Financing methods of private enterprises 1. Bank lending
Bank lending is a way of financing for private enterprises in Wenzhou, but it is not the main way. Under the traditional financial system, it is difficult for private enterprises in Wenzhou to obtain loan support from legal financial institutions. According to the data of 1998, the output value of Wenzhou's state-owned sector is less than 6% of the total output value, but loans account for about 80% of the total loans of legal institutions. At the same time, non-state-owned sectors that account for more than 90% of the output value receive very little financing. According to statistics, it has never exceeded 7%. The entire official financial system, including urban credit cooperatives and rural credit cooperatives, has a proportion of loans to private enterprises and self-employed. 1990 was 3.9%, 199 1 year was 3.87%, 1994 was 5. 1%, 1995 was 5.49%,/kloc-0. Many private enterprises, especially small-scale private enterprises, find it difficult to get bank loans, which may be very similar to other parts of the country. At the same time, although the interest rate of bank loans is low, many private enterprises do not like bank loans, but prefer to pay higher interest and take other ways to finance funds because of the complicated procedures, cumbersome procedures and long processing cycle, which not only require mortgages, but also sometimes treat people as gifts.
In today's Wenzhou, generally, large-scale and well-known enterprises will choose bank loans, while the proportion of bank loans for thousands of small private enterprises is very low. According to the survey by Guo Bin and Liu Manlu (Private Finance and the Development of Small and Medium-sized Enterprises: An Empirical Analysis of Wenzhou, Economic Research,No. 10, 2002), The proportion of small-scale enterprises in Wenzhou (with annual sales below10 million yuan) who have borrowed from banks is 1 1.5%, and the proportion of medium-scale private enterprises who have borrowed from banks, with sales of10-5 million yuan is 23.4% and 500-/kloc. These figures are only those with loan experience, not the proportion of bank loans in the total financing of enterprises. Generally speaking, bank loans do not occupy a very important position in the financing mode of Wenzhou private enterprises, no matter in terms of scope or quantity.
Second, private lending
Private lending is the most important way for Wenzhou private enterprises to obtain financing. Almost all private enterprises have had the experience of private lending. Today, many well-known private enterprises rely on private lending for their development at the beginning, and will still rely on private lending to make up for the shortage of circulating funds today.
Private lending has simple procedures and strong timeliness, which is very suitable for meeting the needs of temporary circulating funds in the course of private enterprises' operation, so it is very popular among private enterprises in Wenzhou. There used to be such an example, which is very telling: 1989, for some reason, overseas enterprises stopped supplying a product called? High voltage ceramic electronics? The lighter device, Wenzhou hundreds of lighter enterprises all? Cooking without rice? Production is paralyzed. A Hong Kong businessman known by a private boss in Wenzhou feels nostalgic and is willing to provide him with 500,000 electronic originals exclusively, but he has to make a cash transaction. At that time, the private boss managed to raise only 600,000 yuan, which was far from the required1400,000 yuan. In desperation, he came to Wuyangcheng Hotel, where Wenzhou people live in Guangzhou for business, and said to every Wenzhou person he met: You lend me 50 thousand, and I'll pay you back 60 thousand in a week ? 1400,000 yuan in cash was strangely raised in one day, and the result was to save all lighter enterprises in Wenzhou. Private lending like this happens almost every day in Wenzhou. So what kind of level is Wenzhou private lending in general now? The People's Bank of Wenzhou conducted a survey in 2003 1 month, and announced the results of the survey to the public. In this survey, 30 towns and villages with active private lending were selected as monitoring points and 300 samples were selected. In order to ensure that the monitoring samples are generally representative, the selected towns cover economically developed, general and underdeveloped areas; Monitoring objects are divided into three categories: enterprises, self-employed individuals and individuals. With the help of this survey, Wenzhou People's Bank found that the private lending relationship is mainly personal lending, and the lending is mainly used for production and operation, and the lending period is mostly 6- 12 months; Among all kinds of loans, the average interest rate of household consumption is the highest, and the average interest rate of enterprises lending to individuals is the lowest; From the regional point of view, there are great differences in interest rate levels between different regions, and the degree of economic development is inversely proportional to interest rates. /kloc-the survey in October * * * involved 328 private loans, amounting to 56.66 million yuan, with the highest interest rate of 20? The lowest interest rate is 5? . This basically reflects the basic situation of private lending in Wenzhou. Later, this survey was conducted many times. Except for a slight decline in the scale of private lending during SARS, it remained at such a level for the rest of the time. In addition, according to a survey conducted by relevant institutions in Wenzhou, about 83% of farmers have engaged in non-governmental lending activities, 36.3% have used the borrowed funds to set up factories, 2 1.2% have set up shops in business, 8.2% have been engaged in aquaculture, and 7.6% have been engaged in real estate and others. In the questionnaire survey of 190 private enterprises, there are 176 private loans, accounting for 92.6%. Judging from the capital structure of private enterprises, bank loans account for 20%, self-owned funds account for 40%, and private lending accounts for 40%. This shows that private lending in Wenzhou is still very active today and has become an important channel for private enterprises to finance.
