal environment of the credit guarantee industry, clearly strengthen industry supervision, vigorously develop local independent legal person guarantee companies, and accelerate the construction of national and provincial re-guarantee systems. In fact, the credit guarantee system is a credit intermediary to solve the information asymmetry between the two parties. It guarantees the performance of debts and the realization of creditor's rights on the basis of certain funds, and relieves the worries of small and medium-sized enterprises and financial institutions through credit guarantee.

2. Refine the division of small and medium-sized enterprises.

Further clarify and refine the division of small and medium-sized enterprises. According to the provisions of the Notice on Printing and Distributing the Interim Provisions on the Standards for Small and Medium-sized Enterprises, the state has clearly defined medium-sized enterprises, but has not defined small enterprises and micro enterprises in detail, which may lead to the government's preferential policies for small and medium-sized enterprises being enjoyed by medium-sized enterprises, while small and micro enterprises have not benefited much. In order to avoid supporting small and medium-sized enterprises, many banks make it difficult for many small enterprises to enjoy preferential policies for small business loans. It can be seen that the clear division of small and medium-sized enterprises is very important, which is related to whether all kinds of enterprises can really enjoy the relevant national treatment and the efficiency of the implementation of relevant national preferential policies.

3. Strengthen capital market financing.

A perfect multi-level capital market is the best choice to meet the needs of equity financing of small and medium-sized enterprises, and the key to solve the funding gap of small and medium-sized enterprises is to establish a multi-level capital market, especially a small and medium-sized capital market system that is symmetrical with small and medium-sized enterprises. This system should include at least three levels: second-board market, regional small capital market and venture capital market. The second board market mainly solves the financing problem of small and medium-sized enterprises in the middle and late stage of entrepreneurship; The regional small capital market mainly provides financing services for small and medium-sized enterprises that cannot meet the qualification standards of the second-board market; Venture capital market provides private equity capital for small and medium-sized enterprises in the early and middle stages of entrepreneurship. Only by improving the financing channels in the capital market can it help to promote the financing diversification of small and medium-sized enterprises.

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