At present, the private lending activities of private enterprises in Wenzhou are mainly one-to-one. Lenders of funds and lending enterprises meet and sign agreements directly. Generally, there is no lending intermediary, that is, a banker. Even if there is one, most of them are voluntary introductions, and few of them charge intermediary fees, let alone professional intermediaries. A few years ago, there were professional silver-backed people, such as Qian Ku Town, Cangnan 1984. There was a private bank that closed down five years later. In Wenzhou, many people have a lot of money deposited in their hands, and the interest rate of banks is too low. They are generally willing to lend to private enterprises, and private enterprises also have a large demand for funds, and a large number of private loans occur at any time. The question is, in this case, why not develop professional intermediaries? According to the investigation, we think it may be caused by the following reasons: first, it is the policy; Secondly, Wenzhou's private lending is mostly carried out between relatives and friends and acquaintances (the lending between relatives and friends also requires normal interest payment), and the distance between borrowers and borrowers is mostly less than 5 kilometers. The lending relationship between strangers is extremely rare, which also makes the intermediary less important; Thirdly, the risks that professional intermediaries have to bear are relatively large, so we know a case in which an intermediary has not paid off debts for creditors for 10 years because of the creditor's manpower.
Third,? Present the meeting?
Wenzhou? Present the meeting? It has a long history, and many concrete forms have appeared in the process of development. ? Present the meeting? The specific method is: a sponsor (meeting head) invites a number of relatives and friends to participate (participants are called meeting feet), and according to the principle of voluntariness, it is agreed to hold the meeting once a month, once a quarter or once a year, each paying the same or different amount of meeting money (meeting money) and giving it to one person in turn to help each other. The president will receive the first payment, and then decide the payment order of the participants in the meeting in different ways, such as rolling dice, drawing lots and bidding. After the first payment at the meeting, you should prepare a banquet to invite the congregation. This is called drinking for a while, and when it is the second meeting's turn to collect the money, you should also hold a banquet, and so on. How much money should be paid for each meeting is agreed in advance according to the needs and possibilities. According to the time limit of payment, it can be divided into small meetings, small meetings once a month or several months, and annual meetings in Wenzhou. Present the meeting? Mainly in small meetings.
Wenzhou? Present the meeting? Probably experienced three stages of development. The first stage is purely the nature of mutual assistance among the people. There are two forms: round meeting and shaking meeting. Round meeting refers to taking turns to collect the money in advance, and shaking meeting refers to determining the order of collecting more money by rolling dice. What are the specific names of the meeting at this stage? Moon red? A small amount of meeting, also known as? Later? )、? Parents will? A meeting pieced together to raise parents' funeral expenses. Do it? (there is no interest, so it is called a dry meeting), etc. The second stage is the transition from simple mutual assistance to a new type of loan that combines mutual assistance and interest. In addition to the round meeting and shake meeting, the form has increased. Yu Chenghui? (also called? Human feelings? , is a form of mutual assistance and equal low interest),? Bid meeting? (by way of bidding with interest, and by way of collecting membership fees from those who bid with the highest interest); The third stage carries interest? Present the meeting? Stage, become a form of enterprise to raise funds. In addition to the original form, many new forms have emerged, such as? Stair meeting? 、? Eight years? 、? Baohui? Wait a minute. These new forms in the third stage are relatively complicated. Generally speaking, under the condition of the same membership fee every time, those who collect membership fees early will receive less membership fees, while those who collect membership fees later will receive more. Or in the case of a certain amount of membership fees, the membership fees paid after the first collection will continue to increase, which actually takes into account the value of time, which is equivalent to paying interest.
Later this? Present the meeting? Deformed development into? Lift it? At this time, it was no longer for the purpose of mutual assistance, but became a means of raising funds and cheating with high interest and high return as bait, and finally reached a crazy level, such as1winter solstice in 9851spring in 986 in Yueqing County? Lift it? Under the temptation of high interest rates, within a few months, a large number of them quickly spread to Wenzhou, Yuhuan, Wenling, Qingtian and other counties, and even Xinjiang, Shandong, Jiangsu and other places. According to statistics, the number of households in Yueqing County accounted for 23% of the total number of households in the county. Wenzhou city involved? Taiwan association? There are as many as 200,000 people participating in the activity, and the number of households participating in 13 townships reaches 70%. Taiwan association? The payment amount 1 1.85 billion. This kind of fraud? Taiwan association? It is impossible to develop for a long time, and it will eventually lead to? Will it? As a result, a large number of creditors and debtors went bankrupt, many people were ruined and many vicious casualties occurred. Lift it? More than 50 people died abnormally such as murder and suicide, which caused great damage to Wenzhou's economic development. This kind? Lift it? 1986 was banned by the government in March.
Wenzhou folk? Present the meeting? It should be said that it played a positive role in the development of private enterprises and became a means of financing for private enterprises at that time. However, with the development, this financing method is no longer used by private enterprises. At present, there are various forms of folk financing in Wenzhou. Present the meeting? It still exists, but it has basically returned to its original basic function and become a means for people to help each other. Now no enterprise has participated in this? Present the meeting? The function of financing for enterprises has been lost.
Fourth, commodity financing means
In the process of economic development, Wenzhou people give full play to their intelligence and creatively invent many special financing means, among which Cangnan ginseng market is an example.
Wenzhou is located in the south of the Yangtze River and does not produce ginseng, but the national ginseng market is in Wenzhou. The ginseng here is even cheaper than its origin in Changbai Mountain, for example, it costs 2000 yuan 1 kg in Changbai Mountain, and only sells 1900 yuan here, and the ginseng here is genuine Changbai Mountain ginseng, which is bought by Wenzhou people from Changbai Mountain for 2000 yuan. So, why do smart Wenzhou people do this kind of business at a loss? At the beginning, Wenzhou people always buy ginseng in large quantities when they go to Changbai Mountain. They order more than 10 tons with one opening, and pay for it with one hand and deliver it with the other, thus gaining the trust of the northeast people. When the relationship is ripe, it will no longer be a cash transaction, but a deposit of 20-30% will be paid first, and the goods will be settled immediately after they are sold. In the future, you often don't have to pay the deposit. Take the goods first and settle them again when you purchase them next year. Northeasters think that goods piled up in their own hands may not be sold out in a year, while Wenzhou people buy the goods at one time, which is not only high in price, but also trustworthy, and the payment is guaranteed, which means they don't have to spend money to sell them to Wenzhou people, so they are happy to sell them to Wenzhou people. The question is, how can Wenzhou people make money by buying ginseng at a high price and selling ginseng at a low price?
Cangnan, Wenzhou is a printing town, and private enterprises that print trademarks and signs are everywhere. When they undertake business, they often don't ask the other party to pay first, but pay on delivery after printing, which requires a lot of working capital, and Wenzhou people pay attention to speeding up capital turnover in business, and often a sum of money needs to be turned over five or six times in a year, even more than 10. Ginseng imported from the northeast is cheaper than the northeast, so merchants at home and abroad leave the northeast and go to Wenzhou, thus forming a large-scale ginseng market in Wenzhou. The goods imported by Wenzhou people are often sold out and turned into a large amount of cash. Wenzhou people then put this money into commercial operations and get considerable profits through several turns. Therefore, from the point of view of purchasing and selling ginseng, Wenzhou people lost money, but they not only earned back the loss of purchasing and selling ginseng from the turnover of funds, but also made more profits. In fact, this is an inter-provincial fund lending activity, which uses ginseng as a high-value commodity for financing.
V. Bill financing
Wenzhou people also have a financing method, which is to discount bills, and spontaneously formed a folk discount market. In the process of doing business, Wenzhou people often receive some promissory notes that can't be cashed immediately, which will cause capital occupation, but it is very troublesome to go to the bank to discount normally, so some people start this business. They first buy the promissory notes of enterprises at a price lower than the face value, and then cash them after the expiration to earn the difference between them. While the enterprise gets cash, although it loses a little interest, it can be earned back in the process of capital turnover, so it is beneficial to both sides.
VI. Pawn financing
Pawnshop in Wenzhou started in 1988, when Jincheng Pawnshop was the first in Zhejiang Province and the second in China. By the end of 1998, 42 pawnbrokers had been established in Wenzhou. At that time, the business of pawn shops was very prosperous, and many people often went in and out of pawn shops with gold and silver jewelry, motorcycles, pagers and other pawn products. Later, after cleaning up and rectifying, in 2002, there were 17 pawn shops in Wenzhou allowed to continue to operate. Pawnshops in Wenzhou have become a channel for private enterprises to raise funds from the beginning. When enterprises have temporary and urgent needs for small funds, they often send some high-value items to pawn in order to obtain working capital, which is actually a mortgage loan. At the beginning, pawn became a very important financing method for Wenzhou private enterprises because of its simplicity and quickness. However, with the development of other financing methods, the proportion of pawn financing in Wenzhou private enterprises' financing has dropped significantly at present, and the collateral of pawn is mainly some high-value commodities such as cars, real estate and jewelry.
Seven, the stock market financing
In the modern economy, listing and issuing stocks is a very important financing method for enterprises, but unfortunately, up to today, there is still no private enterprise in Wenzhou officially listed on the domestic stock market, which may be related to the fact that most private enterprises in Wenzhou are family-owned enterprises and rarely carry out modern enterprise system reform, which does not meet the listing conditions. Now this situation has begun to change, and many private enterprises have realized the importance of financing through listing. In July, 2004, China Ruili Group was listed on NASDAQ, and issued new shares. Shell? On February 9, 2003/KLOC-0, Ruili Group signed a shell purchase agreement with KEATING Bank of the United States. Later, among the two American shell resources, Ruili finally chose to buy EnchantedVilliageZne? Shell? Company, and according to the conditions and requirements of the United States for the main body of shell listing, and a Hong Kong company through mergers and acquisitions of assets, set up a joint venture, the joint venture company is the main body of shell listing. In addition, in July 2004, two private enterprises in Wenzhou, Huafeng Enterprise Group Company and Huayi Electric Technology Co., Ltd., passed the listing counseling and acceptance, and are expected to be listed on Shenzhen SME Board. It can be predicted that more and more private enterprises in Wenzhou will pay attention to listing financing, and more and more private enterprises will strive for listing through modern enterprise system reform, which will become an important financing channel for private enterprises in Wenzhou.
We have summarized seven financing methods of Wenzhou private enterprises here, but in practice, Wenzhou private enterprises are constantly creating new financing forms, and continuous innovation is the source of Wenzhou private enterprises and Wenzhou economy development.
The operating profit of private enterprises, the key taxes affect the profit of enterprises.
The reform of value-added tax transformation in China can reduce the burden on enterprises in the short term, increase their investment enthusiasm, stimulate investment and expand domestic demand in the long term, and play an important role in revitalizing the economy and people's confidence. This policy has an impact on enterprise accounting statements and financial indicators. Under the same production and operation conditions, enterprises can reduce the amount of tax payment and debt repayment burden, and improve the competitiveness and profit level of the whole industry. There are many preferential tax policies for business tax, and taxable items cover almost the whole tertiary industry. Each tax item has specific taxable details and tax rate differences. Enterprise financial personnel need to analyze the annotation classification of tax items in detail according to their own business, and effectively divide and account the business activities between different tax items, different tax rates, internal and external labor services, tax reduction and exemption and taxation, which is of great significance to reducing tax burden, reducing unnecessary tax expenditures and improving profits.
As the second largest tax in the current tax system, income tax plays an increasingly important role in the national tax revenue, and it is an important tool for the state to regulate economic operation and adjust income distribution. The two taxes are merged? What are the new enterprise income tax law and preferential tax policies? Simple tax system, wide tax base, low tax rate and strict collection and management? Under the idea of tax system reform, the process of tax legal system is constantly advancing. It plays an important role in promoting the profit growth of enterprises and exploring new methods of tax planning to find out the differences between the old and new tax laws and how to connect them.
Work together to plan and improve corporate profits
The purpose of enterprise management is to maximize profits, which is not only the basic guarantee of enterprise management development, but also an important indicator of business performance, which determines that enterprises will inevitably try their best to reduce costs in order to obtain higher profits. In various tax payment schemes, enterprise tax accounting makes reasonable arrangements for financing, investment, operation, profit distribution and other financial activities of the company, makes reasonable decisions on procurement, production and operation, and internal accounting, and makes active tax planning by using national laws and regulations, which not only ensures that enterprises fulfill their profit and tax obligations and increase their own income? Hematopoiety? Ability to reduce the tax burden, but also improve after-tax profits, to achieve their own sustained and healthy development.
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Evaluation model of private enterprises Tax evaluation model is the basis of tax-related indicators generated by taxpayers' declaration information, and it is a specific industry data model that realizes the organic combination of industry indicators and tax-related indicators and restricts each other. Through the production process, production process and operating characteristics of industry representative enterprises, the index parameters such as energy consumption per unit product, consumption of auxiliary materials, piece-rate wage and so on are calculated, and then the linear formula or table of product output or sales is calculated by using the methods of input-output method, key component control method, energy consumption per unit product calculation method, piece-rate wage control method and so on, so as to analyze the production and operation rules of enterprises and the dependence on various factors, and conduct comprehensive and accurate scientific analysis and industry index monitoring.
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The application of the model stimulates the enthusiasm of the fiscal and taxation personnel to strengthen their study. With the improvement of production technology, the relevant parameters of the evaluation model will change, which requires tax accountants not only to learn to apply model analysis, but also to strengthen their study of mathematics, economy and enterprise management, and to revise the model parameters according to the actual situation to calculate and ensure the accuracy of enterprise tax evaluation.